Considering applying with everyday loans.

jayce777

different websites are quoting different APR for everyday loans some say 60% some say 20-88% some say 90%

National_Debtline

Hi Jayce777

There were some alarm bells ringing when we read your post. You suggest that part of the reason for the loan is to pay rent? We're not sure we follow - surely rent is something you budget for out of your pay packet?

Everyday Loans are likely enough to lend you the money at one rate or another - they stand to make a lot of money out of you. Borrowing £6K over 3 years at 30% will mean you end up paying back over £9K - that's quite hefty by any standards.

Online gambling is a real Pandora's box. How confident are you that you will not be sucked back into placing a small bet here and there?

As for the Equifax score, that doesn't mean anything, strictly speaking. It's just a very general indicator of how large or small a risk you present to a potential lender.

heartbreak_star

Try going with what we usually say on DFW...post us up a SOA and lets see if you can sort it without more debt.

HBS x

mummybearx

Agreed, get a Statement Of Affairs filled out and post on here, lots of wonderful knowledgeable people on here can help with your monthly financing.

Plus, having it all written down so you can see it, that's the first step to taking control and getting your life back instead of adding more loans

xx

JustinCredibleGillespie

Be very wary! Everyday loans could be like Yes loans. £50-£60 admin fee in advance and no loan at the end of it.

Don't be surprised.

JCG

xx

jayce777

They don't charge an upfront fee but they do charge £150 fee to take the loan with them -_- I guess it gets added to your loan amount so you end up even paying interest on it.

mummybearx

I would always ALWAYS refuse to take out a loan that I had to pay a fee to get! The interest you pay is what the company gets paid for loaning you the money, its galling to pay them twice x

downy2008

You seem to be more interested in your credit score (in order for you to obtain more credit) than actually doing the sensible thing. If you take a loan out for £6000 at 30% interest, you will be paying £3169 in interest over the 3 years, plus whatever fees they charge you. And you will still have the temptation to get more payday loans. Consolidation loans rarely work - I should know, it took me to get to £27000 of debt before I realised I had to do something about it. You should contact CCCS or Payplan to see if they can arrange a debt management plan.

It's obvious that, if you can only get a loan from these sharks, your credit rating is already stuffed. If you paid £300 a month via a DMP, you would have your debt all paid off in less than 2 years, and you will not have forked out £3200 in interest either.

downy2008

Well, it is entirely up to you what you do - but believe me when I say that I have been where you have been...hooked on poker machines, taking out more and more credit, credit rating shot to pieces and unable to get any more credit...go with paying off the debt without taking any more debt on, it is the only way to get out of this situation

heartbreak_star

I would guess you'll be back in 6 months in the same situation but with £6k more debt.

Please don't do this.

HBS x

BlushingRose

Please post up a statement of affairs and people will be able to help you to save money on what you spend, which will help.