Problems Finding Cheap Loan (Unemployed)

Closer_Approximations

Hi All,

I'm currently unemployed/training to be a counsellor with 2 placements and have just over 4k of debt (2.5k credit card and £750 on two bank overdrafts + £900 personal debts).

I'm being charged a fortune in fees totaling over £100 a month and would like to reduce this as well as having the opportunity to pay the debt off, not just the interest!

The problem is that the majority of loans I have looked at ask that you are employed and/or earn over 10k a year.

Is there a loan out there that meets my needs?

Thanks in advance, Meredith

BugsyBrowne

Is this post a wind up or what, your looking for a loan company that lends money to people who are currently unemployed.

[Deleted User]

No. Lenders like you to have a means of paying them back before they lend to you.

Make sure you pay all you can on the high rate debts and the minimum on the others.

Closer_Approximations

Deleted_User wrote: »

No. Lenders like you to have a means of paying them back before they lend to you.

Make sure you pay all you can on the high rate debts and the minimum on the others.

Thanks, thought as much but just wanted to be sure.

debtcutter

zx81 is right.

Which debt that you mentioned has the highest interest rate?

Assuming that none of them charge a fee for early payment (this probably isn't the case, so you should check) then pay as much as you can off the highest interest debt, paying the minimum off the others.

Once highest is cleared, increase payments to the next highest, and so on.

Good luck.

p.s probably not worth trying to keep applying, could make your credit file look undesirable to future lenders when you are working and come to want a mortgage, or other financial products

Closer_Approximations

debtcutter wrote: »

zx81 is right.

Which debt that you mentioned has the highest interest rate?

Assuming that none of them charge a fee for early payment (this probably isn't the case, so you should check) then pay as much as you can off the highest interest debt, paying the minimum off the others.

Once highest is cleared, increase payments to the next highest, and so on.

Good luck.

p.s probably not worth trying to keep applying, could make your credit file look undesirable to future lenders when you are working and come to want a mortgage, or other financial products

Thanks for the advice, especially not to keep applying. I need to pay off the overdrafts first as they account for £55 month for £750 combined which is crazy. After that the credit card which is around £50 month, then obviously personal debts are free.

Thanks Again :-)

Tixy

Have you managed to keep up to date with all repayments so far? If not and if you are struggling to afford the repayments then you may want to consider contacting one of the debt advice charities and consider offering reduced payments and asking your creditors to consider freezing interest & charges on the accounts. This would affect your credit file but if you've already missed any payments or made late payments/had things bounce with your overdrafts etc then it will already have been affected anyway.