Is this a bare-faced scam?

Aquamania

rbaxter80 wrote: »

Hi all,

Just a little update here. I know the thread is old.

I have used clear account for about a year now and they work just like a bank overdraft facility. Yes, when you have available funds they will whisk them straight out, but you can re-borrow it at any time. 5 minutes later? No problem. And there isn't any reapplication process to go through either. It's just a quick click

They link to your bank account, yes, however they give you an excellent breakdown of everything that goes out and comes in. They also have a nice protection facility that tops your account up should you go unexpectedly overdrawn. To be fair, these guys charge you just as much as an overdraft facility would cost you at the bank.

Not being funny but banks aren't great at lending currently. This is really the only alternative lender that I have been to that doesn't wedge a bargepole up your !!! sideways.

I'd say they are one of the best sub prime lenders out there, if not the best. I've never had a problem with them.

Word of warning though - don't use them if you don't have regular earnings coming in! - you should ask yourself if you should be borrowing at all if that were the case

Cheers!

Raymond

Representative APR 430% :eek:

What's the BOE rate? 0.5%?

HSBC overdraft rate is typically 19.9% EAR

Typical credit card rate is usually in the region of 18%-49%


But then I suppose Wonga do charge a Representative 5853% APR

I think it all depends how big a bargepole you wish to have inserted into you.

rbaxter80

Aquamania wrote: »

Representative APR 430% :eek:

What's the BOE rate? 0.5%?

HSBC overdraft rate is typically 19.9% EAR

Typical credit card rate is usually in the region of 18%-49%


But then I suppose Wonga do charge a Representative 5853% APR

I think it all depends how big a bargepole you wish to have inserted into you.

Exactly No reputable lender will agree to lending with me. It doesn't matter that my file has been clean for a few years. I see very few lenders that assess the restoration of a file. Only what they see for 6 years, which is sad really. All because of redundancy.

So basically I think that these people are the best that I can go to with my record when I need short term money that I plan to pay back

My longest borrowing term with these guys is about a week so I end up paying at most £10 or so in charges; which isn't much when at times I've taken out £300. Wonga will take you to the cleaners with £300.

Raymond

tezaz

I have just started using Safetynet Credit and it is ok, if you can keep to some control, charged at 80p per day interest per £100 borrowed, so on £300 borrowing, the interest will be £16.80 for 7 days. not too bad really, Obviously if left it can spiral out of control so be careful.
p.s they only operate a 'read only' service and you don;t have to have the payments set to automatic, can be manual giving you more control.

SnowTiger

tezaz wrote: »

I have just started using Safetynet Credit and it is ok, if you can keep to some control, charged at 80p per day interest per £100 borrowed, so on £300 borrowing, the interest will be £16.80 for 7 days. not too bad really, Obviously if left it can spiral out of control so be careful.
p.s they only operate a 'read only' service and you don;t have to have the payments set to automatic, can be manual giving you more control.

I'm aware of only one bank that offers read-only access to accounts: Santander. And you have to specifically set your account as such.

So, in reality, you've probably given SafteyNet Credit complete access to your bank account(s).

I wish banks did offer read-only access to accounts, perhaps via an RSS feed. Once that happened, all sorts of useful third-party services could be developed.

Kurgan2015

Empty your money into another account . Give them log in details once you have the funds from them in your account . Change login and then then let your bank know they had access to your online account and they will issue you with a new account free of charge . If you dnt get money within 24 hours follow the same procedures as above . Most companies ask for a copy of your last 3 months statements so this sounds dodgy and I shall not be using them as even if they dnt get money they have your personal credentials to commit further fraud under your name . Example credit cards . Store cards ect