Currys Finance

almillar

26.3% APR? So you'll be paying £126.30 for a £100 TV for example? That's a really high rate. Unless you need the TV now, save the 10% deposit, and the monthly payment for 10 months, then buy the TV of your choice, from the retailer of your choice, for cash. Much cheaper.
Or are you taking out a loan to try to rebuild your credit score or something? Stick with paying your phone line rental every month and that'll help with your credit rating. Getting yourself into debt whilst you don't have a job probably won't.

AaronM87

I bought a tv a few years ago on currys finance. The tv was £400, I took out the simply 10 option you're talking about. It was £40 deposit then the same for 10 months so all in it was £440.

The way I see it is if you can afford to save the money each month to buy a tv then this is a good option as you can get the tv sooner. Plus it'll be good for your credit score.

almillar

Aaron - is £400 plus £40 paid over 10 months 26.3% APR? No. That's the deal we're talking about with the OP. You're sounds alright actually (it's a flat 10%) but it's not the same deal.

AaronM87

almillar wrote: »

Aaron - is £400 plus £40 paid over 10 months 26.3% APR? No. That's the deal we're talking about with the OP. You're sounds alright actually (it's a flat 10%) but it's not the same deal.

Al if you read post 5 he says that's he wants to take the same finance option I used you might wanna read the threads more carefully in future...

almillar

I read post 5 again Aaron - did you see where it says 'for example'. That's quite a nice example and does sound like what you got, and a flat 10% interest. But in post 11 bertie quotes 26.3%APR. So that is NOT the deal you got. Bertie hasn't given us full information, like how much the TV is, and how much he would end up paying.
I would say that taking out a loan whilst unemployed, for the sole purpose of building a credit rating, is a bad idea. But if you think it's a good idea, there are better ways to do it, like 0% credit cards. Whether these will be available to him, I don't know (and that's kindof his question), but then you have to think it's responsible lending that big loans aren't available to him.

Aaron87_2

Al it is the same deal I got. If you look on currys website it gives you an example table of the finance, at the bottom of it under the simply 10 option it says 26.3% APR representative.

I think it's a decent way to build your credit provided he has worked out a budget and is 100% sure he can meet the payments. A 0% interest credit card would also be a good idea if he can get one.

almillar

Aaron - fair enough - I don't know about trying to rebuild credit, but I would have though continuing to pay what you have to (rent, the mobile he mentioned) would be a better way than taking on new debt. I'll never be agreeing that 26.3% APR is a good deal either...

flandot

What sort of income do you have? When I worked in Currys, some people on benefits got approved for finance, but I did leave the company a year ago.

bertie90

Aaron is right it's the 10 month payment option I would like to get.

@flandot I get £140 a fortnight on JSA. Is it possible to ring currys to find out if I'd be accepted or would I need to go instore?