Wanting to take out a £600 loan

hann

Says it all in the title really but where would I be best going? Preferably I would like to pay it out in 12 months. Has anyone else ever been able to take a short loan out such as this?

Any help would be wonderful! Thanks.

sistafromanothermista

How is your credit history?
Have you ordered your reports from the CRA's?
Are you employed?
Earnings?
Current debt?



Best way is to get a 0% card but this depends on your circumstances.

More info from you is required...

CKhalvashi

You'll be so much cheaper doing it on an OD if you can't get 0%, then making sure that you pay £50 off the capital each month.

My OD is currently 11.9% (HSBC Premier), and there are a few non-premier accounts that do this. Standard is between 18 and 21%, which would still beat most banks loan rates.

CK

Anthony_Fritts

It is really important to know about your current financial position before suggesting you a way. The questions posed by @sistafromanothermista are very important.

Brains64

hann wrote: »

Says it all in the title really but where would I be best going? Preferably I would like to pay it out in 12 months. Has anyone else ever been able to take a short loan out such as this?

Any help would be wonderful! Thanks.

It would be much more suitable, manageable than taking it out as a payday loan wouldn't it??, and yet, here's the stupid thing that lenders do when it comes to making decision based on credit rating, most installment lenders wouldn't give someone with a poor credit rating such a longer term loan because they would judge it to be a "high risk".

And yet many payday lenders like Wonga would give it to you even if you had a poor credit rating over a shorter period, maybe 3 months, common sense to me would dictate that it would be the other way around, if someone is seen fit to be able to payback 300-600 in one or two months then surely they could manage smaller amounts over 6 to 12 months better??, mad.

Best of luck finding one that will help anyway hann, let me know if you do, a good longterm loan is what I could do with myself rather than payday loans but that's all I seem to qualify for, lenders are quite happy to trust me to payback 600 in one month but won't trust me to pay lower installments for the same amount over a year, crazy or what??:rotfl:

SnowTiger

Brains64 wrote: »

...a good longterm loan is what I could do with myself rather than payday loans but that's all I seem to qualify for, lenders are quite happy to trust me to payback 600 in one month but won't trust me to pay lower installments for the same amount over a year, crazy or what??:rotfl:

Have you considered Provident or getting a credit card and taking a cash advance on it?

laurenalyssa

If you're going to pay it right away, payday loans can work(you should look at this as your last resort because there are still other options out there).. That's only if you need it short term.. But if you need like a long term loan, maybe try with your bank and see what options they can provide for you.

Apples2

laurenalyssa wrote: »

If you're going to pay it right away, payday loans can work(you should look at this as your last resort because there are still other options out there).. That's only if you need it short term.. But if you need like a long term loan, maybe try with your bank and see what options they can provide for you.

Come on then genius, find a Payday Lender prepared to lend £600 over a whole year... there's a slight clue in the name!!

Or are you just trying to promote payday loans?

droiderm

Payday loans should be avoided at all costs
Not least because some mortgage lenders are apparently considering people who have had payday loans as an automatic decline.

Tottyshouse

Apples2 wrote: »

Come on then genius, find a Payday Lender prepared to lend £600 over a whole year... there's a slight clue in the name!!

Or are you just trying to promote payday loans?

I think the newbie is a spammer. Two pretty much identical posts saying not very much at all within a couple of minutes of each other.

stephane_2

Apples2 wrote: »

Come on then genius, find a Payday Lender prepared to lend £600 over a whole year... there's a slight clue in the name!!

Or are you just trying to promote payday loans?

Have you read his post...??? He does not promote payday loan....but only suggest it as a short term solution.