failed finance so after a loan £500

mallie01

ive just tryed to buy a bike for work £500 and i was going to use the finance option on there site but failed it,, so i was wondering of a loan for £500 over about 6 months
but some i end up paying back double,, so i was wondering is there a easy option i could use?
Credit Card ,Over Draft , or Loan??


i have visa debt cards at Barclays,Santander,Yorkshire Bank but they have no overdraft on them,,Barclays recently upgraded my card to a Visa Debit Contactless Card ,, but my wages are not paid into it yet only into my old Barclays Visa Debt card which they said i couldnt have a overdraft on...
im in full time work also and have looked at the bike to work schemes also...

any help cheers

DevCoder

The upgrade to a contactless card will not mean you get an overdraft, it just adds the contactless technology to the existing account type.

Can you not save for the bike? If you completed a SoA (see header in the debt free wannabe forum) and posted it then people could advise on places to save.

DCFC79

The £500 is a small amount and surely can be saved up in a matter of months.

mallie01

im off work for the next 4 weeks but need the bike for transport to work before i go back,, id have to get on public transport and walk quite a distance everyday otherwise... so i have no chance of saving at this moment

DevCoder

So get a cheap bike (gumtree/freecycle?) in the meantime before saving.

Cycrow

for such a small amount over a short term, a credit card would be better than a loan.
But if your getting refused an overdraft, either credit cards or loans might be a struggle to get.

but i assume you have some spare cash each month, so it wont take long to save up the money you need for it.

another option is to buy a cheap bike temporarily then buy something better when you have the money

DCFC79

mallie01 wrote: »

im off work for the next 4 weeks but need the bike for transport to work before i go back,, id have to get on public transport and walk quite a distance everyday otherwise... so i have no chance of saving at this moment

In that case then, go with the credit card option.

Lagoon

I agree with others. Buy a cheap one, on Gumtree or eBay or similar.

Bikes are one of those 'disposable' items for most people. Purchased with good intentions, but people quickly drift away from using them regularly, much like exercise equipment. You'll find them for next to nothing, to start you off.

DevCoder

DCFC79 wrote: »

In that case then, go with the credit card option.

If he doesnt have one already then getting one could be a problem if he is being refused overdrafts.

mallie01

i asked for an overdraft off barclays with my visa debt card which my wages get paid into but they said i needed the new contact less card to have one and my wages paid into that one before i could ask for an overdraft,,??
and they did a credit check and said it was ok keep doin what your doin,,

if it is a credit card im to get what type would be after,, and company,,or would barclays own credit card be better?

i wont be using the card after a year probably,, i prefare cash only but new job is stretching my budget a bit..

Lagoon

mallie01 wrote: »

i asked for an overdraft off barclays with my visa debt card which my wages get paid into but they said i needed the new contact less card to have one and my wages paid into that one before i could ask for an overdraft,,??
and they did a credit check and said it was ok keep doin what your doin,,

if it is a credit card im to get what type would be after,, and company,,or would barclays own credit card be better?

i wont be using the card after a year probably,, i prefare cash only but new job is stretching my budget a bit..

Your wages aren't 'paid into your debit card'. They're paid into the account that the debit card is linked to. Getting a new card does absolutely nothing to the account, so if you've had wages into that account before then the card makes no difference.