Anyone heard of or used Moneyway

Madmoney_3

Hi everyone, be patient with me as I'm new here. I need advice on an online loan company I came across through USwitch called Moneyway. I need to know if they are a legit company and if anyone has used them before that can give me advice about them. Never heard of them before and just came across them today hence the hesitation to deal with them. Your help will be greatly appreciated.

CKhalvashi

They're owned by Secure Trust Bank, who are a legitimate company.

Their accounts can be viewed for free online, although I'm not allowed to post the link, as it contains personally identifiable information.

CK

SimonSays

You do talk some rubbish don't you. I just went and viewed their accounts and no personal information is on display.

CKhalvashi

SimonSays wrote: »

You do talk some rubbish don't you. I just went and viewed their accounts and no personal information is on display.

Directors info is what I meant, which will (possibly) include home addresses.

I know that if you look at the accounts for many smaller companies, the director will use their home address (and I know I do)

CK

DCFC79

I take it your after a loan OP/Madmoney ? You asked your own bank ?

Whats the amount you would be paying back on this loan ?

Madmoney_3

Yes am badly in need of a loan but can't get it from my bank. They have offered me 24.9% APR on 5000 over 5 years which equates to almost 4000 interest. Any other better ideas please, really need the money and can't get credit from bank. I definitely will be able to pay it off after a year though. I know there will be a penalty but have no option right now.

CKhalvashi

Madmoney wrote: »

Yes am badly in need of a loan but can't get it from my bank. They have offered me 24.9% APR on 5000 over 5 years which equates to almost 4000 interest. Any other better ideas please, really need the money and can't get credit from bank. I definitely will be able to pay it off after a year though. I know there will be a penalty but have no option right now.

What is the loan for?

Looking at amounts, is it a car?

Madmoney_3

It's not for a car but some emergency which I have to deal with asap. Any advice?

CKhalvashi

Madmoney wrote: »

It's not for a car but some emergency which I have to deal with asap. Any advice?

Which type of emergency?

There are short-term government loans for some things, which are at 0% interest. That is why I'm asking.

CK

imoneyop

Madmoney wrote: »

Yes am badly in need of a loan but can't get it from my bank. They have offered me 24.9% APR on 5000 over 5 years which equates to almost 4000 interest. Any other better ideas please, really need the money and can't get credit from bank. I definitely will be able to pay it off after a year though. I know there will be a penalty but have no option right now.

If your own bank won't lend you money then it is unlikely that any other reasonable lender will either, so you're stuck with the ones that are willing to take a risk on someone in your position and they will charge heavily because of the risk.

CherlokHomes

Madmoney wrote: »

Yes am badly in need of a loan but can't get it from my bank. They have offered me 24.9% APR on 5000 over 5 years which equates to almost 4000 interest. Any other better ideas please, really need the money and can't get credit from bank. I definitely will be able to pay it off after a year though. I know there will be a penalty but have no option right now.

Well if you do it on 36 months that will half your interest straight away.

Anyone IMO who wants a 5k loan for 5 years can't afford the loan in the first place.