First stop Loans

markie49

I joined Equifax to check my credit rating and found that it was fair. I then seen a link to secure loans for people with poor credit ratings. I was given a link to First Stop Loans who have offered me a secured loan to consolidate my credit cards. Has anyone heard of First stop Loans?

Gaz83

This mob here?

https://www.1ststop.co.uk/

Wouldn't touch them with a bargepole. Representative APR of almost 50%. And if you have a less than stellar credit rating it's unlikely you'd even get that.

Besides, it's a stupid idea to swap unsecured debt for secured debt.

jonesMUFCforever

Secured means having a charge put on your property - if you don't pay you could become homeless.

markie49

Gaz mate thanks for the quick repay, their APR is 34 percent. I cant seem to get a loan newhere else, are they reputable?

jonesMUFCforever

markie49 wrote: »

Gaz mate thanks for the quick repay, their APR is 34 percent. I cant seem to get a loan newhere else, are they reputable?

You are completely bonkers if you go ahead at such a high rate.
You don't need a loan just a plan to repay what you owe.


Pop over to the debt free wanabe board for tips about doing a statement of affairs and how to budget.

markie49

Thanks Jones

ConsumerWizkid

The company is legit, it's designed for those with poor credit so you can expect a high APR of course.

Secured debt is very risky, especially if you are struggling to pay unsecured as it is. Don't do it unless you are utterly convinced you can pay it back as you could lose your home.

DCFC79

Consolidation rarely works unless your very strict and cut the cards up once paid off, its just shifting it from A to B.

A loan isnt always the answer, focus on paying the debt with the most apr.

27col

What is the interest rate on your credit cards. If it is less than the rate you have been offered then consolidation is completely pointless.

marco806

I have a shocking credit rating currently.

However was accepted for a 3 grand loan from an outfit called springcoin in little over an hour after i sent them my bank statement and payslips.

Paying back £3670 over 3 years at a very high APR but they have got me out of hole.

Fruit_and_Nut_Case

marco806 wrote: »

I have a shocking credit rating currently.

However was accepted for a 3 grand loan from an outfit called springcoin in little over an hour after i sent them my bank statement and payslips.

Paying back £3670 over 3 years at a very high APR but they have got me out of hole.

It's quite high but I wouldn't call it very high. I make it 13.6%