places for people

ermine

sam222 wrote: »

we need a small loan,we don't know who to ask,(our banks say no),

What part of paying £1000 over a year and a bit for a £750 loan as per their illustration puzzles you? It's a ripoff.

Ask yourself why you expect to have an extra £250 in a year's time that you don't have at the moment?

we owe some money we must pay that back

Take a look at the dealing with debt board on here and maybe ask you local CAB. You are about to take a seriously wrong turn here that will make dealing with that debt harder, not easier. Get expert advice as to what your options are. As a general rule borrowing money to pay off borrowed money is a bad idea and it is very definitely a bad idea if the rates of interest on the new loan are higher than on the old, and 64% p.a.interest is high. It's only justifiable if you are paying off Wonga.

If you don't have the money to pay off the existing loan you won't have the money to pay off the new one. It's help in rescheduling the old loans you need, not another loan to pay the loan. That way madness lies.

dealer_wins

sam222 wrote: »

I'm not working now - apply for a small loan

Not working = wont get a loan!!

bdito00

Yes i am afraid that if you dont work the bank wont loan to you

bargainbetty

You would be much better off contacting your existing creditor and coming to a repayment plan that you can stick to, even if it is only a few pounds per week/month.

Make sure you are claiming everything that you are entitled to and see if you can reduce your outgoings any further with careful budgeting.

Good luck.

sam222

many thanks for right and wrong replies

But i Owen e friend,

bargainbetty

Then you need to be honest with your friend. You are unlikely to get a loan if you don't work. Pay them back what you can, whenever you can, and keep up a regular amount, however small.

A friend will understand if you are honest with them.