Emoney Union - any experience

bvecki

My husband will be looking for a loan in the enar future and came across this emoney union. Does anyone have any experience or information on them as on paper they look quite appealing?

Gaz83

Over 50% APR? Quite appealing?!

DCFC79

bvecki wrote: »

My husband will be looking for a loan in the enar future and came across this emoney union. Does anyone have any experience or information on them as on paper they look quite appealing?

Why them ?

Why not your own bank ?

Tixy

Gaz83 wrote: »

Over 50% APR? Quite appealing?!

And references to out of date legislation on the website as well.

bvecki - from your past posts it sounds like your husband's bankruptcy will no longer show on his credit file within a month.

If he needs to borrow then I'd wait until that happens and then look if he can borrow from a mainstream lender.

dealer_wins

Bankrupt looking for a loan, and a loan at stupid rates that will no doubt start the whole default process over again! You couldnt make it up!

bvecki

Thank you Tixy for your reply. The APR I saw was around 11%. We are waiting until the bankruptcy drops off this month and he will of course try the bank first but I was just interested in anyones experience of this company as it's a new style of lending to me.

As for your reply Dealer Wins - I didn't come on this forum for abuse and you have no idea of our personal circumstances. My husband is bankrupt due to a business going under during the recession, as are many other people. He has never had any issues with his own borrowing. Funnily enough though even people with a bad credit past still need loans from time to time and people can change you know!

bvecki

I didn't say he'd never had finance! I seem to have got the wrong end of the stick with this forum as I was under the impression it was here for people to ask for advice and quite frankly I find your responses needlessly upsetting. I shall certainly look for advice is other areas in future!

Tixy

bvecki wrote: »

Thank you Tixy for your reply. The APR I saw was around 11%. We are waiting until the bankruptcy drops off this month and he will of course try the bank first but I was just interested in anyones experience of this company as it's a new style of lending to me.

I haven't heard of that company and their website isn't very impressive.
Nothing wrong with peer to peer lending in principle, and there are some established names in that field now.

Hopefully a mainstream bank will be an option - has he checked his credit files since he was discharged to make sure all creditors have recorded it correctly, no late defaults etc - i.e. so that there won't be a trace of any bankruptcy debts by then?

GenialGaz

Taken in by eMoneyUnion's marketing I made the mistake of trying to become a lender with them and deposited some money with them. I asked questions about their very poor website on the P2P Independent Forum. I don't know for sure but I think they did not like these because they did not respond to most of them and disabled my account login without giving a reason.

They said they were closing my account and would return my money. It is now nearly two weeks later and despite a phone call and an email I am still waiting. I guess my next step is to contact the Financial Conduct Authority or the police online fraud section.

However do not let this put you off peer to peer lending sites. There are plenty who are open and above board. Ratesetter and Zopa are large and established and might be worth a try. If you have a car or valuables to offer as security you might approach Moneything.com or Unbolted.com. I have had positive experiences with both these.