Terrible credit rating loans.

MNM2903

Ill give you a 2k loan with an interest rate of 3000%

Anthorn

MNM2903 wrote: »

Ill give you a 2k loan with an interest rate of 3000%

Is that monthly or the APR? Front loaded or calculated on the reducing balance? Penalty for early full repayment? Will you be reporting to a CRA and if so which one? Do you offer Zimbabwe Dollars?

tonycottee

MNM2903 wrote: »

Ill give you a 2k loan with an interest rate of 3000%

That's very generous. I'll take £2k if you're just giving it away.

jonesMUFCforever

Anthorn wrote: »

I'll dispense with the moralising of the previous posts. I know I've been promoting credit unions rather a lot lately but it's exactly this situation where credit unions excel: They will encourage thrift which means saving and only offering loans which are really needed and not just wanted. Above all they will be able to advise on getting back on track with your finances and have links with councellors and organisations which will help.


A credit union will most likely be able to offer a loan but only if you can afford to repay it and in your circumstances your can expect an APR of at least 43.2% / interest of 3% per month on the reducing balance. You can also expect to have your income and/or benefits paid directly into the Credit Union and be expected to save in addition to to repaying the loan and your other debts.


Sounds good? Go for it. Sounds harsh? Necessarily so!
http://www.abcul.org/home

OP sounds so desperate - do you think he has any cash to start a credit union savings account?
This thread is now a week old and guess what - he's not been back so my guess - this was a wind up post.

andyfromotley

Anthorn wrote: »

I'll dispense with the moralising of the previous posts.

If you think giving advice to someone who 'has a terrible credit history' and is prepared to borrow further whatever the interest rate is' constitutes moralising, then i guess you and i have different views on the meaning of morals.

This is an advice forum, and sometimes that advice has to be do not borrow anymore, seek debt advice, visit the appropriate forums.

ReadingTim

jonesMUFCforever wrote: »

This thread is now a week old and guess what - he's not been back so my guess - this was a wind up post.

Sadly, I don't think this was a wind up - I think there are far too many people out there who think they have the right to be lent money, irrespective of their ability to repay, or their previous history of borrowing money.

Worse, I don't see any realistic solutions which might realistically address this growing problem...

Anthorn

andyfromotley wrote: »

If you think giving advice to someone who 'has a terrible credit history' and is prepared to borrow further whatever the interest rate is' constitutes moralising, then i guess you and i have different views on the meaning of morals.

This is an advice forum, and sometimes that advice has to be do not borrow anymore, seek debt advice, visit the appropriate forums.

So that must mean therefore that the OP does not need advice.

It's me posting but it's not essentially me saying it. It's the government and the DWP in their Credit Union Expansion Project, try Googling that and especially read the lengthy report in pdf format from the steering committee and the DWP. The ultimate aim is to provide those in the lower income baracket with an alternative to avoid high interest loans which makes their income even lower. But it's good for everyone. Here's a taster: http://www.telegraph.co.uk/finance/personalfinance/borrowing/10041732/Credit-union-expansion-to-force-out-payday-lenders.html

andyfromotley

Anthorn wrote: »

So that must mean therefore that the OP does not need advice.

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No the Op needs advice thats why they posted here. It was your dismissal of perfectly sound advice as moralising that i found somewhat surprising. I have no complaint about the advice you offered.

Anthorn

andyfromotley wrote: »

If you think giving advice to someone who 'has a terrible credit history' and is prepared to borrow further whatever the interest rate is' constitutes moralising, then i guess you and i have different views on the meaning of morals.

This is an advice forum, and sometimes that advice has to be do not borrow anymore, seek debt advice, visit the appropriate forums.

Perhaps my reference to moralising posts was unjustified for that. But I see so many times in this thread and elsewhere the advice to not borrow any more and seek debt advice. That is not what I call "constructive" because often the way out of debt is to take on more debt which reduces the overall outgoing funds: We see that in 0% BT cards, consolidation loans and the like. What is good for one and not good for the other is the difference between debt and bad debt but that doesn't mean the same advice cannot be applied to both.


But as I said I see your point and apologise.

Gaz83

Anthorn wrote: »

Perhaps my reference to moralising posts was unjustified for that. But I see so many times in this thread and elsewhere the advice to not borrow any more and seek debt advice. That is not what I call "constructive" because often the way out of debt is to take on more debt which reduces the overall outgoing funds: We see that in 0% BT cards, consolidation loans and the like. What is good for one and not good for the other is the difference between debt and bad debt but that doesn't mean the same advice cannot be applied to both.


But as I said I see your point and apologise.

Yes, but for who?

Incredibly disciplined people, who have the willpower to cut the old credit cards up, reduce old credit limits and make lifestyle changes to involve spending less money.

The way out of debt for someone who has £4000 of debt, a poor credit history and doesn't care about the interest rate is never, never to take on more debt.