Provident Loan question

Chantelletj

It was a friend that suggested it to me because I've never been in like this, I budget and save all of the time but when circumstances like mine come up you can't help it.

I have to say I'm uneducated with loans etc, sorry. What is a credit builder credit card? Is it any better than Provident? How would I apply etc?

CKhalvashi

Read about them here

http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

You have no credit, which is possibly worse than bad credit.

Chantelletj

Which ones are the best? Are they cheaper than a door step loan? I have never heard of them before so any information would be brilliant please.

CKhalvashi

Chantelletj wrote: »

Which ones are the best? Are they cheaper than a door step loan? I have never heard of them before so any information would be brilliant please.

They should be cheaper than a doorstep loan, and you can make a transfer whenever you like from your bank account. Paying in full on the statement date is always the best idea, though, so you never pay interest in the first place.

MSE has a free eligibility checker, which is may be worth you using.

The reason that you've not heard of them is probably because they're specialist lenders, that choose to do business with people that have no/limited credit history or an adverse history. That's why you're recommended to them, rather than a 'mainstream' lender.

HappyMJ

Chantelletj wrote: »

Which ones are the best? Are they cheaper than a door step loan? I have never heard of them before so any information would be brilliant please.

None are best. I'd avoid them like the plague but you've got to start somewhere.

My OH has bad credit and was refused an Aqua card but 10 minutes later was approved for a Capital One card. The Capital One came with no interest on purchases for 3 months. If you can afford £30 a week on presents then you can spend up to £200 on the card before Christmas and £210 from your wages (£30 a week for 7 weeks) and then after Christmas start putting the £30 a week from your wages towards paying off the card. 7 weeks later the debt on the card will be paid off and it costs you nothing in interest.

Chantelletj

Thank you for replying.

What do you think of the aqua 0% for 6 months one it has 34.9% Apr.. could you have a look and see when and what repayments I would have to make please? Would appreciate it.

Chantelletj

HappyMJ .. my brain is running 100miles an hour right now so sorry if you feel like you're explaining to a child.

So if I apply, spend say 200 on it by the end of this month I would need to pay the 200 by (3 months) end of Feb?

HappyMJ

Chantelletj wrote: »

HappyMJ .. my brain is running 100miles an hour right now so sorry if you feel like you're explaining to a child.

So if I apply, spend say 200 on it by the end of this month I would need to pay the 200 by (3 months) end of Feb?

Around about end of Feb yes to avoid any charges at all. You'll need to make at the very least 2 payments before then of around £5 in December and January. I'd highly recommend you pay much more than £5.

You need to be approved first so try applying for a couple and see if you get one. Don't do more than 2 though as that will start to damage your credit rating.

Chantelletj

Applied and got knocked back. Brilliant

CKhalvashi

Are you on the electoral roll at your current address?

Sorry if I'm sporadically replying, I'm currently in the middle of getting 2 cameras rigged to a car without damaging them/it.