short term cash flow issue overdraft or loan ?

kronas

hello all, im after a mere paltry amount of £300-£400 within the next day or so, just to cover some costs which were unexpected, i have been told overdraft is the only option and HSBC is the bank, what do you guys think is the best option, i dont want to pay a hefty amount, i can repay within six months possibly sooner, i only have switch and solo cards.

oh i forgot i was once told dual banking is not allowed surely thats false ?

emmalt

I would go for the overdraft out of the two.

Have you considered a 0% credit card?

BenL

Overdraft, doubtful to get a loan through with credit checks, signing paperwork, transfer to your bank account.

Overdraft will be instant decision most likely and applied either immediately or overnight.

Ben

kronas

i got rejected for the overdraft! due to being unemployed! after meeting the manager, experian reported everything fine when the report was shown, over the phone and in person!

inmypocketnottheirs

kronas wrote: »

i got rejected for the overdraft! due to being unemployed! after meeting the manager, experian reported everything fine when the report was shown, over the phone and in person!

That is hardly surprising then. If you are unemployed and only receive benefits, how are the bank going to get their money back?

kronas

inmypocketnottheirs wrote: »

That is hardly surprising then. If you are unemployed and only receive benefits, how are the bank going to get their money back?

by the benefits obviously, i have budgeted well so far, but family circumstances (mum has cancer) mean there are somethings that need to be done!

i have a credit history that is excellent as experian checked fine!

inmypocketnottheirs

kronas wrote: »

by the benefits obviously, i have budgeted well so far, but family circumstances (mum has cancer) mean there are somethings that need to be done!

i have a credit history that is excellent as experian checked fine!

Obviously I am sorry to hear about your mum. However banks/financial institutions (the more reputable ones - hmm:rolleyes:) are not going to view lending to benefits claimants as responsible. It is more likely that you will get what you want from someone like Welcome Finance or Provident. I am not endorsing them, just saying that is where you are probably going to end up.

Their interest rates appear scandalous, but because they offer door step collections and lend smallish amounts of shortish periods the APR is distorted.

I hope that you will find another way without going down the loan route. Is there another member of family that can help out?

All the best.

kronas

inmypocketnottheirs wrote: »

Obviously I am sorry to hear about your mum. However banks/financial institutions (the more reputable ones - hmm:rolleyes:) are not going to view lending to benefits claimants as responsible. It is more likely that you will get what you want from someone like Welcome Finance or Provident. I am not endorsing them, just saying that is where you are probably going to end up.

Their interest rates appear scandalous, but because they offer door step collections and lend smallish amounts of shortish periods the APR is distorted.

I hope that you will find another way without going down the loan route. Is there another member of family that can help out?

All the best.

i got accepted by egg for a credit card.

Broke_Student

I was just browsing this thread and feel I should comment how easy student of all people have it!
Errrr my 'mate' has 3 interest free overdraft student accounts (thought it's against T&C's), 2 credit cards and keeps getting offered overdraft on his current account when he calls the banks. He also doesn't have any earned income and student loans get transfered into savings account and do not sit in the student accounts!