Need help

emmayeah

Hi, im looking for aome advice i need to raise £2700 before the end of march or sooner, to move in a new place with my partner.
I have current income of £1000 a month.
My credit history is poor i thought about a guarantor loan but dont know who to ask or how they work.
any advice would be great

DCFC79

emmayeah wrote: »

Hi, im looking for aome advice i need to raise £2700 before the end of march or sooner, to move in a new place with my partner.
I have current income of £1000 a month.
My credit history is poor i thought about a guarantor loan but dont know who to ask or how they work.
any advice would be great

You ask someone you know to be the guarantor, when you don't pay the monthly payment the lender will ask the guarantor to stump up the cash for the missing payment.

How much do you have saved ?

Caz3121

Guarantor loans tend to come with high interest rates. If someone is prepared to be a guarantor then you could ask them to take a loan in their own name and you pay them back that way...same result but less interest. If they do not want to take a loan in their name, they possibly don't understand how guarantor loans work...if you make your payments...all good, if you don't then they will be chased for the payment

jonesMUFCforever

£2700 seems high - care to give us a breakdown of the costs?

emmayeah

Thanks guys, My boyfriend has been saving a little, and i have bee stupid thinking i could put the same as him towards ive stupidly spent some of the cash and worried now.

If someone was a guarantor would the repayments come from there bank account? or mine?
Thanks for the advice

Caz3121

do you have someone that you can ask to lend you the money. Would be cheaper than a guarantor loan...looking at one example
49.9% borrow £2,750 over 36 months, pay back £4,830!!
do you have anything you can sell?

Nebulous2

emmayeah wrote: »

If someone was a guarantor would the repayments come from there bank account? or mine?
Thanks for the advice

The payment would come from your bank account, but if you had 'stupidly spent it,' they would then take the payment from the guarantors account instead.

Payments from one of the main guarantor lenders go into the guarantors account first and they have to hand it over to you.

A guarantor who is able to get mainstream credit would almost always get credit more cheaply in their own name.

20aday

As posted above is there anything you can sell to put towards the £2,700?

It's a shame your credit history is deemed as poor because for such a low amount a credit card (rather than a loan) would be better suited to your needs.

I appreciate it might not be what you want to hear OP but if, for whatever reason, things went 'wrong' I don't think your Guarantor would be too happy having to repay your financing needs (especially at such eye watering interest rates).

BrassicWoman

what does your partner suggest? £2700 each seems ridiculous....

PeacefulWaters

Persuading somebody to guarantee a loan for you when you stupidly spend money is a little unkind, don't you think.

Time to learn from your mistakes, start saving, and don't drag others into your debts.

Gaz83

BrassicWoman wrote: »

what does your partner suggest? £2700 each seems ridiculous....

I'm going to guess the partner doesn't know.