Need help understanding what type of Loan I can get

CrimRain

Hello there.

I've basically done a bit of googling, money supermarket and still I am non the wiser as I don't understand too much of the different kinds of loans, an seeing as MSE has helped me before with many things I thought I would ask here for help on this.

I'm currently on ESA Support benefits which is the part of ESA where we don't even go to see people for anything as I have exceptionally bad depression despite the fact I am looking at ways to improve that

I have been hit with some pretty unexpected charges left right and centre from various card companies, one of which is a "catalogue" called Very which to say the least, I'm sure some have heard of as I have found out clearly too late that some like this are absolutely vile and evil for their lil hidden charges.

I'm looking to find a loan I can take out, essentially to just clear everything off in one go, I wouldn't realistically need anymore than £500 to get rid of everything and then shred the cards, but if I need to borrow more then I'll just use 500 of it to pay off all my debts an keep the rest to go towards paying loan back off.

I can't really go for any "guarantor" loans as I don't know anyone as such like that, the people I do know wouldn't get accepted as a guarantor either way.

Obviously I need one without a guarantor, from my research there are non guarantor ones available, I just don't know which to get or realistically what my best option is to go for.

Anyone ever used anything like badcredithistory for non guarantor loans? What about say someone like Provident? Is there anyone else that would be ideal for me where I would likely get one?
My father for the record once was a carer and only getting £54 a week an got a Provident loan out for near £1000, an that's with a not so great credit history as well as he was getting well under half the money I get now, so I would get accepted for it would I not? I ask that about provident because despite them having been pretty good way back with my dad, I have heard some unsavoury things about them.

I really want help with this as soon as humanly possible, as one of my mental conditions I have topped by my anxiety as well makes me worry about the high repayments an if I will be able to afford any food or not in the coming month, I'm dreading this coming month as I am making somewhat of a slow improvement in bettering my mental conditions and it scares me that it might all get shot down an be for nothing if all these people pile up payments an the stress of worrying about everything comes creeping in.

Thank you in advance for anyone that can point me in right direction

Jamiesmum

Can a family member not loan you the money? Do not under any circumstances get a provident loan, you will literally be paying back almost double. It's far too much. Provident is an absolute joke I can't believe people still use them.

I would suggest ringing your credit cards and then very, explaining and asking them to freeze the accounts of interest and you'll pay a certain amount back. They can do this depending on how you approach, personal circumstances and repayments up till now. Don't know unles you ask and it's the best option all round.

DCFC79

Also don't use badcredithistory, you will end up paying double or triple or more just for the small amount you need.

Pixie5740

There's the MSE loan eligibility calculator but lenders don't tend to give loans out for low values like £500 except for the likes of PDL companies and Provident both of which you should avoid like the plague.

Don't prioritise unsecured debt payments over food and other important bills like rent/mortgage and council tax...you need to eat. If you are feeling overwhelmed by your debts contact one of the debt charities; CAP UK, National Debtline or Step Change to talk through your options. They could help you deal with your creditors by asking them to freeze the interest or something. There will be a solution.

[Deleted User]

Don't borrow extra so you can use it to pay of the loan...please
Have you tried your bank? For £500 an overdraft may be all you need.

CrimRain

Unfortunately I have no living family to even speak to, let alone borrow from.

I've checked the price on their price checker for Provident and it states a weekly repayment of 17.50 if I spread it over 52 weeks, Ngl looking at the APR percentage would give most normal people a heart attack!!! But say if it was just that 17.50 a week that I would have to worry about that would be fine an better for me mentally to deal with as well as a lot more manageable, despite the present situation I would have no issue paying £182 over a year, unless there's hidden things I am missing?

Why is badcredithistory so bad? I can't find no "price" checker on there so I can't tell why it would be bad or not.

I've been refused overdraft beforehand by my bank an to this day don't know why, don't suppose it would be anything to do with maybe when I've applied before that I basically had no credit so essentially no credit score from anything whatsoever?

Also would it honestly be all that bad getting a "debt" loan making smaller weekly/monthly payments, essentially over me paying multiple things all at once at the same time paying high charges and constantly stressing?

It's hard for me to know what to do because just talking about it stresses my mind, but I am exceptionally good at managing my budget when I don't have multiple different payments slapping me in the face

DCFC79

It would have been down to your credit history as to why you were turned down for an OD. You could try wonga but they don't do £500 but £400 is the max.

You looked into doing online surveys ?

CakeCrusader

My father used to use Provident. I remember the woman calling at the house weekly from when I was about 5 (he used them for years before this), and she was collecting right up until he died. What they do is offer people small amounts spread over weekly payments, so they don't notice just how much interest they are paying as it doesn't seem like much when it's paid weekly. When the loan is almost paid off, or at times like Christmas, they offer another, using the second loan to pay off the remainder of the first so the second loan is lower and it also stretches out the loan, and increasing the interest and the amount of commission they earn. Provident lenders are paid on commission, so the more they lend the more they earn. It's really easy to get sucked in, especially when someone's struggling to pay the bills, but they really do keep lending and lending. The last loan my father had was 2 weeks before his death, so we're talking 40 odd years of loans. I'm not saying he was not to blame, but these legal loan sharks didn't help. By the time my father had paid the provident woman there wasn't a great deal left for the bills and for food, and I'm sure there's a lot of other people who are still in the same boat.

You can pop to the CAB and they will be able to help, there's certain places like the CAB or proper debt charities (these won't charge you a fee for help) who can negotiate a freeze in interest too. If this isn't the answer then try a credit union. There's a way out of this, you just need to go to the right places for help, not to the legal loan sharks who are only looking to see how much money they can make out of you.

BrassicWoman

Agreed, find a credit union.

tykesi

CrimRain wrote: »

I have been hit with some pretty unexpected charges left right and centre from various card companies, one of which is a "catalogue" called Very which to say the least, I'm sure some have heard of as I have found out clearly too late that some like this are absolutely vile and evil for their lil hidden charges.

Don't suppose you read the terms and conditions of what you signed up to by any chance? I'm sure these 'hidden' charges would be detailed in there.

Always someone else's fault isn't it?

Jamiesmum

CrimRain wrote: »

Unfortunately I have no living family to even speak to, let alone borrow from.

I've checked the price on their price checker for Provident and it states a weekly repayment of 17.50 if I spread it over 52 weeks, Ngl looking at the APR percentage would give most normal people a heart attack!!! But say if it was just that 17.50 a week that I would have to worry about that would be fine an better for me mentally to deal with as well as a lot more manageable, despite the present situation I would have no issue paying £182 over a year, unless there's hidden things I am missing?

Why is badcredithistory so bad? I can't find no "price" checker on there so I can't tell why it would be bad or not.

I've been refused overdraft beforehand by my bank an to this day don't know why, don't suppose it would be anything to do with maybe when I've applied before that I basically had no credit so essentially no credit score from anything whatsoever?

Also would it honestly be all that bad getting a "debt" loan making smaller weekly/monthly payments, essentially over me paying multiple things all at once at the same time paying high charges and constantly stressing?

It's hard for me to know what to do because just talking about it stresses my mind, but I am exceptionally good at managing my budget when I don't have multiple different payments slapping me in the face

£17.50 a week on a £500 loan paid of over a year is £910 to pay back.

Do not do it.

You are literally doubling your debt if you do this. Where is the logic in that?