Emergency loan - new job

Voyager2002

AnotherJoe wrote: »

Take cash out of an ATM on your credit card and pay it into your bank.

We don't know how much credit he has available...

Obviously many of the regular bills could be paid by card, which would save a fair amount in interest and cash advance fees. I suspect that he does not have enough credit to cover what is likely to be needed.

Voyager2002

Neddyboy wrote: »

Hi all,
1st time poster

Just changed jobs for a much better paid one, however my last paycheck is only a quarter of what I need to get by and I won't see my new paycheck until around mid September. Are there any good services whereby I can get a loan to bridge that gap so I don't have to defer / miss any of the important paymetns such as rent, gas / elec food etc etc.

Kinda desperate as my bank just refused me so my credit report is now a little worse than it was....

This is one of the rare situations when it might make sense to use a Pay-day lender. Obviously you need to be aware that the interest rate is sky-high (so borrow only what you really need and repay ASAP), and of course that is not good for your credit record.

AnotherJoe

Voyager2002 wrote: »

This is one of the rare situations when it might make sense to use a Pay-day lender. Obviously you need to be aware that the interest rate is sky-high (so borrow only what you really need and repay ASAP), and of course that is not good for your credit record.

As long as OP has the money available on his credit card that would be hugely cheaper than PD and also wont leave a long lasting nasty stain on his credit record.

As he's just got a new job with much higher pay he could also call the cc company and ask for an increase in his limit.

Candyapple

Sell anything of value to bridge the gap; eBay, Cex etc are all ways of getting quick cash.

Limit your food budget accordingly. Even if it means beans on toast for a month, so be it.

Ask family/friends for a short loan and pay them back ASAP when you get paid or set up a standing order to them until the debt is cleared.

Ask credit company for a limit increase. Ask bank for increase on overdraft.

See if you can apply for a 0% money transfer card. If you were successful, your card would only take a few days to arrive and that way the cash would be in your bank account: http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Arleen

There is no situation where payday loan "makes sense", ever. If anything doesn't go according to plan then that PD is going to cause damage that will take months/years to recover from. A much better alternative is presented by Sarash in the following video: https://www.youtube.com/watch?v=wFwPAMeVPE4

Because it is way better to do literally anything else than to take a payday loan. Pawning your phone/laptop/tv included, because then if plans don't go as were supposed to that is where damage ends.

Herzlos

Agreed. The quickest and easiest thing to do at this point is have a clear out and sell off any old phones/dvds/furniture/etc that you no longer need. That should give you (some) pretty much immediate cash that doesn't need to be paid off, and will free up space in the house.

It may also be worth checking if you're in credit with your gas/electric, and get them to send out a cheque.

Then I'd look at putting it on credit card / overdraft, and seeing if you can get any payment holidays.