Loans and deposits?

norbert25

Hello

I'm looking for some advice. Iv'e been looking around at getting a loan for some home improvements my only real option is a payday loan as I don't have excellent credit. Iv'e applied with a few companies and have received a call today saying I've been accepted but in order to get the loan without a guarantor I will need to pay my first months payment upfront using online banking. Is this normal or should I be staying away from these kind of companies wanting money upfront? I haven't done anything yet as wanted to get some advice first.

Any help would be appricated

Candyapple

What do the results say?
https://www.moneysavingexpert.com/eligibility/loans-calculator/

How many applications have you made in the last year?

How much are you looking to borrow?

What other debts do you owe?

What is your annual salary?

Stay away from companies asking for money upfront, it's usually a scam.

StopIt

Do not pay for a loan.


I mean, if they want extra for the brokerage fee, tell them to add it on to a loan.


Massive awoogas are sounding.


Also, using a PDL for home improvements is crazy.


Do you have other debts? Is a visit to the DFW boards in order, to get your finances in order first to avoid not only PDL but scams as you're looking like you're getting into the world of dodgy loan sharks?


You posted back in April about wanting to go into bankruptcy.


I'm guessing your situation hasn't improved since. Get back to that forum or the DFW board ASAP as we're obviously missing a lot of detail here. Either way, you're clearly in the desperate phase of a debt crisis and you need to stop looking for credit and look for help instead. However without an idea of just what's going on, we can't advise more.

MallyGirl

A PDL is designed to 'get you through to payday'. It is not for long term borrowing. Have you looked at the interest it is going to charge.
Home improvements should not be funded by this sort of product - save up.

sourcrates

norbert25 wrote: »

Hello

I'm looking for some advice. Iv'e been looking around at getting a loan for some home improvements my only real option is a payday loan as I don't have excellent credit. Iv'e applied with a few companies and have received a call today saying I've been accepted but in order to get the loan without a guarantor I will need to pay my first months payment upfront using online banking. Is this normal or should I be staying away from these kind of companies wanting money upfront? I haven't done anything yet as wanted to get some advice first.

Any help would be appreciated

Avoid like the plague, apart from anything else, the interest alone will be crippling.

Home improvements should not be funded in this way, its a really bad idea, please don't do it !!

I notice you didn't respond to the comments on your post about Bankruptcy either, whats going on with that ?

National_Debtline

Hi norbert25


It's all good advice above, don't take out a payday loan to pay for home improvements. In fact there are only very limited circumstances where taking out a payday loan is going to be a good option. It's also not normal to pay a loan instalment before you have even taken it out.


What type of home improvements are you looking to do? If they are urgent and essential it's possible you may be able to get some charitable help, you can check that here www.turn2us.org.uk. Also do you rent or own your home? If you rent these may be things your landlord is liable to deal with.


Susie
@natdebtline

AndyPix

norbert25 wrote: »

I will need to pay my first months payment upfront using online banking. Is this normal

This is completely normal ...


A completely normal way to scam you out of that money !!


Think about it for a sec ...

iolanthe07

With a very few specialist loan exceptions, no responsible lender will ask for a payment upfront. Such requests are a huge flashing red light.

DCFC79

norbert25 wrote: »

Hello

I'm looking for some advice. Iv'e been looking around at getting a loan for some home improvements my only real option is a payday loan as I don't have excellent credit. Iv'e applied with a few companies and have received a call today saying I've been accepted but in order to get the loan without a guarantor I will need to pay my first months payment upfront using online banking. Is this normal or should I be staying away from these kind of companies wanting money upfront? I haven't done anything yet as wanted to get some advice first.

Any help would be appricated

Depends if you want to be in a financial meltdown or not.

I wouldnt touch lenders who operate like that with a dirty barge pole. No high street lender will ask for payment up front.

Where on earth did you find these scum ?

Can the improvements wait while you save up what you need ?

What is the issue with your credit history ?

Herzlos

Why would any reasonable loan provider want you to pay the first months repayment up front? The whole reason you're asking for the loan is because you don't have the money. This is likely to be a finders fee and may not even guarantee a loan.

Unless you're talking about borrowing a small amount to fix something critical (like £100 to repair a window) then do not do it this way. Save up and do up the house over time. A short-term high-interest loan will cripple you.

What improvements are you wanting to do?

MEM62

norbert25 wrote: »

Hello

I'm looking for some advice. Iv'e been looking around at getting a loan for some home improvements my only real option is a payday loan as I don't have excellent credit.
Really? You need to rethink that. I don't think I even have the words to describe how stupid this idea is.
Iv'e applied with a few companies and have received a call today saying I've been accepted but in order to get the loan without a guarantor I will need to pay my first months payment upfront using online banking. Is this normal or should I be staying away from these kind of companies wanting money upfront?
It's a scam , pure and simple.
I haven't done anything yet as wanted to get some advice first.

Any help would be appreciated

Payday loans are not for home improvements. They are the last port of call for those in desperation who cannot access mainstream lending. Such borrowing incurs extremely high rates of interest. Delay the improvements until you have saved for them.