I need a very short term loan

bigg

Hi

I need a £1500 very short term loan to cover some DDs going through on Saturday. £900 is going in tomorrow and £400 on Monday, which is too late. I have several items for sale on eBay, amounting to £2000-£3000. A £1500 item has almost sold. I hope to pay down the loan next week.

I have no credit cards and nearly at maximum on my O/D. I tried to increase my O/D but it was declined. I assume it was because of a low credit score. I don’t know why because I have had no debts in the last 50 years. It may be because my electoral address is still linked to my old address, which I still own. There is no time to rectify this. I read somewhere it could be December before the address is updated on the electoral register, due to the annual canvass (I think that’s the correct term). Does anyone know if that is true?

I don’t know much about these things. Help would be much appreciated. Please can someone recommend a loan company for a quick very short term loan?

born_again

Monday is a bank holiday..

Emmia

Have you tried a comparison site - and then an eligibility check & application with whoever you pass on that?

QrizB

Generally, any DD on my accounts that would be processed on a weekend or Bank Holiday gets delayed to the next working day. Art you sure you're even going to have a problem?

bigg

Emmia said:

Have you tried a comparison site - and then an eligibility check & application with whoever you pass on that?

I have looked at some websites. Most on them have a minimum of 3 months. I don’t need it for that long. I’m thinking of 7 days. I have also seen some scary rates of interest, 1000%. I thought about offering a pound of flesh, as well

Ebay do a funding deal. I had a message saying I was prequalified for £2100 but it seems to be for business sellers and I’m a private seller. I am currently awaiting their reply. It appears to be ideal. You pay 10% up front, which is a bit steep but it can be paid down at any time with no fees.

bigg

QrizB said:

Generally, any DD on my accounts that would be processed on a weekend or Bank Holiday gets delayed to the next working day. Art you sure you're even going to have a problem?

I bank with Halifax, mainly online. The DDs are very important and I will sleep a lot easier if I know they are covered. I am relying on too many things to click into place and for nothing to go wrong. It’s not the way I normally live. Belt and braces.

fatbelly

Overdraft?

MyRealNameToo

Halifax is almost certainly a working day only bank so the DDs will process on Tuesday is that still a problem for you?

bigg said:

Emmia said:

Have you tried a comparison site - and then an eligibility check & application with whoever you pass on that?

I have looked at some websites. Most on them have a minimum of 3 months. I don’t need it for that long. I’m thinking of 7 days. I have also seen some scary rates of interest, 1000%. I thought about offering a pound of flesh, as well

it would be 1,000% if you had it over a year but you arent wanting it for that duration so its a bit of false comparison. Short term lending will always have much higher interest rates because they still have the cost of business and selling the loan to cover 

The other option is look for a longer loan and repay it much quicker, check what the penalty for early settlement is, normally it'll be 2 months of interest... in principle if you can pull out in 14 days you should be able to simply cancel the loan under the cooling off period but check they are a regulated loan as unregulated ones may not have a cooling off period.

mebu60

fatbelly said:

Overdraft?

Per OP: ' I tried to increase my O/D but it was declined.'

mebu60

bigg said:

QrizB said:

Generally, any DD on my accounts that would be processed on a weekend or Bank Holiday gets delayed to the next working day. Art you sure you're even going to have a problem?

I bank with Halifax, mainly online. The DDs are very important and I will sleep a lot easier if I know they are covered. I am relying on too many things to click into place and for nothing to go wrong. It’s not the way I normally live. Belt and braces.

Why don't you ring Halifax to check when DDs go out? Santander only process them on a working day so in your case if Halifax is the same (most likely) that would mean the DDs won't go until Tuesday. As long as your funds going in on Monday aren't subject to the same issue of only being paid on a working day you should be ok. 

Brie

I suggest you ring up the creditors for these DDs and tell them now, ahead of time, that you don't think there will be sufficient funds in the account and please just let them bounce without a fee being charged.  They will likely say no but ask them to log the call on your account.  When the DDs do bounce and you get charged ring again and tell that you had rung in advance to advise them of the problem and please refund the fees.  

Keep track of every phone call, number dialled, time, date, who you talked to in case you have to talk to them about this again.