Welcome Finance

IceMan_3

Does anyone know if Welcome Finance request copis of bank statements prior to accepting loan offers?

davetrousers

Dunno but you'll need to be prepared to sell your soul!

IceMan_3

I'm going to give them a call and see whatv they can offer. At the end of the day i'm hoping they're offer can't be any worse than the loan i was paying with Citi Financial at 55% APR.

IceMan_3

I've just managed to get a quote from Welcome Finance for a £3000 loan over 36 months which works out monthly payments of £123.00 which is substantially less than what i was paying with Citi Financial. This is without insurance, however, which i've found to be a complete waste of money.

davetrousers

£123 x 36 = £4,428

Doesn't sound very good to me. There have got to be some cheaper lenders.

IceMan_3

I'm sure there are, however, i don't have a particularly good credit history and so i don't have the luxury of choosing where i can apply. My previous loan with Citi was for £3000 over 36 months and i've been paying £160.00 per month. Welcome Finance have stated that i will need to provide documents to prove my identification such as drivers licence, utility bill, wage slip and bank statements which may be my downfall as i went overdrawn last month so they may refuse me at the final stage.

IceMan_3

On second thoughts, after much deliberation i'm going to throw the paperwork in the bin when it arrives and spend the next couple of months building my credit score before going to my bank and getting a loan with them. I'm not paying 60% APR.

matam2k

They only use bank statement as proof of id, you can give them any page of statement as they all have your adress etc.I have used them twice and given the page with the least information.

IceMan_3

What is your experience of Welcome Finance like? I've heard a lot of negative comments.

gilligansyle

I have used Welcome in the past. Like you, didn't have the option of looking round.

They need the bank statement to prove ID that is all. Easiest thing to do is find that page that is just after money goes in and give them that one.

I have found them OK, so long as you don't miss a payment. Then they ring you and call at the house, each of which costs you.


Unfortunately beggars can't be choosers!

Tassotti

If you find yourself in this situation, it is unfortunate..

Mind you, my Typical APR is 365%, so 60% doesn't sound that bad.