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Everyday Loans PLC
MSE Official Insert:
Don't take out a payday loan without first reading our Payday Loans guide.
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Hello people, back in January I applied for a loan with Everyday Loans and got accepted, they approved my for up to £2000 but I only took out £500 for the purpose of re-building my credit history, the interest rate isn’t far short of the provident @ 94% APR however I plan to pay this off within 12 months, I still have the £500 in my savings account and I am not going to touch it for this duration in case I need to pay it back in a hurry, the problem is they told me they would report data to credit reference agencies but they are only reporting to one of them Equifax, my main question is if I pay this loan off @ 6 months half the life of the loan will it still improve my credit rating or should I bite the bullet and let run its course of 12 months?
Don't take out a payday loan without first reading our Payday Loans guide.
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Hello people, back in January I applied for a loan with Everyday Loans and got accepted, they approved my for up to £2000 but I only took out £500 for the purpose of re-building my credit history, the interest rate isn’t far short of the provident @ 94% APR however I plan to pay this off within 12 months, I still have the £500 in my savings account and I am not going to touch it for this duration in case I need to pay it back in a hurry, the problem is they told me they would report data to credit reference agencies but they are only reporting to one of them Equifax, my main question is if I pay this loan off @ 6 months half the life of the loan will it still improve my credit rating or should I bite the bullet and let run its course of 12 months?
Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.
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Comments
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..........Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0
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Are you really telling us that you took out a loan charging you 94% for no other reason than to ''improve your credit score''?
If so please see a doctor - you need to be sectioned!0 -
What would you do Jones’s, my credit is shot to hell, I cant get anything, I have a capital one visa and a couple of catalogues, every time I apply computer says no, no defaults, no adverse nothing, maybe too many searches but this too many searches attitude sucks, lenders should not be allowed to take these into consideration during an application, people are entitled to shop around, so I am a bit p***ed off to say the least.jonesMUFCforever wrote: »Are you really telling us that you took out a loan charging you 94% for no other reason than to ''improve your credit score''?
If so please see a doctor - you need to be sectioned!
Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
what exactly do your credit files actually say?
what is your salary
are you on the electoral roll
are you financially associated with anyone with bad credit record
who do you bank with
how long have you banked with them
are you a UK citizen
have you lived here for the last three years
how many credit appliactions have you made in the last 6 months ?0 -
By paying this ridiculous amount of money for no good reason I reckon you could have saved up for many things you are likely to buy.
How much interest are you paying for this?
And yes if you make too many applications for credit in a short space of time then you look desperate and they will turn you down. This applies to anyone though you have not been singled out.0 -
what exactly do your credit files actually say?
what is your salary
are you on the electoral roll
are you financially associated with anyone with bad credit record
who do you bank with
how long have you banked with them
are you a UK citizen
have you lived here for the last three years
how many credit appliactions have you made in the last 6 months ?
what exactly do your credit files actually say? All accounts green.
what is your salary £17500
are you on the electoral roll YES
are you financially associated with anyone with bad credit record NO
who do you bank with A&L, LTSB
how long have you banked with them 3 Months, 4 Months
are you a UK citizen YES
have you lived here for the last three years YES
how many credit appliactions have you made in the last 6 months 65Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
I pay £37 per month, if I pay it off mid term will it improve my credit rating or should I just wait the full term?jonesMUFCforever wrote: »By paying this ridiculous amount of money for no good reason I reckon you could have saved up for many things you are likely to buy.
How much interest are you paying for this?
And yes if you make too many applications for credit in a short space of time then you look desperate and they will turn you down. This applies to anyone though you have not been singled out.Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
So for a loan of £500 over 12 months will cost you £440 in interest alone.
I don't think it matters when you pay as most or a large part of the interest is paid off first. You won't save much by paying it off now.
The real problem you have is from your answer to Clapton's post - 65 searches in 6 months!!
I would suggest that you lay off any more for at least the next 6.
Interesting you have only banked with A&L for 3 months and LTSB for 4 - where did you bank before ? - any problems before you switched?0 -
Halifax, they would not upgrade me for love nor money I was stuck with an Electron card for ages, so once my files were cleared up (I was an ID Fraud vic) I went to A&L and they gave me a full current account so I told Halifax to stick their account up their ars*.jonesMUFCforever wrote: »So for a loan of £500 over 12 months will cost you £440 in interest alone.
I don't think it matters when you pay as most or a large part of the interest is paid off first. You won't save much by paying it off now.
The real problem you have is from your answer to Clapton's post - 65 searches in 6 months!!
I would suggest that you lay off any more for at least the next 6.
Interesting you have only banked with A&L for 3 months and LTSB for 4 - where did you bank before ? - any problems before you switched?Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
Have you checked your credit files recently then to see if you have a CIFAS marker on because of the ID fraud?0
This discussion has been closed.
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