Welcome Finance Loan - Please Help

mazdaz_2

Hi,

I am a student working part-time. I am in urgent need for some cash, roughly £1000. I applied for an Unsecured Loan at Welcome Finance. My credit rating is pretty bad but not adverse, and with the loan, I could consolidate all my existing debts. I admit I signed up to Yes and Advantage, but after reading this forum, there is no way in hell I am dealing with them.

I just want to know what kind of documentation I need to provide them in order to get the amount into my bank account. Will they ask for proof of income? I may have exaggerated my salary figures.:rolleyes:

Help would be greatly appreciated.

Thanks

alwaysonthego_2

I would not recommend you consolidate your loans, are you struggling to meet the repayments?

I would send copys of your monthly expenditure to your exisiting creditors askingthem to reduce your payments, In the long run consoildation will cost you more. Go to the cab for further guidance (free advice).

LilacPixie

Welcome are, IMO, cowboys and should not be touched with a bargepole. Their APR's are sky high, and the charges the levy for missed/late payment are mercyless. If you need to exaggerate anything in order to secure the loan then it seems apparent you would struggle to make the required payments.

If you need help with debts maybe you should consider posting on the debt free board. lots of helpful people over there who will help you manage your existing debts without the need for consolodation.

To answer your question I would imagine that as they are now regulated by the FSA then they would need to be seen to be a 'responsible lender' and would ask for proff of ID plus bank statements/wage slips to confirm your details.