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Foebane72

All I'm after is £500 at most

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I'm thinking of taking a small loan for this amount maximum, and would even settle for just £300 if I could get a reasonable repayment schedule and rate of interest.

 

The thing is, I want to avoid Wonga like the plague, considering the horror stories I've heard about them, I don't need an interest rate with 4 decimal places and I'm willing to repay within 2 years at most.

 

The thing is, technically, I could save up, but it would take a few months at least, but I'm wondering if that is my best bet.

 

What is the best advice you can give?

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Definitely save.

 

There is zero chance I would ever want to borrow money off any of the inept financial corporations.


Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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Join a credit union and save. If you still need a loan you'd probably get one at a reasonable rate.


 

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:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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If you have a poor credit rating and can wait, I would recommend looking at Credit Unions. They will typically offer savings accounts which you pay a regular amount in to. After a qualifying period, you can then take out a loan, the amount being linked to the value of your savings up to a certain limit.

 

For example, the CU I'm with currently gives me just over 3% interest on my savings and will offer loans up to £2,000 at 12.7% APR - A lot better than high street banks and a world away from the Wongas of this world.


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Hi

 

I would recommend saving up the money and consider opening a Credit Union account to put it in.


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I cannot give any advice by PM - If you provide a link to your Thread then I will be happy to offer advice there.

I advise to the best of my ability, but I am not a qualified professional, benefits lawyer nor Welfare Rights Adviser.

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Are there any stipulations about joining Credit Unions? Do you have to be employed? I could put £50 per fortnight into the account but I don't know when I'd be able to take out the loan.

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Hi

 

Have a look at this link as it will give you an idea: http://www.abcul.org/credit-unions there is also a link to find a credit union.


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I cannot give any advice by PM - If you provide a link to your Thread then I will be happy to offer advice there.

I advise to the best of my ability, but I am not a qualified professional, benefits lawyer nor Welfare Rights Adviser.

Please Donate button to the Consumer Action Group

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