No bank will give me a loan will they?

[Wetthemogwai]

In a bit of a pickle, desperately need money to move house, learn how to drive and pay for some training but as I'm on the tightest of budgets, is just not going to happen.

So I was looking into loans and things and have found some that would suit me (low interest rates, low payments and a bit of time before I need to start paying it off which by then I should be in a better position to do so)
However, I'm on benefits, constantly scraping the bottom of my overdraft and no way out as yet.

I'm a little naive with these things but am keeping well clear of the 'quick loans' and want to avoid credit cards if I can but will that be a better option for me?

Either way it's going to screw me over financially but needs must!

Any suggestions?

Thanks

The thing to think of is, if your situation hasn't changed by the time you need to start making repayments, how will you afford them?

I used to be an adviser in a high street bank until my maternity leave, and the advice I would have given you is to start putting the amount of a monthly loan repayment into a savings account each month for 3-6 months (the longer the better). If you can cope without this money then it's worth considering, if you can't or if you have to dip into it near payday then you need to come up with another plan, as you clearly can't afford a loan.

If you are not working, you may struggle to get a loan anyway, so by putting the money aside that would otherwise have paid a loan, you are growing a nest egg that will quickly pay for the things you wanted the loan for, and won't have to pay all the insane amounts of interest back :)

That's a really useful idea, thanks :)

I'd look at what's urgent and what can wait. Is learning how to drive something that you need to do now? I moved house 7 weeks ago and it's saved me a small fortune as the commute to school is a lot cheaper. Look at the savings before you decide.

Well the loan is to set up a small business and it'll involve a lot of traveling so really a car and being able to drive would make things a LOT easier. I know what you mean though (and I'm queen of doing things on the cheap!) but at the moment I feel like Ive come to a stand still til I can get that money.

Ah right. Have you tried the Prince's Trust? They give out grants and support for people setting up their own business providing you're under a certain age. There are places that you can go, your local Chamber of Commerce can be useful. What are you hoping to do?

That's a good idea thankyou :) i don't really want to say as its quite unusual but it involves touring schools and kids clubs (if I pull it off I might advertise on here! notes down in mental nopepad)
I'll google the princes trust now :)

Start saving with a credit union. After a while they will give you a low interest loan.

Second credit union for savings and loans. Also try business gateway for start up business advice

I would also recommend a credit union.

Thanks guys :) what's a credit union? If I google it will they be easy to find?