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Original poster

Short term loans opinions

14 replies

Orbita · 06/02/2018 22:29

I'm a bit ashamed to have to come to this but I'm in need of quick money to pay for the deposit of the place we're moving into at 22nd of Feb. Since I've never done any loans/credits, besides phone and argos card, I want to ask for opinions so I don't mess my finances.

I need 1k and a quick google search showed me Sunny. Anyone ever had a short term loan with this company or any other? Anything in particular I should be carefull with or looking out for?

Thanks to my lovely current landlord, this month I have 3.5 rents to pay. I really don't see any other way we can get out of this mess but a short term loan wouldn't be the end of the world, right? I know I can pay it as we have money, just not enough time to save it (again).

Please let me know your experience.

Thanks

OP posts:
countryrosepink · 06/02/2018 22:41

Surely a credit card with a 0% interest rate might be better? Can't you transfer funds off some of them?

Original poster
Orbita · 06/02/2018 22:43

I don't have any credit card... and that would probably take a while to set up, no?

OP posts:
countryrosepink · 06/02/2018 22:50

I had one sorted in a couple of weeks! It might work..:

Emily7708 · 06/02/2018 22:53

Could you arrange an agreed overdraft on your current account for the amount you need? Can be arranged within days and would be cheaper than a loan.

Original poster
Orbita · 06/02/2018 23:07

I'm afraid we are using overdraft already. Sainsburys comes up as the longest 0% period credit card. Anyone used it before?

OP posts:
BarbaraofSevillle · 07/02/2018 10:56

Have a look on moneysavingexpert - they have an eligibility calculator, which will do a soft search of your credit file to see which card you have the best chance of being approved for.

Good luck.

booqueue · 07/02/2018 11:12

Yes I have a Sainsbury's credit card got it to earn nectar points. It took about a week for some paperwork to arrive and then I had to send back then another week to arrive

specialsubject · 07/02/2018 11:20

24% interest. Better than wonga, I suppose...

specialsubject · 07/02/2018 11:21

3.5 rents?????

19lottie82 · 07/02/2018 13:52

Please stay away from these short term loan places!
Can you apply for an overdraft with your bank, or a credit card?

19lottie82 · 07/02/2018 13:53

Sorry just noticed you’re already in your overdraft!

Original poster
Orbita · 11/02/2018 19:14

Yes, 3.5 rents. 1st month rent for the new place, plus deposit (1.5 month) and the rent for the current house. Landlord said he would release us from the contract as soon as we found a new place but changed his mind to "you can leave as early as you want... as long as you pay the rent till the contract ends!" when I said I could leave.

Thank you all. According to eligibility calculator I couldn't get anything. Boyfriend tried (as it said 50%) and got declined. Had no other choice but to go for short term loan.

I should be ok if I pay it as soon as possible, right? Or will it leave a bad print on my credit regardless?

OP posts:
feral · 11/02/2018 19:22

Short term loan if payments made in time will be good for your credit rating as it will show you paying regularly.

movinonup · 11/02/2018 21:28

Have you already signed for a loan OP?

If not try googling ZOPA loans, Good rates and no early repayment fees!

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