2278% APR!

GSXRMovistar · 20 Sep 2010 at 14:23

Greenlizard0 said:
Personally I'd take the hit from the bank. Taking a stupid loan like that surely isn't great for my credit rating?

Taking a loan like that and paying back without issue will be good for your credit rating.

Snooble · 20 Sep 2010 at 14:30

example:

My friend used quickquid, his phone bill was being DD'd from his account 3 days before payday and didn't have enough cash in there.

He borrowed money over those 3 days for his phonebill, and avoided an unauth overdraft fee from his bank. Cost him 8ish pound. That's a small price to pay to maintain a credit rating and save a few pound in charges.

learntoAPR

S

Neodite · 20 Sep 2010 at 14:32

These short term loans are great.

a lot of people have a hard time getting credit for the first time. Yet these guys will lend to just about anyone.

My Wife had never had credit when we first met and couldn't get anything (not even a mobile phone contract) so she took out a few of these over 4 months (one each month)

Payed them off and no she has no problems

And lol at the silly people thinking they are a ripp off

To make it simple for you, it's over a YEAR, not the few days you have the loan.

If you borrow £1 you don't have to pay 2.5k back after a few days :rolleyes:

mrk · 20 Sep 2010 at 14:33

Aren't these also a way of upping someone's credit score? By taking out a short term small loan and paying it back?

I seem to remember reading something on it.

Edit*
Ah yes, seems I did read right

Neodite · 20 Sep 2010 at 14:34

Khaaan! said:
Aren't these also a way of upping someone's credit score? By taking out a short term small loan and paying it back?

I seem to remember reading something on it.

Either way pretty pointless!

Edit*
Ah yes, seems I did read right

TO FAST FOR YOUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU!

mrk · 20 Sep 2010 at 14:35

Yeah but.... WHAT EVERR!

stoke1863 · 20 Sep 2010 at 14:38

im sometimes amazed by how dim some people are.

You would rather take a hit from the bank then getting this short term loan? Just wow...

Taking this small loan would improve credit history

Wicksta · 20 Sep 2010 at 14:41

To be fair to some of the less informed posters it does highlight why having to display an APR rating on such a product is not only stupid but very confusing for some people.

Neodite · 20 Sep 2010 at 14:42

Khaaan! said:
Yeah but.... WHAT EVERR!

Greenlizard0 · 20 Sep 2010 at 14:47

GSXRMovistar said:
Taking a loan like that and paying back without issue will be good for your credit rating.

Yeap I know, forgot to put that across completely.

cm1179 · 20 Sep 2010 at 14:51

i would take a hit off my bank any day of the week than borrow from these people. once i'd took the hit, i would make sure it didn't happen again and would speak to my bank about any charges being credited as it was a one off. these kind of things are bad news and if these kind of things are being used to boost credit rating, well, i'm speechless.

Neodite · 20 Sep 2010 at 14:52

cm1179 said:
i would take a hit off my bank any day of the week than borrow from these people. once i'd took the hit, i would make sure it didn't happen again and would speak to my bank about any charges being credited as it was a one off. these kind of things are bad news and if these kind of things are being used to boost credit rating, well, i'm speechless.

I think you should dip out of this thread. Your making yourself look worse

Hatter The Mad · 20 Sep 2010 at 14:53

cm1179 said:
i would take a hit off my bank any day of the week than borrow from these people

You're an idiot, then.

You are choosing to:
1. Take a bad mark on your credit rating
2. Pay a substantially big fine

Than to;
1. Take a short term loan for a lender
2. Pay a few pounds for the privilege
3. Get a good mark on you credit rating

cm1179 · 20 Sep 2010 at 14:55

Hatter The Mad said:
You're an idiot, then.

You are choosing to:
1. Take a bad mark on your credit rating
2. Pay a substantially big fine

Than to;
1. Take a short term loan for a lender
2. Pay a few pounds for the privilege
3. Get a good mark on you credit rating

i'm an idiot for speaking to my bank about it, rather than borrowing from someone else. OK.

Wicksta · 20 Sep 2010 at 14:57

cm1179 said:
i'm an idiot for speaking to my bank about it, rather than borrowing from someone else. OK.

You said you'd 'take the hit' - completely different. You would be an idiot to take the hit over one of these loans for the reasons explained by Hatter the Mad.

cm1179 · 20 Sep 2010 at 15:01

good job i'm not nor never have been in this situation then. i am obviously an idiot with my money.

Greenlizard0 · 20 Sep 2010 at 15:05

Question, if I had a rubbish credit rating, would lots of little loans, like from companies such as these help restore it? Say I wanted to use it for something large and a good rating is required. Could do I bit of forward planning, and over several months get lots of these little loans, pay them back in time (even though I had the money in the first place), and bobs your uncle?

Neodite · 20 Sep 2010 at 15:07

Greenlizard0 said:
Question, if I had a rubbish credit rating, would lots of little loans, like from companies such as these help restore it? Say I wanted to use it for something large and a good rating is required. Could do I bit of forward planning, and over several months get lots of these little loans, pay them back in time (even though I had the money in the first place), and bobs your uncle?

Exactly.

It's a nice quick way to boost up your credit rating.

Sure it's going to cost you a few quid, but to get on the "credit ladder" it's worth it

daz · 20 Sep 2010 at 15:08

cm1179 said:
good job i'm not nor never have been in this situation then. i am obviously an idiot with my money.

Obviously you don't understand these loans and what they're used for.

cm1179 · 20 Sep 2010 at 15:12

daz said:
Obviously you don't understand these loans and what they're used for.

i do. they seem to be for people who sometimes struggle to manage their finances.