[grth]

I have a standing order for first month's rent on my new flat to come out on the 1st September, and my hours/pay at work won't cover it until then, simply because I haven't worked enough this week.
I would only need £300 and it would be paid off with my student loan which should come out at the end of September.

Asking money from parents/friends/partner is not an option unfortunately.

Aside from the obvious pitfalls of small loan companies like Wonga, does anyone have any advice to give?

Also, are there any other, dare I say, reputable companies similar to Wonga with a lower APR? Tips and advice are welcomed with open arms.

[SuperSam_Fantastiche]

No overdraft on your account?

[grth]

(Original post by SuperSam_Fantastiche)
No overdraft on your account?

I already have an overdraft on my Natwest account which is almost maxed out, unfortunately.

[sebbytotherescue]

(Original post by grth)
I already have an overdraft on my Natwest account which is almost maxed out, unfortunately.

Have you tried asking NatWest to give you a temporary increase? I'm sure they'll be willing to help if you explain your situation and back it up with evidence.
Try that first!

[Manitude]

Those websites should be a last resort. Avoid them at all cost. If you didn't work enough this week what's to say you won't work enough to pay the loan back next week. If you miss the repayment you are basically screwed, the interest rates are so astronomically high that it's financial suicide to not pay them back almost immediately.

Talk to the bank about extending your overdraft. Look for sources of money elsewhere too.

[Catterz]

I hate to say what you're expecting but honestly if you have to wait till the end of the month (and knowing student loans, it wont be just one month) then i would seriously recommend you stay away from places like wonga.com
If as a last resort you have to borrow, first make sure natwest cant help and second find a loans company that has been around for quite a while and has a good rep.
Wonga is only pretty recent so theres no bad press that will come out later.

[Derfel]

I've been using Wonga on and off for the past year and never had a problem with them, always make the pay-back date a few days after you're sure you'll have money in your account and you'll be fine. They're a perfect company for those tight unexpected situations and as long as you pay them back on time and in full, you'll be fine.

[Sounds Loud]

Isn't their APR like 1700%?

[secret_smile]

(Original post by Sounds Loud)
Isn't their APR like 1700%?

APR 4214%
Just checked their website.

[grth]

(Original post by Manitude)
Those websites should be a last resort. Avoid them at all cost. If you didn't work enough this week what's to say you won't work enough to pay the loan back next week. If you miss the repayment you are basically screwed, the interest rates are so astronomically high that it's financial suicide to not pay them back almost immediately.

Talk to the bank about extending your overdraft. Look for sources of money elsewhere too.

I wouldn't be considering these sort of loans if I could source money elsewhere, I wish it was that easy.

Also I work a bar job on a 6-12 hour contract at almost minimum wage, it wouldn't be enough to cover it in a week's time unless I suddenly worked full-time hours (if that was even possible...they have too many staff)

(Original post by Derfel)
I've been using Wonga on and off for the past year and never had a problem with them, always make the pay-back date a few days after you're sure you'll have money in your account and you'll be fine. They're a perfect company for those tight unexpected situations and as long as you pay them back on time and in full, you'll be fine.

Hypothetically then, if for some unknown reason I missed the payback date, what exactly would happen? blacklisted credit rating, or just extra charges?

[FatboyGinger]

You will get a much better interest rate from a pawnbroker. Have you got any expensive jewellery, nice watches, Iphone, PS3?

[whyumadtho]

(Original post by grth)
Hypothetically then, if for some unknown reason I missed the payback date, what exactly would happen? blacklisted credit rating, or just extra charges?

Wonga.com Missed Payments

If our first, automatic collection attempt is declined by your bank - because you haven't ensured there are enough funds available - a £15 missed payment fee will be added to your balance towards the cost of a failed collection. We will then make further attempts to collect the money from your card and also try to contact you to discuss the situation. If we can't contact you and further collection attempts fail then your account will be handled by our professional collections team.

They will do their best to come to an arrangement with you and help you resolve things, which is always our goal. Wonga doesn't believe in hitting you with multiple charges, like most traditional lenders will, but interest will continue to accrue on your balance for up to 60 days if we can't reach a fair agreement in the meantime. If you don't work with us and we can't recover the money over a reasonable period, your account may be passed to an external collections partner.

Continued failure to repay a loan will mean credit reference agencies (CRAs) will record the outstanding debt. This information may be supplied to other organisations by CRAs and fraud protection agencies to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain on file for six years after they are closed, whether settled by you or defaulted.

Finally, your Wonga trust rating will be hit hard and you probably won't be able to borrow from us again. In a nutshell, please don’t apply for a loan if you think you might struggle to pay it back in full and on time. It’s really not worth the potential consequences for a few hundred pounds.

Your bank may also charge you a declined payment fee every time Wonga try to take money and are declined.

[Juno]

(Original post by Sounds Loud)
Isn't their APR like 1700%?

APR means nothing on such short terms loans.

If you do get a loan, then use a cashback site such as Quidco as you can get money back.