Help with quick loan companies

I need some emergency money for the next few weeks until my student loan goes in so I thought I would turn to payday/quick/short term loan companies for a quick fix. I only need around £100 to live for a few weeks after an unexpected emergency meant I had to dish out the rest of my money I was to live on before my next student loan instalment in just under a month. So now I've maxed out my overdraft limit and have no-one to borrow off until mid April...

I've tried Wonga, QuickQuid, Peachy and a few others... all of them require that you are in full-time employment and earning over a certain amount. They say students can apply, so I applied anyway... but was eventually rejected.

I want to know if anyone knows of any that may realistically accept my application. I know that short term loans are not the answer to financial problems but in this case, I really need the money and I have nowhere else to turn at the minute. I don't need a lecture. Just help for this one-off time that I need some way of getting a small amount of money.

If you can help, that would be great

Reply 1

JKGB

Have you tried your SU? Many give out emergency loans which are a much better option.

Reply 2

Mbob

Original post by Atomic440

Have you asked you bank to extend your student overdraft?

Otherwise, a credit card would be a lot cheaper than a pay-day loan, but if you don't already have one and have a poor credit rating it may be difficult to get and take a little time.

Ideally, your university should be able to offer some emergency hardship loans.

Reply 3

Atomic440

My university will evaluate my application but won't accept me for 3 weeks but it's something that I need soon. I suppose credit cards will take at least a while anyway, provided I was accepted.

Reply 4

Manitude

Short term loans should only ever EVER be used when you have exhausted every other option. Failure to meet one repayment and you can say goodbye to your credit rating. Apparently if you miss the deadline these companies constantly check to see if you've paid (several times an hour, I've heard), which somehow reduces your credit rating.
And the interest which accrues on the loans is upwards of 2000% AER so miss a few payments and you'll start accumulating a debt which you'll never pay off.

Reply 5

cl_steele

Original post by Manitude

Its quite scary to think that if you borrow a tenner with one of these people and forget about it after a year you'll be quite spectacularly up the ****ter...

Reply 6

Manitude

Original post by cl_steele

Its quite scary to think that if you borrow a tenner with one of these people and forget about it after a year you'll be quite spectacularly up the ****ter...

After one year that tenner is "only" a couple of thousand. Leave it another year and you'll pay 2000% on that £2000 and THEN you pretty much have to declare bankruptcy. And 2000% AER is one of the lower rates I've seen. Can be as much as 4000% AER.

Reply 7

cl_steele

Original post by Manitude

Aye i remember seeing one with 4200% or so... mind boggling how these people are allowed to get away with charging such outrageous sums, i mean i though the APR on my card was bad but this blows it out of the water!

Reply 8

Manitude

Original post by cl_steele

To be fair, if they offered 10-20% (which is what credit cards/personal bank loans are?) they'd hardly make any money in the month or so that they were lending money.

Reply 9

Nickw73

Sorry but 2000% interest on £10 is £200, right?

Reply 10

cantevendeal

DO NOT take out a payday loan. There are plenty of other opportunities to get short term money, sometimes at 0%.

http://www.savethestudent.org/money/student-budgeting/student-payday-loans-are-they-worth-it.html

The article above shows why all students should steer clear of these shark companies and try any other alternative to gain money than a payday loan.

They prey on people who are desperate. Don't become one of them!

ps. sorry for getting so angry. I had a friend who took out a payday loan at uni and it nearly financially ended him rather than saving him.

Reply 11

Happy123456789

Smart-pig is good just upload your student finance pay schedule.

Reply 12

999tigger

No to payday loans, as everyone else said.
Yes to Student Union for an emergency loan of this nature.

Reply 13

jamesthehustler

Original post by Atomic440

lowest interest is 1300%APR so £100 becomes
1 year-£1300
2 years-£16,900
3 years-£219,700
4 years-£2,856,100
5 years-£37,129,300
just go to a pawnbroker on the high street like cash converters or h and t and get an asset loan against something like a piece of jewellery or some electronics if you want them back or just sell out right if you aren't fussed

Reply 14

estel

Original post by jamesthehustler

lowest interest is 1300%APR so £100 becomes

This calculation doesn't apply to short term loans. Despite their APR the amount that they can charge is capped (legally) at 0.8% of the borrowed amount per day; which works out as ~290% interest PA.

Whilst they're legally required to show an APR, it's pretty meaningless because payday loan companies don't compound their interest.