Here's an idea I had for a family member that I'll share with you. I don't advise getting in debt any way shape or form, this person needed this money and I suggested this so he would NOT go near any loan firms or sharks.

If this is a business start up forget about this suggestion, start from scratch and build up slowly. If its to get you out of a pickle this might help.

The Credit Union lends up to five times your shares/savings here. You need the co-operation of a family member to do this (as they're probably the only ones would do this for you).
They'll need to give you a short term loan and be guarantor.

At five times your savings you'll need a loan of £250, you need to leave this in as shares. Borrow £1250, pay your family member back their £250 (been guarantor's enough on their shoulders). After repaying your loan you'll be able to access your £250.
As I say don't get into any uncalled for debt. This worked for someone who BADLY needed the cash and was on a larger scale.

Possibly your local Credit union doesn't lend at this ratio. This works if your guarantor is a member of the Credit Union.
I only put this up here as an alternative to loan firms and sharks for the OP and anyone thinking of using them.
If possible just don't get into debt until you need to i.e. mortgage.

Thanks for all the advice.
Good luck to you too Emily and anyone else in the same boat :P
I am sure we will over come the storm and reach solid land some day
Stevie, I think I will go with your advice and some kind of job and save up whilst I keep selling small goods here and there.

Thanks buds.

Hi, for my sins, I am the president of a credit union for one of the London boroughs.

We will only normally consider loans of up to 4 times the member's savings account and quite often, where we feel there is risk, will need to have seen savings over a 3 month period.

Credit unions are a brilliant way of obtaining small low cost loans, but bear in mind that they will not be available to anybody that walks through the door and asks for one.

TO THE OP ONLY - if you want any more info on credit unions, please feel free to PM me.

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Thanks TTL, will do.

I also have a wellcome finance loan it worked when i wanted it and I've paid for it the time I've had it everytime without fail now I have a good rating and a bank with 2.5k overdraft

not bad for 2 years of 50% apr and they've bin good as a company maybe because I keep paying lol

On another note try use some of the free dropshippers available it maybe a pain but how much do you really want to get that 1k will ease the pain

Just wondering:

Is there any other companies out there that offer high risk tenant loans? Other then WELCOME FINANCE.

I did try one company called Tenant loan, they turned out to be scammers and I paid them £50 for administration fees. They had told me if I gave them my debit card details they would only charge me £25 but took £50.
And after 2 days I get a letter saying, contact HSBS they might give you a loan, I was so pissed! lol

Only to contact HSBS and get turned down, and I was told if I paid £50 quid I would 100% get a loan.

Watch out for those lame scammers, they even got shown on TV on BBC.

And the owner of the campany had the nerve to be on Secret Millionaire just a few months before.

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Last edited by JZ100K; 11-09-2009 at 04:19 PM.

Originally Posted by Tracy

Stevie - I dont agree. I had a loan with Welcome Finance many years ago. I paid it off early with a settlement figure that was less than i would of paid if i had paid if off normally over the agreed term. There was no penalty.

And about them hounding you for missed payments, ALL companies will hound you if you miss a peyment on anything???
If you think you may have trouble making payments then dont get a loan.

On the bright side, having a loan and paying it on time every month will start to repair your credit rating.

I work in mortgages and deal with sub prime lending and your point above regarding obtaining a loan many years ago is my point exactly. True what you saying in all companies hounding you but Welcome will be the most aggressive. It is also more complex repairing your credit rating than just paying a loan. Welcome will register a defalt very quicky which will stay on your credit file for 6 years AFTER is has been satisfied.

Dont get me wrong, if you are prepared to pay a 50% APR and keep up to the payments then you wont have a problem

To the OP, whatever you do, never consider pay day loans. They are practically loan sharks and god help you if you miss a payment.

I think the credit union suggestion is a very cost effective solution but as any financial institution, it will be difficult to obtain anything in this climate

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Last edited by stevie31; 11-09-2009 at 04:29 PM.

If you have a job you could get a payday loan tho make sure ur using that money wisely !

or on stevies note dont bother!!!!

Don't use brokers, no matter how convincing they may seem!

Im half way there, only £500 more to go woohoo!!