I'm thinking of getting a £1000 loan to pay for 2 months of my rent. I recently lost my job, had nothing saved and its not all downhill. I've applied for 'Housing Benefit' and 'JSA', but clerical delays there meant it will take up to 21 days - rent's due on the 1st April (or rather, it was due 1st March). I've read getting the loan is a quick fix, but what other option is there? I'm sure if I find work during April I can begin paying back the loan over a one year stretch. What about those 100% intrest free loans - they any good?
2007-03-13 07:54:28 · 9 answers · asked by boyle_toyle 1 in Education & Reference ➔ Financial Aid
I haven't heard of any 100% interest-free loans. They have to make SOME money in the deal.
But please stay away from what they call "payday loans". They charge exorbitant amounts of interest over a short period.
If your credit is good, try to get a legitimate loan through a bank - usually called a "signature loan". The interest rate is much lower and they can finance it over a year most likely. You may want to borrow 2 months worth rent if this is the case to give you time to get your first check with your new job.
Good luck to you!!
2007-03-13 07:59:43 · answer #1 · answered by anicoleslaw 5 · 0⤊ 1⤋
Its possible that you could get a crisis loan from the benefit agency.or a budgeting loan.Both of these are interest free and they take a small amount from your benefit each week to pay it back.This way you never miss a payment,never get charged a penny, its quick and easy. I would never advise anyone to get a loan from anywhere else as there is always something in it for whichever company is lending you the cash.Loans are a mine field, once you start down that road its hard to stop. Don't do it, explain to your landlord about the rent (when your housing benefit comes through it should be backdated so he will get all of his money) or apply for a crisis loan. Good luck!
2007-03-13 08:03:25 · answer #2 · answered by jo h 4 · 0⤊ 0⤋
i have got loans to help pay for my half of the bills so i don't have to work anymore, and I can devote everything to school. Like 1 person I look up to told me...If it makes your life easier and takes some stress off of you...what difference does it make if you have to pay $50 a month for 10 years. After you graduate that won't be much anyways. I have a lot more than just 1000 so you could pay that back with 1 income tax check.
2007-03-13 11:40:28 · answer #3 · answered by Lil'MissThang 3 · 0⤊ 0⤋
Sorry to hear about your situation.
I strongly suggest you go to your bank and speak with someone there. A lot of banks offer a security option when you're out of work, you don't have to make certain payments until you have your income back. They might also suggest which loan options would work out better for you.
In the meantime try looking for a job too. It's easy to get used to living with a loan, but difficult to pay it back without a job. Good luck.
2007-03-13 07:59:14 · answer #4 · answered by sugarsweet 3 · 0⤊ 0⤋
100% intrest free loans allways good, but you have to look at hiden charges or simply just ask if you miss a payment what's going to happen? Best answer is: do not take a loan. You will make it... good luck!
2007-03-13 08:30:44 · answer #5 · answered by raimondas r 1 · 0⤊ 0⤋
I can't tell you how london does things but here in america i would not recomend getting a loan. Talk to your landlord. Tell them the perdicament and what is being done. Hope you find work soon.
2007-03-13 07:59:08 · answer #6 · answered by Shelly t 6 · 0⤊ 0⤋
i woundnt it'll cost more in interest charges than you can pay off with no money or savings.if you do get an interest free loan you have to take into account you may have no money in the future to pay it off
2007-03-13 07:58:24 · answer #7 · answered by kasey j 2 · 0⤊ 0⤋
No ! Move back home or with someone till u get on your feet! good luck!
2007-03-13 07:58:29 · answer #8 · answered by jessy 3 · 0⤊ 0⤋
If you are out of work the last thing you need is more debt.
2007-03-13 07:59:55 · answer #9 · answered by fredrick z 5 · 0⤊ 0⤋