Where else can you take an unsecured short term loan?

[Iggle Piggle]

I have a Wonga account, a Pounds2Pocket account but still need a lump sum for a short term, around 4 or 5 months.
Any ideas?
cheers m'dears

[bednobs]

friend? there are loads of ads on the telly - quickquid etc

[boxtops]

Your bank? They don't want any security, just to know that you can it back.

[Hymie]

A Wonga account – have you seen the eye-watering interest rates they charge? We’re talking 1,000’s of % p.a. They really are only for very, very short-term loans. If you are borrowing money from Wonga for more than a few weeks – you will be bankrupt very soon.

I have seen their ads. that imply people are using their loans to pay their utility bills. If I were in such dire financial straights – the utility bills would be paid late.

Many years ago, a colleague claimed that he never paid a bill on time; always making some ‘mistake’ on the payment cheque (not signed, incorrectly dated etc), such that it had to be returned – perhaps you could consider adopting such a payment regime, if money is tight.

[ubasses]

Incorrect cheques would no longer work as they have not been checked by the Banks for a while now, unless they are for a large amount.

Go to your bank and get unsecured personal loan for 6 months.

[boxtops]

^^ mine should have said "just to know that you can PAY it back"

[mike11111]

Good advice at one time Hymie, guilty of it myself in days of yore. However the charges now involved with a returned cheque far outweigh the benefits of it not being processed at the time.

[boxtops]

Oh dear - Pounds2pocket charge a hideous 277% too - that means interest is racking up on that loan. Definitely go to your bank, they won't charge you anything like that rate.

[Hymie]

ubasses might well be correct that cheques are not closely scrutinised, as they were in days gone by – but if the payees name is completely wrong, then the bank is likely to be liable if it pays out money on the cheque. The same would apply if it is not signed, and you queried the cheque having cleared – after all, why sign the cheque?

Rather than the bank returning the cheque – it is more likely that the utility company will note the error and return the cheque for correction.

I only offered this as a delaying tactic, to assist with Piggles financial situation.

[factor-fiction]

Hi igglepiggle. It seems yor finances need a major overhaul.

Your existing loans are very expensive and should only be used in considered in real emergencies and when themoney will be repaid very quickly.

If you are now loking for a loan just so you can pay off the Wonga and Pond2Pocket acounts in full then that would be a good move provided you could get the loan from your bank (even from your credit card would be cheaper than a Pay2Pocket loan), or from a friend.

But if you would use the new loan to pay for something else and you would continue with most or all of the Pay2Pocket and Wonga loans then I would think you are almost certainly going to get in a cycle of escalating debt.

You need to start repaying debt not increasing it. That means putting off any non-essential purchases and selling some items- maybe your car if you have one, stopping spending on clothes, nights out etc. It may also mean getting free debt advice.
Start by looking at Martin Lewis's money saving expert site for good advice.
http://www.moneysavin.../loans/debt-help-plan

Or look on here- but remember these are companies trying to sell you a solution- but at least you can find the cheapest.
http://www.moneysuper...AAJ2:20110812065004:s