Internet Loan Company- MiniCredit

[gordie1]

Hi I have taken out a loan today from an internet loan company Minicredit you borrow £100 they take off £19.50 so you get £80.50 and then you pay back £130 1 month later I think its a bit high and if you want to pay back early you pay £5. But I have heard some really bad reviews after I took it out of course about people getting charged up to £800 but It seems to be if you dont pay on time. I can definitely afford to pay this back much earlier. But I am still worried as they have access to my bank account and some people say they have paid and they continued to say they hadnt. I will never do this again if I get through this ok. What do people think do you think I will be ok> I phoned national debtline and they cant take payment early and they cant take more out than agreed if I pay on time it seems to be on my side and they are regulated by financial services ombusman

[ojread2]

a bit high? thats an understatement

[KJN]

You have done the deal and that's that, just make sure you do pay ALL due on time and get a timed and dated receipt, you,state " I think it's a bit high" that's an under statement it is not a bit high it's massively high, easier said than done but try not to go there again , it usually ends in tears.

[craft1948]

So it's costing you £149.50 to borrow £80.50.........good grief.

[gordie1]

Yes but if I pay on time they cant take it out early can they or they cant claim they havent got it and start charging me a massive rate of interest I have read horror stories on line about them but most of them seem to be people who havent paid

[ojread2]

so, you hear these horror stories and yet you still took the loan?

If you had listened to the rumour before you took the loan you wouldn't be worrying about it now

They will take it on the day they said unless instructed by you

[twix123]

1050.415% is not a bit high....it's extortionate !

[gordie1]

OJread I only heard about them after I had taken the loan

[ojread2]

so, you have never heard of these loan companies before? Rubbish, they are all over the place
Wonga being the most prevalent right now

Besides which their T&C's are there for you to read

[bednobs]

but gordie has already had a wonga and text loan loan!

[andy-hughes]

Could you not approach your bank?

these days, any option is worth considering before these short-term loan companies - they are sharks.

[bednobs]

trouble is andy, the people who take these loans are the people who can't get bank loans

[ojread2]

he has? Well, a fool and his money and all that ...

[gordie1]

I can afford to pay it back early next week I hope they will let me close the account.

[gordie1]

I think the people that get into trouble are the people that dont pay back. I am determined to get out of debt I am cutting back everything and I am doing a course on money called CAP christians against poverty

[gordie1]

ojread2 I agree with you I am a total fool when it comes to money I am admitting now I need help and I need help from a superior source God to have self control and stop spending. I have spent £100 in 3 days and I dont know what I spent it on

[bednobs]

god wont help you stop spending money. Have you thought about carrying round a little book with you and wr iting EVERYTHING down? Then at least you can address where your weaknesses are