All I'm after is £500 at most

[Foebane72]

I'm thinking of taking a small loan for this amount maximum, and would even settle for just £300 if I could get a reasonable repayment schedule and rate of interest.

 

The thing is, I want to avoid Wonga like the plague, considering the horror stories I've heard about them, I don't need an interest rate with 4 decimal places and I'm willing to repay within 2 years at most.

 

The thing is, technically, I could save up, but it would take a few months at least, but I'm wondering if that is my best bet.

 

What is the best advice you can give?

[Bazooka Boo]

Definitely save.

 

There is zero chance I would ever want to borrow money off any of the inept financial corporations.

[havinastella]

..

[caro]

Join a credit union and save. If you still need a loan you'd probably get one at a reasonable rate.

[Mr.P]

If you have a poor credit rating and can wait, I would recommend looking at Credit Unions. They will typically offer savings accounts which you pay a regular amount in to. After a qualifying period, you can then take out a loan, the amount being linked to the value of your savings up to a certain limit.

 

For example, the CU I'm with currently gives me just over 3% interest on my savings and will offer loans up to £2,000 at 12.7% APR - A lot better than high street banks and a world away from the Wongas of this world.

[stu007]

Hi

 

I would recommend saving up the money and consider opening a Credit Union account to put it in.

[Foebane72]

Are there any stipulations about joining Credit Unions? Do you have to be employed? I could put £50 per fortnight into the account but I don't know when I'd be able to take out the loan.

[stu007]

Hi

 

Have a look at this link as it will give you an idea: http://www.abcul.org/credit-unions there is also a link to find a credit union.

[Foebane72]

Thanks, Stu - I'll definitely look into it.