"Paulenew" Glad to see you're such a fan of my prose... What type of assessment of interest rates would you like? Can I also ask why you are intrigued? In case you haven't quite grasped the idea of internet forums, allow me to assist. It is a place where one and all can share their experiences good or bad (in this case, on financial matters). As I was in a situation similar to the vast majority of people who post on these forums looking for sub-prime loans and got help from Financial Plus, I thought I would share it with others.As you seem to have "gleaned" the exact terms of my loan from my posts, I'm not sure what the problem is... Either it's worth paying or it's not. In my case, it was. So I am.

Apologies for trying to offer a helpful solution for those looking to obtain short term finance with credit problems. BTW If you had followed my advice you wouldn't be getting plagued by Pirates and ruining your credit file.

Hi,

Just to let you know, I wouldn't worry about your credit record being damaged by people calling you.

It's illegal for a person or company to perform a credit check on your record without your knowledge or consent. You have to give explicit permission, verbally or written to have a credit check performed on you, for the very reason that repeated checks flag up suspicion in financial institutions.

If a broker or lender is telling you that they will lend you money and have not mentioned that they have performed a credit check, it's simply that they will approve a loan to yourself based on the information they have from yourself AND subject to a credit check.

I've noticed djcoppula posting on quite a few of these forums, and have to admit to being intrigued at the repeated recommendations for Financial+ without any assesment or mention of their interest rates. I'm not surprised given that F+ don't state them anywhere in their communications or website, but the information I've gleaned from all his/her postings indicates that djcoppula borrowed £1000, and is repaying £150 x 18 months, giving an APR of 165%. Sounds horrible, but I've seen FAR worse out there.

Anyway...

Can't argue with the sentiment about going direct - my problem after going to easymoneylender (via moneysupermarket) has been that I've been flooded with offers from 'legitimate' loan sharks charging up to 1100% interest. I cancelled the application with the broker at the end of our first phone conversation, but since then I'm receiving 2 or 3 calls a day from the pirates they represent, presumably accumulating a whole string of searches on my credit file that will actually worsen my rating because it looks like I've been turned down. I'd certainly recommend avoiding them.

Did they tell you why you were refused? I am just about to send a statement and wage slip to them (do I send originals and if so, do they send them back?)

I have DD bounces showing on my bank statement and so am worried they will decline the loan offer for this reason.

Just been refused from Financial Plus, also, they charge a £10 administration fee. Not bad compared to other loan companies, who can charge up to £55, but it's a loss all the same. I've now reached the end of the line concerning bad credit loans, I'm fed up! Good luck to all the others out there who are applying for bad credit loans, hope you're luckier than I am! x

My own experience was pretty quick. I called them and made an application over the phone, they sent me out a conditional offer, which I returned with my bank statement and payslip, then they replied within 48 hours with a loan agreement. I sent it back and they paid the money out same day. I'd say, 5 days or so from start to finish. Of course, a lot will depend on the postal service. Keep your fingers crossed.

Hi,

I'm looking for a loan myself, and have requested a callback from Financial Plus - just wondered if you could tell me how long it took for you to get the loan? I notice the maximum they offer is £1500 (which is ideal) but was just wondering if it was a long drawn out process?

Thanks!

Not sure what the APR was to be honest... I'm like you though, don't fully understand the difference between APR and interest rates etc

My advice is to, first of all, decide if you a) really truely need the money and b) can afford the monthly repayments for the duration of the loan term. My monthly repayments are about £150 for 18 months. I'm happy to pay it to be honest because the cost of NOT getting the money at that time would have been absolutely catastrophic.

Financial Plus don't offer insurance but if you go to another company and they do, my advice is to just ignore it. A friend of mine paid through the nose for insurance with Welcome finance, lost his job, then they refused to pay up anyway.

A lot of people on this forum are quick to condescend to anyone who may accept a loan of above this interest rate or that APR rate but for me I needed money immediately or I would have been unemployed. Financial Plus gave it to me when others wouldn't and I didn't need to ask anyone to be a guarantor.

Good luck

Thanks for your reply djcoppula,

What apr where you charged by Financial Plus?

I'm not very financially minded....what sort of questions should I ask and what sort of things should I be wary of if I were to contact Financial Plus or similar company about my loan?

I'm hoping I won't even need to get a loan in the end but I'm doing my homework now just in case!

Hi Linz,

Never used easymoneylender.co.uk but I just had a look at their website. They look like a broker to me and as I have mentioned in a couple of previous posts, stay away from them. At best, they'll waste your time, at worst, they'll take your money and waste your time.

If, like me, you've had a few credit problems in the past, give Financial Plus a call. It's far from free money but it's a lot better than throwing money at brokers and getting nothing.

Good luck with it all.

Hi, I'm looking to get a small loan of around £500 by July and I've been doing some research into loan companies as my credit score has been damaged by a default thanks to a dispute with Freemans catalogue.

Luckily through doing my research I have become wise to the ripping off scams by the likes of the loan people, loans4you etc. Even UCC Loans which seem to be recommended by moneysupermarket.com seem to have nothing but bad reviews and demand an 'admin fee'.

However, I was browsing bad credit loans on Google and came across a website for easyMoneyLender.co.uk. They appear to also be brokers but claim not to charge an administration fee. I have googled them to try and find reviews/complaints from anyone who have used this company but so far have found nothing.

Has anyone had dealings with this company or heard of them?

Or does anyone have any other advice regarding a bad credit loan for around £500?

Any advice would be gratefully received :)