written by on 28/08/2012
I spent quite a while searching for short term loans for people with bad credit and FLM Quick came up trumps. My guarantor was accepted no problem and I borrowed £500. What is not very clear at the application stage is that if you only pay the minimum payment each month, it is much the same as a credit card and you will end up paying this loan f-o-r-e-v-e-r as you are literally just paying the monthly interest. I wouldn't hesitate to recommend this firm BUT do go in with your eyes open - if they say you can pay back £50 per month, try and pay back at least £70 otherwise you will end up in a vicious cycle of paying interest only and never seeing the loan amount go down. If I pay more than the minimum each month, within a year I will pay back just under £900 for the £500 that I borrowed and then I'm clear. Yes that's a LOT but I knew what I was getting myself in for and literally no one else would lend to me after my marriage broke down and I was left in debt. I know it's not the best deal, but I'm grateful that there are companies like this out there willing to lend to people like me. I've got my debt sorted but I can't afford to save and at the moment my credit history hasn't cleared. What choice did I have? I need the money to help my son move house so ... that's life. As I say, I would recommend this company but please make sure you understand what you are signing up for. Don't pay the minimum each month - pay more! And pay off early if you can b/c there's no penalties if you do this (another bonus). I think a lot of bad reviews seem to be from people that don't understand the repayment system.