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Unsecured loans

  • 11-02-2019 3:17pm
    #1
    Mama lion
    Registered Users Posts: 70 ✭✭


    Anyone any experience with unsecured loans dot ie.
    in a moment of desperation applied for a loan, but can't find any info and even though badly need the money I can't help but worry,

    I know it's a high cost loan etc but it's where I am!

    My worry is , is it legit?


Comments

  • #2
    ohbygod
    Registered Users Posts: 187 ✭✭ohbygod


    Any luck on with this I've just applied


  • #3
    topmanamillion
    Registered Users, Registered Users 2 Posts: 3,357 ✭✭✭topmanamillion


    Stay away from them. I don't see how any lending institution offering 45% APR can be reputable. That's madness. If you take out a 2 year loan, You'll end up paying back the same amount you borrowed in interest alone.

    Dealing with vultures like these just sinks you further into trouble when you need to be looking at ways to make things better.

    Have you tried your local credit union?
    If you have debts with banks have you spoken to them and tried to work with them?
    Have you contacted MABs?

    Best of luck.


  • #4
    the_syco
    Registered Users, Registered Users 2 Posts: 37,303 ✭✭✭✭the_syco


    From their site;
    Amount of credit: €3,800 for 48 months at €155.05 per month. Total repayment of €7,442.61. Interest: €3,642.61. Interest rate: 38% pa (fixed). 45.3% APR Representative. Warning : Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
    As they mention moneyadviceservice.org.uk, I'm guessing it's a front for a UK company. Not existing on SoloCheck is a red flag.


  • #5
    endacl
    Registered Users, Registered Users 2 Posts: 22,329 ✭✭✭✭endacl


    Doesn’t matter how badly you need the money. You don’t need it that badly.


  • #6
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    Stay the fcuk away from these guys.

    Simple rule in life. Banks and Credit Unions desperately want to lend. If they are unwilling to lend to you, then there is a bloody good reason and there is absolutely no way you should consider borrowing.

    Sharks like this know this and prey on people. Their entire business model is to lend to people who they know will have trouble repaying and get them trapped in a debt cycle whereby they pay many multiples of the original amount.

    The only reason they are legal is because, if they didn't exist, then desperate people would go to borrow money from violent criminals (who dole out physical harm when you can't repay), so are seen as the lesser of two evils.


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  • #7
    the_syco
    Registered Users, Registered Users 2 Posts: 37,303 ✭✭✭✭the_syco


    dotsman wrote: »
    Sharks like this know this and prey on people. Their entire business model is to lend to people who they know will have trouble repaying and get them trapped in a debt cycle whereby they pay many multiples of the original amount.

    The only reason they are legal is because, if they didn't exist, then desperate people would go to borrow money from violent criminals (who dole out physical harm when you can't repay), so are seen as the lesser of two evils.
    Would I be correct in assuming that they'll ask you to borrow the money against assets that you own?


  • #8
    ohbygod
    Registered Users Posts: 187 ✭✭ohbygod


    the_syco wrote: »
    Would I be correct in assuming that they'll ask you to borrow the money against assets that you own?

    No there only looking for 1 month payment upfront


  • #9
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    ohbygod wrote: »
    No there only looking for 1 month payment upfront

    Before releasing the money?


  • #10
    the_syco
    Registered Users, Registered Users 2 Posts: 37,303 ✭✭✭✭the_syco


    ohbygod wrote: »
    No there only looking for 1 month payment upfront
    I wonder if they even exist.


  • #11
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    Their website contains a lot of poor English. I'd run a mile.


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  • #12
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    the_syco wrote: »
    Would I be correct in assuming that they'll ask you to borrow the money against assets that you own?
    No, no security - hence the website name ;)

    But, as soon as a customer defaults (and many will, they will tack on extra charges and fees etc. Then harass and ultimately pursue through the courts if they are not getting anywhere. All the while, the cost of that is getting tacked on to the loan. In the end, the (now huge) debt has to get paid.

    It is not uncommon for people to borrow a just few hundred to start off with and end up repaying several thousand back over the course of the next few years.

    It's relatively small business here in Ireland, but in the UK and US etc, it is ridiculous - very popular and very profitable.

    This may be a light-hearted look at the problem in the US, but is a good start:


    You can do a quick google to bring up hundreds of articles regarding the epidemic in the UK. but just to start:
    As much as people don't want to hear it, if your bank or credit union doesn't think it's a good idea, then it is definitely not a good idea.


  • #13
    Collie D
    Registered Users, Registered Users 2 Posts: 11,391 ✭✭✭✭Collie D


    ohbygod wrote: »
    No there only looking for 1 month payment upfront

    Before they loan the money? Walk away. Scam written all over it.


  • #14
    lawred2
    Registered Users, Registered Users 2 Posts: 24,423 ✭✭✭✭lawred2


    the_syco wrote: »
    Would I be correct in assuming that they'll ask you to borrow the money against assets that you own?

    Wouldn't be unsecured then I suppose


  • #15
    lawred2
    Registered Users, Registered Users 2 Posts: 24,423 ✭✭✭✭lawred2


    Mama lion wrote: »
    Anyone any experience with unsecured loans dot ie.
    in a moment of desperation applied for a loan, but can't find any info and even though badly need the money I can't help but worry,

    I know it's a high cost loan etc but it's where I am!

    My worry is , is it legit?

    Do not do this. Go to MABS


  • #16
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    Doing a bit more digging on this and it's 100% a scam. DO NOT SEND THEM ANY MONEY. I bet they asked for it through Western Union?

    I checked out their Facebook page. Just spam posts and posts like this:

    Hryx6TG.jpg

    Edit: Also just found reviews on their page.
    took my upfront payment no loan coming,would not answer the phone to me,then rang me today and told me I was getting nothing back ,and I was given nothing but abuse in the form of name calling and then rang me back on my own phone number as he tried to hack into my voicemail

    Check out their other reviews
    https://www.facebook.com/pg/Unsecured-Loans-Ireland-295125897810918/reviews/?ref=page_internal

    Also, while it's possible that their page manager 'Isabella Elmore' might be a real person from Cork. Her page was originally called UnsecuredLoansIreland, as you can see in her URL, which you can't change even after changing everything else on your page, how come all of her friends are Indian?

    https://www.facebook.com/UnsecuredLoansIreland/friends

    It's very easy to set up a professional looking website using templates, which they did. They're just scumbags preying on people in a desperate situation. I really hope the OP or anyone else didn't actually send them the first payment as requested. Also if you gave them any bank details, inform your bank immediately.


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