Cheryl and James are a couple in their late twenties who needed £3,000 in a very short amount of time to make sure they could go ahead with their wedding plans. In short, they needed a personal loan for wedding costs. Read more below.
Sadly, Cheryl’s dress was stolen from her mum’s house just a week before the big event. It was taken with a number of other high cost items but the wedding dress was the only item that could put a massive stumbling block in the proceedings.
The cost of the wedding dress was just over £2,500 and was a bespoke one off dress by a designer that Cheryl had been looking at for years in the build up to their big day.
Cheryl and James had been saving for their special day for nearly 4 years now and with a little help from both their parents they had managed to put away just enough to cover everything in their plans. Overall their plans had gone well. Unfortunately however, James had been a little lax when it came to paying off the credit card bills for a period approximately two years ago. They thought little of it at the time but had now come to realise that it was the one thing stopping them from getting a personal loan from their bank. So they opted to have a look at the supermarket loans available.
They put in an application with one of the market leading supermarkets and sadly were turned down due to the same credit card defaults from a couple of years ago.
Unsure of their next move, James and Cheryl went home feeling a little dejected and upset at the whole experience.
In order to help the situation James’ parents had a look to see if they could pay off the amount for them as they both worked but sadly they didn’t have enough in savings at the time to pay the whole amount. It would take them a couple of months, but they didn’t have that long.
Later that evening, James was online chatting to a friend about the break in, the subsequent stolen dress and the loan issues, when his friend suggested applying to George Banco. The friend had used George Banco for a loan for his van repairs following a complete engine failure three years beforehand. He also came back for a top-up loan once he had paid off the initial loan and was very close to having a good credit rating due to making the repayments on time.
James quizzed his friend on every detail possible. Before even contacting us here at George Banco, he had spoken to his dad to ask if they could afford to be the guarantors on the loan.
James spoke to Cheryl who agreed that they were running out of options. Cheryl, by this time, was feeling about as low as a person could.
James put in his online application later that afternoon and awaited the response. The underwriting team here at George Banco received the application and got to work. The file was showing that James was close to the point at which he could be eligible for a personal loan rather than a guarantor loan, so the underwriter felt that he needed a chat with James prior to making his decision.
After the call the George Banco underwriter felt confident that James was clearly back on the right financial path and the affordability checks clearly showed that he could make the repayments. So our underwriter agreed the personal loan for James, who received the money the following day into his bank account.
The second the money landed in James’ account the couple headed straight to the dress makers shop to make the payment on a replacement wedding dress. Thankfully the shop still had Cheryl’s second choice designer dress, which despite not being her initial choice was still (in their words) stunning!
Cheryl and James were so thankful for the service they received from George Banco that they got back in touch with us after the event to let us know how they got on. By all reports the day was a huge success, and even the weather played along, delivering an amazing day neither of them will ever forget.
If you find yourself in need of emergency funds and have run out of options, then perhaps it might be worth trying us here at George Banco where we specialise in helping those with bad credit ratings to access funds they may not have been able to raise elsewhere.