Littlewoods Ireland Credit Limits Maximum?

MrLucidLJ

Just had a quick question if anyone knew. I use Littlewoods Ireland and is there a maximum limit that it can go up to as a continuous customer who pays there payments on time?

slimjimmc

You would have a credit limit on your account. I'm not sure but imagine you can see this on your statements or if you log in to your account.
If you want an increase in your credit limit you'll need to apply for approval.

MrLucidLJ

slimjimmc wrote: »

You would have a credit limit on your account. I'm not sure but imagine you can see this on your statements or if you log in to your account.
If you want an increase in your credit limit you'll need to apply for approval.

Thanks for the link I was just wondering from your own experience or from what you have heard of others have you seen them give lets say €1000 plus range on credit?

brightspark

With an APR of 39.9% you should really look into finding a cheaper option. Perhaps a credit union loan?

TheDriver

Same thoughts, its as bad as getting a payday loan etc. Borrowing on credit card probably works out cheaper....

MrLucidLJ

TheDriver wrote: »

Same thoughts, its as bad as getting a payday loan etc. Borrowing on credit card probably works out cheaper....

What do you mean by a payday loan? And I don't have credit cards I think they are dreadful in the long run and can easily run them up into the 1000s if you are not careful to budget and keep an eye on your spending.

brightspark

Do you pay the littlewoods bill in full? Or just pay every month?

ytpe2r5bxkn0c1

MrLucidLJ wrote: »

What do you mean by a payday loan? And I don't have credit cards I think they are dreadful in the long run and can easily run them up into the 1000s if you are not careful to budget and keep an eye on your spending.

From the point of Interest charges.

Credit from Littlewoods is extremely expensive - as are payday loans. A credit card is expensive too but not as much so as Littlewoods. Extending credit with them is madness. Get a credit union loan and buy things with cash.

MrLucidLJ

brightspark wrote: »

Do you pay the littlewoods bill in full? Or just pay every month?

I pay monthly but I would pay more then the bare minimum maybe double to quadruple just depending. So if you pay more off quicker rather then the bare minimum I've found there is less interest in the long run.

MrLucidLJ

Brennan Rich Someway wrote: »

From the point of Interest charges.

Credit from Littlewoods is extremely expensive - as are payday loans. A credit card is expensive too but not as much so as Littlewoods. Extending credit with them is madness. Get a credit union loan and buy things with cash.

What is a payday loan I am not familiar with those? I don't know the APR on credit cards because I've never had one nor chose to ever get one. And with a credit union loan is there any interest on paying back money with them and what are some of the limits you can get with them?

sonny.knowles

MrLucidLJ wrote: »

And I don't have credit cards I think they are dreadful in the long run and can easily run them up into the 1000s if you are not careful to budget and keep an eye on your spending.

It's not the credit card that's the problem - it's the user.

MrLucidLJ

sonny.knowles wrote: »

It's not the credit card that's the problem - it's the user.

That is a good point its the user responsibility to pay back loans on a credit card and the interest I agree. I think it can be easily abused by people and not everyone would intentionally want to go into debt but could easily happen if they don't have the control.

ytpe2r5bxkn0c1

MrLucidLJ wrote: »

What is a payday loan I am not familiar with those? I don't know the APR on credit cards because I've never had one nor chose to ever get one. And with a credit union loan is there any interest on paying back money with them and what are some of the limits you can get with them?

A Payday loan is a short term loan - as in get you to payday. They are expensive.
Credit Unions charge interest but very low rates (as low as 4.5% apr). Littlewoods charge close to 40%. Even a credit card could be half that.
Honestly, using Littlewoods for financing is a crazy waste of funds.
Credit unions lend based on savings and ability to repay.

Menas

OP, if you are considering getting a loan from any source, littlewoods or other, you really should look at all the options and figure out which is cheapest and suits you most. That should include bank, credit union, credit card etc. In store credit and payday loans are the most expensive out there in my opinion, but do a bit of checking yourself.

MrLucidLJ

Brennan Rich Someway wrote: »

A Payday loan is a short term loan - as in get you to payday. They are expensive.
Credit Unions charge interest but very low rates (as low as 4.5% apr). Littlewoods charge close to 40%. Even a credit card could be half that.
Honestly, using Littlewoods for financing is a crazy waste of funds.
Credit unions lend based on savings and ability to repay.

And a right is someone like a providence a payday short term loan then? And thats good they are less then 5% apr. Littlewoods seems high but as I was saying if you pay back quicker it seems a lot less apr then rather then pay back the minimum you pay back more that way. And if you don't have savings as well will credit union give out anything? I have no problem to pay back credit union but not sure how they are giving out loans after this financial recession?

MrLucidLJ

Menas wrote: »

OP, if you are considering getting a loan from any source, littlewoods or other, you really should look at all the options and figure out which is cheapest and suits you most. That should include bank, credit union, credit card etc. In store credit and payday loans are the most expensive out there in my opinion, but do a bit of checking yourself.

Thanks for the advice appreciate it and thats right what you said you have to do research you have to figure out the best one that suites you as the person. Littlewoods seems fine Ive used it a few times so far and have no problem or complaints with it.

brightspark

MrLucidLJ wrote: »

Thanks for the advice appreciate it and thats right what you said you have to do research you have to figure out the best one that suites you as the person. Littlewoods seems fine Ive used it a few times so far and have no problem or complaints with it.

I'm not surprised that you haven't had a problem, but it seems to be that you don't realise that effectively your account with Littlewoods is just like a credit card, albeit with a higher cost and limited to just shopping with them.

I've never seen a Littlewoods statement, but if it shows the interest you pay each month, just realise that the interest they charge is more than 3 times what you would have paid if you took out a small credit union loan.
They are also more expensive for many items that can be easily obtained elsewhere.

When it was suggested that you research, they meant for you to find the cheapest option available, not necessarily the most convenient.

Just remember every euro you pay in interest is a euro you can't spend on something else.

MrLucidLJ

brightspark wrote: »

I'm not surprised that you haven't had a problem, but it seems to be that you don't realise that effectively your account with Littlewoods is just like a credit card, albeit with a higher cost and limited to just shopping with them.

I've never seen a Littlewoods statement, but if it shows the interest you pay each month, just realise that the interest they charge is more than 3 times what you would have paid if you took out a small credit union loan.
They are also more expensive for many items that can be easily obtained elsewhere.

When it was suggested that you research, they meant for you to find the cheapest option available, not necessarily the most convenient.

Just remember every euro you pay in interest is a euro you can't spend on something else.

Yes I guess its like that but the thing is at least with this it has a certain limit. I mean I don't know what credit cards are but I suspect they can run into 1000s which can be easily taken advantage if you don't have a good head on your shoulders. Its limited to a degree in terms of there are other places where you can get more but the selection isn't too bad. And I'm not paying that much maybe €5-€20 ish range because the thing is when you keep going down paying them back the amount they add on is less. So I thought by paying it off quicker then there would be less money to add on every month.
I do not know what they would charge on a credit union loan because I have not had one, if you know would appreciate the info. You said its 3 times more then credit union but you can't tell unless you've seen a statement from Littlewoods. I agree that they are probably like 5-15% more expensive then other places and could even be in the 20% range more but its a decent option to have during the year if you want or need things pretty quick and don't have the available cash there.
Well obviously there are better options out there but from my own experiences with them I can't fault them. I think something like Providence are worse because you can only pay a fixed amount back so in the long run you pay more with interest at least with these if you have the money there you can pay it off more and there will be less charges which is decent I think. Thanks for the advice appreciate it

ytpe2r5bxkn0c1

MrLucidLJ wrote: »

Yes I guess its like that but the thing is at least with this it has a certain limit. I mean I don't know what credit cards are but I suspect they can run into 1000s which can be easily taken advantage if you don't have a good head on your shoulders. Its limited to a degree in terms of there are other places where you can get more but the selection isn't too bad. And I'm not paying that much maybe €5-€20 ish range because the thing is when you keep going down paying them back the amount they add on is less. So I thought by paying it off quicker then there would be less money to add on every month.
I do not know what they would charge on a credit union loan because I have not had one, if you know would appreciate the info. You said its 3 times more then credit union but you can't tell unless you've seen a statement from Littlewoods. I agree that they are probably like 5-15% more expensive then other places and could even be in the 20% range more but its a decent option to have during the year if you want or need things pretty quick and don't have the available cash there.
Well obviously there are better options out there but from my own experiences with them I can't fault them. I think something like Providence are worse because you can only pay a fixed amount back so in the long run you pay more with interest at least with these if you have the money there you can pay it off more and there will be less charges which is decent I think. Thanks for the advice appreciate it

Sorry, but the rates from Littlewoods and Credit Unions have been referenced in earlier posts. Littlewoods are at least 8 times more interest than a Credit Union.
You can have the limit on a credit card set quite easily.
You really need to talk to somebody about how to finance your purchases. You seem to be confusing convenience with value.

MrLucidLJ

Brennan Rich Someway wrote: »

Sorry, but the rates from Littlewoods and Credit Unions have been referenced in earlier posts. Littlewoods are at least 8 times more interest than a Credit Union.
You can have the limit on a credit card set quite easily.
You really need to talk to somebody about how to finance your purchases. You seem to be confusing convenience with value.

Well by that APR you mentioned like 5% and 40% for Littlewoods yes it would be 8 times more. As I mentioned earlier as well though if you pay back more then the bare minimum on items purchased then it feels a lot less Interest to be paid back. And ah right I don't know too much about credit cards what kind of limits are we talking about that can be set and is it the same where you say can pay back x amount back every month? And I am fine I know what I am doing, I budget fairly well for things. I mean sometimes convenience can outweigh value.

ohnonotgmail

MrLucidLJ wrote: »

Well by that APR you mentioned like 5% and 40% for Littlewoods yes it would be 8 times more. As I mentioned earlier as well though if you pay back more then the bare minimum on items purchased then it feels a lot less Interest to be paid back. And ah right I don't know too much about credit cards what kind of limits are we talking about that can be set and is it the same where you say can pay back x amount back every month? And I am fine I know what I am doing, I budget fairly well for things. I mean sometimes convenience can outweigh value.

when it is a difference between nearly 40% (sweet sufferin jesus how is that not usury?) and 5% there would have to be a massive difference in convenience.

slimjimmc

Mod: As the discussion is primarily about finance I've moved it to Banking & Insurance & Pensions.

afatbollix

You are using the same as a store credit card at a stupid rate in fact it's worse than a credit card.

You are potentially paying 40c extra out of every euro you are spending in littlewoods.


To answer your question they would love to extend your credit when you are paying an extra 40% for the products you are buying from them they are laughing all the way to the bank.

MrLucidLJ

ohnonotgmail wrote: »

when it is a difference between nearly 40% (sweet sufferin jesus how is that not usury?) and 5% there would have to be a massive difference in convenience.

As I said though when you pay back more then the minimum it defo is not 40% at all I know the difference in 8 times.

MrLucidLJ

slimjimmc wrote: »

Mod: As the discussion is primarily about finance I've moved it to Banking & Insurance & Pensions.

I wouldn't consider this topic to be about finance a lot of people voiced their opinions with financial solutions rather then knowing themselves what the limits are with Littlewoods.

sconhome

OP you should be able to set your own limit. Banks used to be great :rolleyes: at extending limits when people were paying off accounts, increasing the depth of the trap they could fall into.

Other posters have alluded to it but some figures might help:

If you buy €500 of goods on credit this month and pay a minimum of €40 per month (no idea what Littlewoods level of minimum is) it will take you 17 months to pay off that one month of buying, paying €157.68 in interest or a total to pay back €657.68 (for €500 of goods)

Spend the same on a 15% credit card any you 'only' pay €47.12 in interest for a total of €547.12 over 14 months.

A 5% loan will be paid back over 13 months costing you an extra €14.57 in interest.

That's one month. If you spend that again next month you are compounding more and more interest. Worth checking out an online calculator to figure out which offers you the best value and convenience. I know I'd value the convenience of an extra €157 in my own pocket much more than 17 months of debt.

Best of luck.

MrLucidLJ

afatbollix wrote: »

You are using the same as a store credit card at a stupid rate in fact it's worse than a credit card.

You are potentially paying 40c extra out of every euro you are spending in littlewoods.


To answer your question they would love to extend your credit when you are paying an extra 40% for the products you are buying from them they are laughing all the way to the bank.

I am saying though when you pay back more it seems a lot less interest that you pay back to them. I feel like there are many people who just look at Littlewoods have never used it and are commenting on it based on what it says on their website. And I am happy to use the service when I know for a fact I have paid way less then 40% on an item back in interest.

afatbollix

What it 'seems like' and actually like are two different things.

I think you need to either ask someone who is good with money to go through your options with you or ask for professional help when it comes to loans, credit cards and store credit.

ohnonotgmail

MrLucidLJ wrote: »

I am saying though when you pay back more it seems a lot less interest that you pay back to them. I feel like there are many people who just look at Littlewoods have never used it and are commenting on it based on what it says on their website. And I am happy to use the service when I know for a fact I have paid way less then 40% on an item back in interest.

You dont seem to understand what APR means. Forget littlewoods credit. Get yourself a credit card with a limit you are comfortable with. The amount you will save on interest will be massive.

MrLucidLJ

AKW wrote: »

OP you should be able to set your own limit. Banks used to be great :rolleyes: at extending limits when people were paying off accounts, increasing the depth of the trap they could fall into.

Other posters have alluded to it but some figures might help:

If you buy €500 of goods on credit this month and pay a minimum of €40 per month (no idea what Littlewoods level of minimum is) it will take you 17 months to pay off that one month of buying, paying €157.68 in interest or a total to pay back €657.68 (for €500 of goods)

Spend the same on a 15% credit card any you 'only' pay €47.12 in interest for a total of €547.12 over 14 months.

A 5% loan will be paid back over 13 months costing you an extra €14.57 in interest.

That's one month. If you spend that again next month you are compounding more and more interest. Worth checking out an online calculator to figure out which offers you the best value and convenience. I know I'd value the convenience of an extra €157 in my own pocket much more than 17 months of debt.

Best of luck.

I can imagine back before the recession hit banks were very good to lending money. I am not sure what they are like these days after the way things turned out. Littlewoods bare minimum each month is usually about 10% of what the total balance is. So for your example it would be €50 but then the following month would be something like €46 with interest perhaps. I will give an example. I bought items from them last August and had it paid by May this year. The items total was €350. I went over all the payments made in that period and worked out I paid them back €420 in total for all items, it could have been slightly less it could have been slightly more which works out around 20% extra I had to pay back.
I don't know how likely places like a bank are giving out credit cards it would be something I could look into perhaps. I appreciate your advice and the calculations you used to show there are other options which are out there and available and that I could be saving more money by looking into them. I am not sure with the way things have gone those options are as easy to obtain compared to this method maybe they are and I could be wrong. Its always important to look around and try save as much as possible.

MrLucidLJ

afatbollix wrote: »

What it 'seems like' and actually like are two different things.

I think you need to either ask someone who is good with money to go through your options with you or ask for professional help when it comes to loans, credit cards and store credit.

I know exactly what I have paid back from them if you look at my recent post you will see the example used. I don't need or care for professional help because I think I am fine with money and don't mind using this service.

MrLucidLJ

ohnonotgmail wrote: »

You dont seem to understand what APR means. Forget littlewoods credit. Get yourself a credit card with a limit you are comfortable with. The amount you will save on interest will be massive.

I understand what it means and appreciate the advice I am more concerned though will banks just give people credit cards unless they have 1000s in savings and have an impeccable credit score. My credit score would be fine but don't have the latter.

dobsdave

I have found that littlewoods are more expensive on selling prices alone.
If you add on the interest then youre being hit twice.

brightspark

I used the calculator found here

http://www.thisismoney.co.uk/money/cardsloans/article-1633405/Loan-repayment-calculator.html

€350 for 9 months @39.9% resulted in a monthly payment of 45.64, with a total payment of €410.72. So the cost was €60.72.
That's close to what you paid.

If you used a credit union loan at the highest level of 13% that they can legally charge (most charge less either directly or via an end of year rebate) the figures are as follows

€350 for 9 months @13% resulted in a monthly payment of €41.03, with a total payment of €369.23, Cost €19.23. A saving of over €40, if you paid €45 a month, you would probably saved one months payment.


The figures for €1000 again for just 9 months result in a Littlewoods cost of €173.49, with the credit union costing just €54.94, almost €120 difference. Again if you used the savings in cost to increase your monthly payment then the savings would be even bigger.

Credit unions unlike some bank loans allow you to pay more back at any time.

As others have said you may even get a lower APR than 13% and save even more.

MrLucidLJ

brightspark wrote: »

I used the calculator found here

http://www.thisismoney.co.uk/money/cardsloans/article-1633405/Loan-repayment-calculator.html

€350 for 9 months @39.9% resulted in a monthly payment of 45.64, with a total payment of €410.72. So the cost was €60.72.
That's close to what you paid.

If you used a credit union loan at the highest level of 13% that they can legally charge (most charge less either directly or via an end of year rebate) the figures are as follows

€350 for 9 months @13% resulted in a monthly payment of €41.03, with a total payment of €369.23, Cost €19.23. A saving of over €40, if you paid €45 a month, you would probably saved one months payment.


The figures for €1000 again for just 9 months result in a Littlewoods cost of €173.49, with the credit union costing just €54.94, almost €120 difference. Again if you used the savings in cost to increase your monthly payment then the savings would be even bigger.

Credit unions unlike some bank loans allow you to pay more back at any time.

As others have said you may even get a lower APR than 13% and save even more.

I appreciate the calculator and the link you provided but that doesn't take into account what I paid back though. I think the first bill I had to pay back was September then last was May and the amounts varied dependent on the month. I see it works out as around what I paid but paying back 70 euro extra 350 doesn't seem bad to me at all like I look at the overall paying back at 20% which isn't bad obviously this way it looks a lot more then? And as I said as well with my initial question I think a lot of people misread it.
I just wanted to know the limits on what Littlewoods can offer rather then know all this financial information which some is interesting to know but totally went away from the original question that was asked. Also I have asked about this many times I don't know how easy it is to get credit cards credit unions and some cheaper options which offer lower APR.

brightspark

MrLucidLJ wrote: »

paying back 70 euro extra 350 doesn't seem bad to me

I just wanted to know the limits on what Littlewoods can offer rather then know all this financial information which some is interesting to know but totally went away from the original question that was asked. Also I have asked about this many times I don't know how easy it is to get credit cards credit unions and some cheaper options which offer lower APR.

70 euro doesn't seem bad unless you consider that with a cheaper form of credit you would have paid less than 20 euro.

Only you can find out what credit limit Littlewoods will allow you, it will be based on your credit history with them. It is possible that it will be in excess of €1000 but until you ask them there is no way of knowing. (my wife had a credit limit in excess of €1200 with Oxendales, not that we give them a cent of interest, it's paid in full when the bill arrives)

I strongly suggest that you join your local credit union, and start making small regular lodgements. You will then be eligible to get a loan of up to three times your savings. I see one Credit Union in Cork offering personal loans at 9%. With a credit union loan you can pay back as much as you want (over the minimum of course) each month, and the interest is only charged on the outstanding balance.

Tesco will give you a card with 0% interest for the first 8 months on purchases, reverting to 19.1% variable afterwards, still cheaper than Littlewoods! Not sure how much it is but I think there is a government tax on credit cards

http://www.tesco.ie/finance/visacards/

MrLucidLJ

brightspark wrote: »

70 euro doesn't seem bad unless you consider that with a cheaper form of credit you would have paid less than 20 euro.

Only you can find out what credit limit Littlewoods will allow you, it will be based on your credit history with them. It is possible that it will be in excess of €1000 but until you ask them there is no way of knowing. (my wife had a credit limit in excess of €1200 with Oxendales, not that we give them a cent of interest, it's paid in full when the bill arrives)

I strongly suggest that you join your local credit union, and start making small regular lodgements. You will then be eligible to get a loan of up to three times your savings. I see one Credit Union in Cork offering personal loans at 9%. With a credit union loan you can pay back as much as you want (over the minimum of course) each month, and the interest is only charged on the outstanding balance.

Tesco will give you a card with 0% interest for the first 8 months on purchases, reverting to 19.1% variable afterwards, still cheaper than Littlewoods! Not sure how much it is but I think there is a government tax on credit cards

http://www.tesco.ie/finance/visacards/

I think I might try to look into the credit Union but as you said probably takes a good few months of savings maybe longer to show that you are committed with them before you can take out a decent loan. Do you know after a few months of savings what the first loan you could take out?

sonyvision

Credit cards are easy to get.

If you earn a salary of over 20k a year, and you have been fully employed for the last 6 months. With no bankrupt charges in court or pending you should be fine.

Just to note this is with pernament TSB as i have just been through the process and it is approved.

Contact littlewoods, ask them can you increase your credit and to what? They will give you the correct answer as this will vary depending on then risk.

You seem to have a proven track history of using credit and paying it back over a period. Looks great from there view and should extend it as they will earn more interest @40% per year of outstanding principle no matter how less you think you are actually paying back.

FYI interest on a credit card is 15% with a 30 euro payment in governemt stamp duty on 1st of April every year

MrLucidLJ

sonyvision wrote: »

Credit cards are easy to get.

If you earn a salary of over 20k a year, and you have been fully employed for the last 6 months. With no bankrupt charges in court or pending you should be fine.

Just to note this is with pernament TSB as i have just been through the process and it is approved.

Contact littlewoods, ask them can you increase your credit and to what? They will give you the correct answer as this will vary depending on then risk.

You seem to have a proven track history of using credit and paying it back over a period. Looks great from there view and should extend it as they will earn more interest @40% per year of outstanding principle no matter how less you think you are actually paying back.

FYI interest on a credit card is 15% with a 30 euro payment in governemt stamp duty on 1st of April every year

I think if I was going to look into anything it might be the credit union route seems decent, I am not a big fan of the credit card thing I think they can easily be abused if you don't have a set limit on them. I appreciate your advice and everyone elses but I know I have paid back less money by paying back more in less then the calendar year. I appreciate the nice words about paying back. I think it is important to pay back money that is borrowed its only right like.

MrLucidLJ

I called up today to find out some other query but asked a few interesting questions. Their theoretical maximum on an account is €10000 which is a lot more then I thought which was a few 1000. Also they said if you become a customer over a certain amount of years the APR will go down as well which is a good thing. I know 40% is high but as I said I was happy with that and for that I was using it for. I will defo look into the credit union side of things because that seems a lot more appealing if I need it for certain things. But at the end of the day this thread was to ask a simple question what is the theoretical maximum credit limit Littlewoods Ireland can offer and went of into tangents about finances and all that. I appreciate the feedback on that but ultimately that was not my question.

brightspark

MrLucidLJ wrote: »

Thanks for the link I was just wondering from your own experience or from what you have heard of others have you seen them give lets say €1000 plus range on credit?

I know you asked if it was possible to borrow more than €1,000 from Littlewoods, but the question you should ask yourself is should you borrow it from them.

While paying approx €50 more than other options over 9 months on a loan of €350 isn't that much (about a pint a week :cool:) , when you increase the figure borrowed to €1,000 with probably a longer payback period the cost difference is going to be a figure that will be much more significant.

However it's your hard earned money and if you prefer to just give it to Littlewoods instead of getting a cheaper source of credit that's up to you.

MrLucidLJ

brightspark wrote: »

I know you asked if it was possible to borrow more than €1,000 from Littlewoods, but the question you should ask yourself is should you borrow it from them.

While paying approx €50 more than other options over 9 months on a loan of €350 isn't that much (about a pint a week :cool:) , when you increase the figure borrowed to €1,000 with probably a longer payback period the cost difference is going to be a figure that will be much more significant.

However it's your hard earned money and if you prefer to just give it to Littlewoods instead of getting a cheaper source of credit that's up to you.

Well I have found they say they can go up to €10,000 which is mental, but that is over years and years of use and they said over the phone that APR does go down sometimes lower then 20%. Yes €50-€60 isn't bad but I don't really drink so its not a miss to me but I agree you have opened my eyes to the options out there. Well yes on €1000 maybe could take the full year so yes you could be paying a few €100 on that for sure which is a lot like. I will look into the Credit Union think it looks like a good option, thanks