I guess its no hope for me here as a new member.
As the way things currently stand, yes you have no hope for getting a loan as a new member because you are unable to provide collateral. I am sure you understand the reasons why any lender would find it difficult to give any newbie a loan.
I guess its no hope for me here as a new member.
In general there is no hope for you as a new member but other than someone who needs £750 to pay rent and promises to pay back £900 by not explaining anything else the obvious question that arises is what money he intends to pay that £900 with in addition to next month's rent. Having to go into debt to pay current expenses indicates financial ruin and no one in their right mind is going to lend money to someone who is broke.
You are right about financial ruin. Even with the best of intentions regarding repayment, it is clear to see if the loan was ever to be repaid the cycle of debt would have to continue and that is no way to live.
I am sure there are cases where the cost of living has escalated to the point where people are suffering unimaginably but drowning more and more in debt is not sustainable in the long-term and cannot be the answer. The danger would be for people looking for short-term loans to repay other outstanding debts but then getting caught in that cycle of borrowing more to repay other debts.
