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doyle369

doyle369

Free Member
Nov 5, 2008
177
7
Hi all

hope you are all well

I am looking for a £5000 loan.

I am 20 years old

and am currently at college.

I have to part time jobs, earning £130 a week.


I suspect most high street banks will decline me, is there anywhere you can recommend I go.

I really need the money asap

Hope you lot can help

Thank you
 
doyle369 said:
I am looking for a £5000 loan.

I have to part time jobs, earning £130 a week.
Click to expand...


Can't believe someone hasn't snapped your hand off...

Seriously though

1) What's the money for?
2) Do you really need it all as one lump?

What about credit cards, zopa, etc
 
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3) family/friends
4) how much can you afford to repay (each month)
5) why do you think they will decline you - bad credit or lack of income?
 
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I would hope to pay it back monthly, at a sum of £100


Why should someone of snapped my hands off?
 
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As above, what is the money for?

Over 3 years, you're likely to be paying between £160 - £180 per month (depending on interest rate).

What other outgoings do you have?
 
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No to family / friends

I can pay back £100 a month..

The reason I think they might decline is because of lack of income

and recently on my bank statement I have had to pay alot of bills

But I WILL have enough each month to pay it back
 
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Is the two part time jobs paying £130 each or between them?
 
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Sorry but you are going to be out of luck - £100 per month! 6 years plus if you are lucky and we still don't know what it is for
 
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Gavin Harris said:
As above, what is the money for?

Over 3 years, you're likely to be paying between £160 - £180 per month (depending on interest rate).

What other outgoings do you have?
Click to expand...



I would hope to pay it back over 5 years

Money is for the following


Help a mate in T-shirt business

pay some money back to people

Pay for 2 years bus pass

pay for car

Pay for Nan to go on Holl


Please dont laugh at the above... just want answers to my original question

Thanks all

and thanks for fast replys
 
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doyle369 said:
I would hope to pay it back over 5 years

Money is for the following


Help a mate in T-shirt business

pay some money back to people

Pay for 2 years bus pass

pay for car

Pay for Nan to go on Holl


Please dont laugh at the above... just want answers to my original question

Thanks all

and thanks for fast replys
Click to expand...


Could you give a breakdown of how much goes to whom??? There's five sources there - is it a grand each?

EDIT: Why do you need a car and a bus pass?
 
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doyle369 said:
I would hope to pay it back over 5 years

Money is for the following


Help a mate in T-shirt business

pay some money back to people

Pay for 2 years bus pass

pay for car

Pay for Nan to go on Holl


Please dont laugh at the above... just want answers to my original question

Thanks all

and thanks for fast replys
Click to expand...


Reality check::eek:

  • Im sure your nan wouldnt want you to go into debt for a holiday
  • Taking a loan to pay a loan is not a good idea.
  • Why would you need a 2 year bus pass and why can you not pay for this weekly?
  • Why would you need 2 year bus pass and a car?
  • T-shirt business on its own merit would need to be looked at but then it would be a business loan.
If i was a bank manager with this list i would decline straight away.
 
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But I would apply online..

and I would just say to them that the loan was for just one thing.

Im really looking for places you can recommended for me to apply
 
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doyle369 said:
But I would apply online..

and I would just say to them that the loan was for just one thing.

Im really looking for places you can recommended for me to apply
Click to expand...
Therefore lying on an application and possibly geting placed on the CIFAS register?
Ask do you actually need this money?
 
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For a start they will want you work details along with income - do you even bank with anyone at all?

Some of the less scrupulous (if you do get past them) will charge you a fortune - and if you fall behind the interest goes up.

Honestly, stop and think before you get into debt at your age - it could take a lot longer to get out of it.

Poppy
 
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streetslocal said:
Therefore lying on an application and possibly geting placed on the CIFAS register?
Ask do you actually need this money?
Click to expand...


So when I apply there will be options to say what I want the loan for

Like

- To start a business

- Bus pass


etc
 
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papverpoppies said:
For a start they will want you work details along with income - do you even bank with anyone at all?

Some of the less scrupulous (if you do get past them) will charge you a fortune - and if you fall behind the interest goes up.

Honestly, stop and think before you get into debt at your age - it could take a lot longer to get out of it.

Poppy
Click to expand...


If I fall behind?

£100 a month aint exactly alot.
 
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doyle369 said:
So when I apply there will be options to say what I want the loan for

Like

- To start a business

- Bus pass


etc
Click to expand...
Have we not been here before:
http://www.ukbusinessforums.co.uk/forums/showpost.php?p=939047&postcount=1

Look the bank wont give you a loan for a 2 year bus pass.

Dont lie for money and dont lie to try and get money as it will catch you out and you wont get what you need and you will impair your credit history and when your older you will regret this when you want to buy a house or get credit on a new car etc.

I think personally your trying to get your hands on money without thinking of the problems.
Think about this....

You are very likely to be placed on the CIFAS register and banks share information on applications like these.

They will want all your wage slips aswell as proof of income.

Im not telling you where you could get credit as i feel you will not pay it back and get further into debt.

I strongly urge you think twice about this sort of lending.
 
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You were looking to take out a loan in July of £4000 to buy some land to start a car wash - as well as buy a car as you had just passed your test.

You wrote then that the Nat West had approved it - but you did not think it would go through.

I am sorry if it did not.

And, the people are only looking out for you on here - and not wanting you to get into debt.

Did anything become of the car wash idea?

It is so frustrating when you want something and it seems like an impossible dream.

Second hand cars are cheap to day (getting on the road is the cost) but surely try to do that - and then perhaps you can get more work, and then look towards a further loan.

Good Luck.

Poppy
 
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doyle369 said:
If I fall behind?

£100 a month aint exactly alot.
Click to expand...

As a standalone figure, you're right - it's not a lot.

But as a percentage of your total monthly income it's actually quite a lot. You get £130pw plus £100 cash monthly. £520 p/m before tax and NI,plus the cash. Let's say you get £450p/m.

Nearly a quarter of that is going to pay off a loan on some ridiculous outlays.
 
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streetslocal said:
He wont have if he gets a car....
Petrol,Insurance costs for a young lad and road tax.....
Mot's as welll................:rolleyes:
Click to expand...

I will have £100 free

If my car needs fixing It willl just have to wait


I prob came to the wrong place aint I?
 
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My friend used Pay Day Loan companies to take out about £6000 about a year ago. He used 13 companies to get the amount and all they do is send him some stupid letters demanding payment. He never paid it and never will because he says they are useless and cannot do anything to him
 
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It is really easy when you want the loan to say that a £100 is nothing and you can easily afford it.

Then once you get and spend the loan - the repaying becomes a pain in the backside - and the money becomes less easy to find!

At your age (and I am not being disrespectful) life is for having fun, not worrying about loans.

Poppy
 
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Hi Doyle

Lets get real, you are asking for £5k for the following:
Help a mate in T-shirt business

pay some money back to people

Pay for 2 years bus pass

pay for car

Pay for Nan to go on Holl
Click to expand...

Your mates T Shirt company should be his problem and not yours

In reference to your bus travel, instead of paying back the loan, you can buy a bus pass, then you will not need a car so saving on insurance, tax, petrol. If you can't afford a bus pass, speak to the college, they have a bursary to help you to get to college.

And in reference to your nan going on holiday, i feel that your nan would go mad if you borrowed money for her to go on holiday.

The bottom line is that no one will give you £5000. With the figures you have shown, you are a bad risk.
 
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CoolioXXX said:
My friend used Pay Day Loan companies to take out about £6000 about a year ago. He used 13 companies to get the amount and all they do is send him some stupid letters demanding payment. He never paid it and never will because he says they are useless and cannot do anything to him
Click to expand...

I was under the impression that payday loans will stop the money directly from your wages if you do not pay them back.

I thought you had to be employed and they checked this out.

It is crazy to say they will never do anything to him - because yes they will big time!

Poppy
 
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;)Check Op's previous post's and decide if this is legit. I may be wrong but
something aint quiet right.
 
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They take it directly but he phoned the bank and said that he lost his card and they sent a replacement one. So they couldn't take the money, some tried to set up a new direct debit but he stopped it somehow using the bank.
They want 2 statements from the last months, so he prepared for it by putting money each friday as if he is getting paid... Some asked for wage slips but most of them want just bank statements...

papverpoppies said:
I was under the impression that payday loans will stop the money directly from your wages if you do not pay them back.

I thought you had to be employed and they checked this out.

It is crazy to say they will never do anything to him - because yes they will big time!

Poppy
Click to expand...
 
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Just found this previous post

[FONT=verdana,geneva,lucida,arial]doyle369[/FONT]
user_online.gif

I'm really getting into this forum.
UK Business Forums Free Member
Join Date: Nov 2008
Posts: 60
Thanked 2 Times in 2 Posts


Taking out a loan

Hi

Passed my driving test about 6 months ago.

I started learning about 1.5 years ago.

I want a car so badly and have done for so long.


If I save up from my 2 part time jobs... it will take me about 1 year so save up the £4000 I want

£1500 for car

£1500 for insurance (I think)

Then the rest of the £1000 for general car things to keep me going.

I am 18 years old

In the economic climate will the bank lend me £4000?


I applied for a 4k loan on Natwest.. it said it was approved.. but I still think they might decline me.


I hope to pay it off monthly.. at around £90... so that will take about 5 years.. and I will prob end up paying about £5000 back.



What do you think is the best way about this?

Cheers
__________________
Heyy :D
Click to expand...
 
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You dont really know how this money will make me happy.. maybe in the future I will regret it.. but I would of learnt from my mistakes

You only live once.
 
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doyle369 said:
You dont really know how this money will make me happy.. maybe in the future I will regret it.. but I would of learnt from my mistakes

You only live once.
Click to expand...

Given the post above, isn't it time to just admit that you want the money to buy a car?

It was £4k, now it's £5k.

This car is appreciating at the rate of £1k a month. It sounds like a very good investment. What is it?
 
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Well you seem to make a habit of asking for money. Since Nov 08 you have asked for money for the following posts:

Need some advice - setting up car washing
Wedding Dress shop - Setting up a business in a wedding shop
Taking out a loan - Taking out a loan for a car
Need a loan (UPDATE) - Loan turned down by natwest
Loan - This little scam

I am seeing a pattern here.
 
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