Getting a loan with low/no credit history

[hitony]

Sounds like he should be working nights - not going on holiday.

Not to sure I would have started the thread knowing my Dad would likely see it.........

 

[deletebeepbeepbeep]

Amazing!

 

[Cheshire Cat]

The cheapest unsecured personal loan will probably start at a minimum of about 9-10% interest per annum APR even with a perfect credit record. Also credit companies don't like being messed around by people who "forget" a repayment, and unlike parents have no patience or sense of humour whatsoever...

For a person with an excellent credit record, a £5000 loan over 5 years will cost a minimum of £110 per month with the cheapest option (assuming you can get it).

For someone with a poor or no profile you could end up paying over 50% per annum APR or in other words - no chance whatsoever.

Could be a very expensive holiday - long enough to last a lifetime.

Bankruptcy looms.

 

[seagullsovergrimsby]

unlike parents have no patience or sense of humour whatsoever...

My patience and sense of humour is wearing very thin.

 

[sam86]

 

[The Grockle]

Sorry for the caps

FOR THE LOVE OF GOD DO NOT GET YOURSELF INTO ANY DEBT WHATSOEVER. AS SOMEONE WHO SPUNKED 16K ON CREDIT CARDS BEFORE MY 22ND BIRTHDAY AND WENT INTO GET A FURTHER 5K OF DEBT THROUGH BANK LOANS, I CAN PROMISE IT IS A SLIPPERY SLOPE.

Seriously, you earn £700 if you can't afford the shit you want, deal with it and look for a better paid job. £6000 is far too much for you to afford fella, banks and credit card companys threw money at me because I earned a decent wage at a young age and coupled with he fact I had bad habbits I couldn't afford, I had five years of paying out £900 a month just on servicing debt.

You are almost certainly not half as stupid as I am and won't spunk the money I did but circumstances can change, what would happen if you lost your job?

 

[Freddie Goodwin.]

Not read the whole thread but it's the easy money of the last 20 years or so that has put us in this state.

I'm a tight old git and have to buy what i can afford and that's been pretty tough at times. but i look at some of my kids who were given silly money with no hope of paying it back. One is now back at home and is permanently skint despite working his balls off.

Work hard, pay your way and enjoy the fruits of your labours. those that appear to have everything probably have the stress and worry to go with it too.

 

[Easy 10]

In fairness, if I lived in Grimsby I think I'd be fairly desperate for a holiday as well.

 

[Digweeds Trousers]

Dont do it son.

You will end up thinking you have cash - using the cashflow the loan provides to have a better quality of living - and that take on higher overheads.

Once the tipping point is reached and the repayments are eating out of the loan with no signficant money coming in on top you will very quickly disappear up your own backside.

Then you will be in conversations with baliffs, the bank - and from there dear boy you are looking at 7 years of no credit and a whole lot of pain.

f*** the holiday - they are a nice to have - in this situation you need to grow up, stop thinking about what you want and start thinking about what you should be doing as a foundation for the rest of your life.

Holidays - I have had one in four years because there are far more important things life needs.

 

[Da Man Clay]

You didn't pay £100 for your lodging last month as you needed the cash to go on holiday last week. I'm still waiting for this month's as well , seeing as you were paid last Friday , so that is £200. Your credit history with your parents is abysmal , you haven't disclosed we lent you £4,800 in February to buy and insure a car which was subsequently written off after an accident and you still owe us £4,500.

So you want to be 10k in debt at your age?!

 

[Stumpy Tim]

This is brilliant. I expected you to say you wanted $5k to set up some kind of business, or do something decent with it. But no, you want to spend it on buying another car you'll probably write off, and on a massive piss-up with your mates.

 

[hans kraay fan club]

No offence intended, but for me, this young lad, thinking he's due a holiday he can't afford, is like fat benefit scroungers who feel they DESERVE new sofas on tick from SCS, and full Sky TV packages.

If you can't afford it, live accordingly.

I haven't been on a foriegn holiday in about six years, as I've a family to support / house to run, and I can't justify spending £2000 on a week's jollies, when that could go towards the new boiler / the back garden fences / the new fascias / the kids college funds / a load of other DULL shit that we actually NEED.

 

[KZNSeagull]

No offence intended, but for me, this young lad, thinking he's due a holiday he can't afford, is like fat benefit scroungers who feel they DESERVE new sofas on tick from SCS, and full Sky TV packages.

If you can't afford it, live accordingly.

I haven't been on a foriegn holiday in about six years, as I've a family to support / house to run, and I can't justify spending £2000 on a week's jollies, when that could go towards the new boiler / the back garden fences / the new fascias / the kids college funds / a load of other DULL shit that we actually NEED.

Is, of course, absolutely the correct answer.

Whatever happened to the old adage "only borrow to invest"?

 

[turienzo's lovechild]

brilliant thread

 

[Simster]

brilliant thread

yes, yes it is.

I'm going to be smug and self righteous towards him like everyone else, because he's acting like a right tit:

Nothing wrong with borrowing IMO, as long as it's under control. However, borrowing that much on those earnings is ridiculous.

Bottom line RM Taylor: YOU CAN'T AFFORD TO GO ON HOLIDAY. Deal with it.

 

[WATFORD zero]

Why isn't this thread in NSC Gold This single post is one of the best i have seen

You didn't pay £100 for your lodging last month as you needed the cash to go on holiday last week. I'm still waiting for this month's as well , seeing as you were paid last Friday , so that is £200. Your credit history with your parents is abysmal , you haven't disclosed we lent you £4,800 in February to buy and insure a car which was subsequently written off after an accident and you still owe us £4,500.

 

[Bad Ash]

What happened to the insurance payout on the car which was purchased (and insured) for £4,800 and then written off? That car must have cost over £3k, why did you get such an expensive car (relative to your age and earnings)?

 

[hans kraay fan club]

What happened to the insurance payout on the car which was purchased (and insured) for £4,800 and then written off? That car must have cost over £3k, why did you get such an expensive car (relative to your age and earnings)?

Probably only insured third party...

 

[Chicken Runner61]

I actually showed this thread to my lad who has elements of RMT in his lifestyle.

Saved me a lecture on fiscal policy!!

 

[Lady Whistledown]

Probably only insured third party...