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  • FIRST POST
    COMB
    Need a loan of 10000. Possible?
    • #1
    • 29th Aug 12, 10:50 AM
    Need a loan of 10000. Possible? 29th Aug 12 at 10:50 AM
    Im 20 years old. Ive had a loan with littlewoods for 2 months and made the minimum payments each month. Ive had a credit card with capital one for 3 months and made payments each month.

    I was unemployed until a few days ago and Ive found work at 17.43 an hour, working nights.

    I can make 5000 in 10 weeks working overtime.

    In 10 weeks time, will I be able to get a loan of 10000 ?
    If not, how long do I need to work before I can get a loan?

    Thanks
    And if you're wondering what COMB stands for...CITY ON MY BACK
Page 1
    • pvt
    • By pvt 29th Aug 12, 11:14 AM
    • 1,222 Posts
    • 994 Thanks
    pvt
    • #2
    • 29th Aug 12, 11:14 AM
    • #2
    • 29th Aug 12, 11:14 AM

    20 years old

    - loan ... for 2 months

    - made the minimum payments

    - credit card with capital one for 3 months

    - 17.43 an hour

    - working overtime.

    will I be able to get a loan of 10000 ?
    Originally posted by COMB
    No.

    If not, how long do I need to work before I can get a loan?
    Originally posted by COMB
    When you've been earning 35k - 40k per annum for a year or two, with a secure and stable job, no other significant debts, and built up a decent credit history.

    This loan wouldn't by any chance be for cosmetic surgery to improve your nightime earning prospects would it?
    Optimists see a glass half full
    Pessimists see a glass half empty
    Engineers just see a glass twice the size it needed to be
  • COMB
    • #3
    • 29th Aug 12, 11:19 AM
    • #3
    • 29th Aug 12, 11:19 AM
    No.



    When you've been earning 35k - 40k per annum for a year or two, with a secure and stable job, no other significant debts, and built up a decent credit history.

    This loan wouldn't by any chance be for cosmetic surgery to improve your nightime earning prospects would it?
    Originally posted by pvt
    Wow how rude. Anyway, thanks for the little advice you gave and ill be happy to prove you wrong in xx number of weeks.
    And if you're wondering what COMB stands for...CITY ON MY BACK
  • Apples2
    • #4
    • 29th Aug 12, 11:19 AM
    • #4
    • 29th Aug 12, 11:19 AM
    A Loan for TWO WHOLE Months
    A Credit card for THREE WHOLE Months
    A JOB for A FEW DAYS

    And wanting a 10k loan? Crikey....

    You've only made TWO Payments on your existing loan, what on Earth did you do with it that means you need another one (no doubt massivley larger) already?

    You seem like a future Payday Loan companies wet dream.
    • quantic
    • By quantic 29th Aug 12, 11:23 AM
    • 992 Posts
    • 1,722 Thanks
    quantic
    • #5
    • 29th Aug 12, 11:23 AM
    • #5
    • 29th Aug 12, 11:23 AM
    If you can make 5k in 10 weeks, why not wait 20 weeks and you wont need the loan
  • COMB
    • #6
    • 29th Aug 12, 11:24 AM
    • #6
    • 29th Aug 12, 11:24 AM
    A Loan for TWO WHOLE Months
    A Credit card for THREE WHOLE Months
    A JOB for A FEW DAYS

    And wanting a 10k loan? Crikey....

    You've only made TWO Payments on your existing loan, what on Earth did you do with it that means you need another one (no doubt massivley larger) already?

    You seem like a future Payday Loan companies wet dream.
    Originally posted by Apples2
    Why do you feel like you have to take ths !!!! and be extremely rude just because you're on the internet?

    Im 15stone and 6'3", im sure you wouldnt talk like that to me in real life, but whatever.

    Anyone want to offer some good advice without being so rude?
    And if you're wondering what COMB stands for...CITY ON MY BACK
  • COMB
    • #7
    • 29th Aug 12, 11:27 AM
    • #7
    • 29th Aug 12, 11:27 AM
    If you can make 5k in 10 weeks, why not wait 20 weeks and you wont need the loan
    Originally posted by quantic
    Good idea, but my body cant take overtime and weekends on nights for 20 weeks. With a 10000 loan Im hoping I can instantly pay off 5000 and pay the rest over a span of 6 months
    And if you're wondering what COMB stands for...CITY ON MY BACK
    • krisdorey
    • By krisdorey 29th Aug 12, 11:31 AM
    • 3,139 Posts
    • 2,682 Thanks
    krisdorey
    • #8
    • 29th Aug 12, 11:31 AM
    • #8
    • 29th Aug 12, 11:31 AM
    Sorry but you have absolutely no chance unless you visit people who break kneecaps if you dont pay up.
    • pvt
    • By pvt 29th Aug 12, 11:35 AM
    • 1,222 Posts
    • 994 Thanks
    pvt
    • #9
    • 29th Aug 12, 11:35 AM
    • #9
    • 29th Aug 12, 11:35 AM
    my body cant take overtime and weekends on nights for 20 weeks.
    Originally posted by COMB
    So by your own admission your stated earning potential is unsustainable....

    How did you plan to pay back the 10k loan, as well as the money you owe littlewoods and your credit card company?

    And sorry if you found my comments rude - it was meant to be humour. A lot of models show up here looking for loans for surgery to "improve their earnings potential".
    Optimists see a glass half full
    Pessimists see a glass half empty
    Engineers just see a glass twice the size it needed to be
  • BugsyBrowne
    Good idea, but my body cant take overtime and weekends on nights for 20 weeks. With a 10000 loan Im hoping I can instantly pay off 5000 and pay the rest over a span of 6 months
    Originally posted by COMB
    Another thread started by another dreamer when will they STOP!
  • Apples2
    Im 15stone and 6'3", im sure you wouldnt talk like that to me in real life, but whatever.
    Originally posted by COMB
    I guess you're not the bloke who wanted cash to have longer legs then?

    I would anyway, the best advice is often the most blunt advice. This is a crazy idea.

    A 10k loan is a HUGE commitment, how can you be sure your job (which you have been in for just a few days) is secure enough to guarantee your repayments for 5(?) years?

    If the loan is for medical (cosmetic) treatment, how will it affect your income both through treatment and recovery?

    You can take the advice as rude if you like, it doesn't matter, any lender you approach is going to decline you. That would probably make you feel worse. Save yourself the humiliation and forget this idea.

    .
    Last edited by Apples2; 29-08-2012 at 12:13 PM.
    • tell_it_how_it_is
    • By tell_it_how_it_is 29th Aug 12, 11:52 AM
    • 519 Posts
    • 639 Thanks
    tell_it_how_it_is
    The advice is to forget the loan and concentrate on doing well at your new job, to ensure you are still in it beyond any probation period. Thinking about loans at all before you're a bit more secure is foolish.
    In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all. - Roosevelt
    • somethingcorporate
    • By somethingcorporate 29th Aug 12, 11:56 AM
    • 8,628 Posts
    • 8,375 Thanks
    somethingcorporate
    Why get a 10k loan if you plan to pay back 5k of it instantly?

    I don't think any bank will touch this though. You've built up no history and your level of income is admittedly unsustainable.

    Just keep saving!

    What is the loan for?
    Thinking critically since 1996....
  • COMB
    Thanks guys, the loan is for investing in a business. The business is already kicked off and bringing in money nicely. I just need 10000 to 15000 to invest in stock
    And if you're wondering what COMB stands for...CITY ON MY BACK
  • Apples2
    Oh! for goodness sake, why didn't you say it was for a car just to convince us you weren't completely mad?
  • Mara69
    Im 15stone and 6'3", im sure you wouldnt talk like that to me in real life, but whatever
    Originally posted by COMB
    So you are really 5'3 and 7 stone dripping wet

    You're not going to get a loan for 10k.
  • chrisuren
    You say you can earn 5,000 doing overtime, why not just take the time to earn your own money, you say you can earn it in 10 weeks, why not just take 20 weeks to earn 10,000? That way it's all your own money and you don't have to pay it back.
    • pvt
    • By pvt 29th Aug 12, 12:22 PM
    • 1,222 Posts
    • 994 Thanks
    pvt
    COMB,

    Consider growing your business a little more organically, financing stock with profit from your sales. That way you won't have to share your hard earned profit with a bank. And if it all goes wrong you won't need to sell your grandmother on eBay.

    Best of luck with your business venture.
    Optimists see a glass half full
    Pessimists see a glass half empty
    Engineers just see a glass twice the size it needed to be
    • bargainbetty
    • By bargainbetty 29th Aug 12, 12:55 PM
    • 3,021 Posts
    • 6,953 Thanks
    bargainbetty
    Comb,

    To give you some 'rules of thumb', most lenders won't touch you until you have passed your probationary period at work - you can be fired very easily for the first few months, so lending money is inadvisable until you have a stable income.

    Your general maximum credit sum is half of your basic income (not disproportionate and unsustainable overtime), less the total of your existing debt. If your basic is appro 32k, then you would have a maximum of 16k, less the outstanding sums - then again, you might find that because of your recent work history, the sum would be reduced further or only loaned at silly rates.

    Honestly, think about working a sustainable level of overtime and investing what you can, rather than taking on debt to put in what you don't have.

    People can be brusque on here, I'm one of them, but since most of us have a history of stupid debt taken on for the wrong reasons, we're not being nasty, just trying to get you to see the nonsensical nature of taking on debt that you don't need to have.

    Good luck, whatever you do.
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!
    MFW - Joined May 2012, aiming to cut the mortgage by an extra two months every year. (Overpaid 3000 so far)
    , only 11 years to go.

    • DCFC79
    • By DCFC79 29th Aug 12, 1:08 PM
    • 26,739 Posts
    • 16,964 Thanks
    DCFC79
    Wow how rude. Anyway, thanks for the little advice you gave and ill be happy to prove you wrong in xx number of weeks.
    Originally posted by COMB
    Wasn't rude at all. If you can make 5k in 10 weeks then why not do 20 weeks worth of OT and save the 10k then you have the money you need for what ever purpose you need it for.

    Oh just seen the OP has explained why he cant do as above.
    Last edited by DCFC79; 29-08-2012 at 1:12 PM.
    Je Suis Charlie
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