Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Monty81
    • By Monty81 28th Nov 17, 7:17 PM
    • 5Posts
    • 0Thanks
    Monty81
    Long Term Loan?
    • #1
    • 28th Nov 17, 7:17 PM
    Long Term Loan? 28th Nov 17 at 7:17 PM
    I am going travelling in February and need an extra £1,000 to boost my savings. I was thinking about getting a loan but I wonít be able to repay anything until after 6 months when I come back to work.

    What is the best way to get the money and can repayments wait for six months?

    Thanks
Page 1
    • Edi81
    • By Edi81 28th Nov 17, 7:34 PM
    • 390 Posts
    • 260 Thanks
    Edi81
    • #2
    • 28th Nov 17, 7:34 PM
    • #2
    • 28th Nov 17, 7:34 PM
    Save up before going travelling.
    How do you intend on repaying the loan?
    • Monty81
    • By Monty81 28th Nov 17, 8:01 PM
    • 5 Posts
    • 0 Thanks
    Monty81
    • #3
    • 28th Nov 17, 8:01 PM
    • #3
    • 28th Nov 17, 8:01 PM
    I have saved but donít have enough. When I work when I come back.
    • TadleyBaggie
    • By TadleyBaggie 28th Nov 17, 8:15 PM
    • 2,584 Posts
    • 1,908 Thanks
    TadleyBaggie
    • #4
    • 28th Nov 17, 8:15 PM
    • #4
    • 28th Nov 17, 8:15 PM
    Loans generally don't work that way, they will expect repayments to start a month after the loan is made. You could borrow more than you need and leave enough of the balance in your current account to cover 6 months payments.
    • Monty81
    • By Monty81 28th Nov 17, 8:18 PM
    • 5 Posts
    • 0 Thanks
    Monty81
    • #5
    • 28th Nov 17, 8:18 PM
    • #5
    • 28th Nov 17, 8:18 PM
    Good idea, thank you, do you suggest any with a low interest rate?
    • Clive Woody
    • By Clive Woody 28th Nov 17, 10:09 PM
    • 4,424 Posts
    • 5,040 Thanks
    Clive Woody
    • #6
    • 28th Nov 17, 10:09 PM
    • #6
    • 28th Nov 17, 10:09 PM
    Good idea, thank you, do you suggest any with a low interest rate?
    Originally posted by Monty81
    There are lots of lenders with low typical APRs for loans, whether you qualify for a loan and what the interest rate will be will be determined by a variety of factors.

    How much do you earn? What does you credit file look like (good history of repayments made on time, no CCJs, no late/missed payments, etc..)? Are you on the electoral role? Do you regularly dip into an overdraft? What other debts do you have?

    And so on.....

    Do you have a 100% guaranteed job for when you come back to enable you to pay off the loan?
    Rugby Union - The Greatest Game
    • starbarboy
    • By starbarboy 28th Nov 17, 11:33 PM
    • 63 Posts
    • 37 Thanks
    starbarboy
    • #7
    • 28th Nov 17, 11:33 PM
    • #7
    • 28th Nov 17, 11:33 PM
    Have you considered a credit card? Just remember to set up DD to pay minimum payment each month then when you return to work you can increase your payments.
    • dresdendave
    • By dresdendave 29th Nov 17, 5:17 PM
    • 706 Posts
    • 844 Thanks
    dresdendave
    • #8
    • 29th Nov 17, 5:17 PM
    • #8
    • 29th Nov 17, 5:17 PM
    I am going travelling in February and need an extra £1,000 to boost my savings. I was thinking about getting a loan but I wonít be able to repay anything until after 6 months when I come back to work.

    What is the best way to get the money and can repayments wait for six months?

    Thanks
    Originally posted by Monty81

    Luckily it's the ideal time of the year to find seasonal work. Work every hour going, bar work, waiting, picking etc.


    Tailor your travel budget to match your savings and you can return home without a mountain of debt waiting to greet you.
    • DCFC79
    • By DCFC79 29th Nov 17, 7:58 PM
    • 30,901 Posts
    • 19,538 Thanks
    DCFC79
    • #9
    • 29th Nov 17, 7:58 PM
    • #9
    • 29th Nov 17, 7:58 PM
    Ask your family.

    Can you postpone the trip until you haved saved up what you need ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,560Posts Today

9,209Users online

Martin's Twitter