is this possible??

bingbong_3

Hello MSE's.

I want to get a loan for £24000 but take a good payment holiday for as long as possible before I start paying for it.

How long is the longest deferred loan spell, who does this and what are the rates like?? Has anyone got any experience of this.

Basically my business isn't working out and I am looking for a job ( 2 interviews this week ) and am hopeful I will be in a job by mid Jan at the latest. I just need a breather and to start earning some money before I start to pay off my debt.

It would be beneficial if the loan allowed me to make overpayments too. I will be in sales and may earn more commission some months than others.

In an ideal world I would get a flexible loan with an initial payment holiday, which would allow over payments.

Help!!

Thanks in anticipation.

jonesMUFCforever

For a personal loan look for buy now pay later loans. The most I have seen is for 6 months (most seem to be for 4). Beware however that the interest racks up from day one so you will owe a lot more after 6 months before your first repayment is due.
Why do you need £24k?
Is this to pay off business debts or personal ones or a combination?
One problem that I can see is when you fill in a loan application what will you put down as your salary?
What will happen if you do not get a job by January? etc etc

bingbong_3

I am confident I will get a job for January and if not then I will continue with the business until I do.

Who do you suggest looking at for buy now pay later loans?

Thanks

jonesMUFCforever

Try your existing bank!

bingbong_3

Thanks for you comment - I already have a £12500 loan with my existing bank and I am not sure they would be happy to lend me a further £24000!

jonesMUFCforever

That puts a totally different complexion on your situation which you omitted from your first posting!
I would think in the circumstances that your hope of obtaining such a large loan on an unsecured basis is very slim indeed.