What loan for me?

tom_smith_2

Hi all

I want to take out a £3000 loan

I earn £300 a month..

and would like to pay back £80 a month over about 5 years

I have tried all the major banks etc but they declined

Can anyone recommend anyone please

I have been looking for a while but had no luck


Hope someone can help

Much appreciated

Thanks

stephane_2

Sorry to say but no one will give you a loan of £4000 earning only £300 month.

tom_smith_2

reallly

hmmm
.

bradrock

no chance on 300, that would be 33% of your annual salary.

thriftymomma

I would say you probably wouldn't pass on affordability.

tom_smith_2

hmmm

bad times

Rafter

tom,

By law banks have to see whether a loan is affordable. £300 a month is not a big income. By the time you take off food, housing and other essentials you have nothing left to repay the loan.

Why do you need the £4000?

R.

Wutang_2

tom_smith wrote: »

hmmm

bad times

hmmmmmmmmmmmm - maybe earn more money? hmmm

tom_smith_2

What about if I was to ask to borrow £2000?

I only have to pay £40 a month for phone bill... food and rent is payed for

stephane_2

Even just £2000, it is not the loan amount which is going to cause concern to a lender but your income. No responsible high street lender will provide a loan to someone who brings home £300 per month as income.

tom_smith_2

I would pay it back over 5 years

which means I would pay like £80 a month