Is it possible for me to get a loan advise needed

Claireybear

I am looking to take out a loan for £10,000 in about a month or so time for an operation i am having done privately. The only problem is i have been off work sick and at present am unemployed and disability living allowance and other benefits so i would be able to pay for the loan.

The only thing is i dont know if i can get a loan i have tried typing in my details on a few quotes but it says i am bot eligable because i am unemployed, does anyone have any ideas.

As a last resort my family have agreed to take a loan out but i would prefer to take it out myself!!! any ideas would be very helpful

mrcow

Claireybear wrote:

The only problem is i have been off work sick and at present am unemployed and disability living allowance and other benefits so i would be able to pay for the loan.

Sorry but.....

I can't see it happening I'm afraid.

Would you lend money to someone who didn't work? You're getting benefits right now, but these can be stopped at any time and lenders won't class it as income. Lending money is a risk assessed business.

Seriously not trying to be nosey here, but can you not get this on the NHS? Is it necessary surgery? Or non critical?

Claireybear

Thanks mrcow no cant have the operation on the nhs the only option is to go private! So you think its hopefully even goin to the bank and tryinG? I do have a guarantee that i will get the same amonts of benefits until 2008!

mrcow

It's worth a shot, but I really don't think that they will.

If family members have offered the money, then maybe the bank may help if you have someone offering to guarentee the loan.

My worry is that even if you do find a lender willing to lend you the money, you are not going to get a competitive rate for it and are going to get ripped off (and if you're on benefits, that's the last thing you need). I'm worried that you're going to end up with one of the second rate lenders onthe market (you know who I mean) and end up with a binding but bad value agreement.

I'm also worried as the money is for an operation, and so you are already emotionally involved in spending the money. I'm worried that this could mean that you make an emotional rather than practical decision over a loan offer (even if it's not a good one).

Perhaps try with your bank, but if family have offered to take the loan out for you already, then I think it could be your best option (although I don't like the idea of borrowing off relatives either, especially if their circumstances change and they need the money back as it puts you in an awkward position).

Usual advice applies though, make sure you're getting a competitive quote, and come back here and post details of any offers before you sign anything.