Loan or overdraft?

JJ99

Basically i need £3000 to go away. Its a last minute decision to go thats why i need the cash. Ive done a bit of research, the full 3000 from a loan is about 85 quid per month over four years, with an apr of 9.4%.

Heres the catch.... Im only 21 and only have 12 hours per week contracted work in a supermarket. In saying that though i do 40 hours a week overtime. Ive a good credit history never once being in the red.

Any advice would be helpful

Cheers

bouncydog1

Is this to go travelling or a short break? If going travelling then you need to plan properly, budget and save. If a short break - £3k:eek:

On your income you will struggle to get a loan and if you need an overdraft your bank will see that you probably cannot afford to repay.

JJ99

Travelling, I'm saving as of now for spending money etc. I would be able to repay in reality but I understand that the bank would be wary.

Tixy

If you are going travelling how are you still going to be earning enough to make your repayments each month?

As bouncy says you will probably struggle to get a loan or overdraft for that sort of amount.
What other credit accounts do you have or have you had? Do you have any debts currently?

JJ99

Id leave enough in my account for the repaymnets over the five months. No other credit accounts, Ive been with the same bank for last ten years and have no other debts, like i said in an earlier post Ive also never been in the red before. Actually ive a student loan for fees of £1000.

JJ

paulmcerlean

I dont think you will get a loan based on your annual salary / age / credit crunch times.