Temporary job - Can you get a loan?

jonneth

Hi all,

Hopefully someone will be able to answer my question.

My friend needs to borrow about £7k as he wants to consolidate all his debts into one monthly payment as he is strugling to pay back the money. He was made redundant from his last job, and has been temping for about 6 months. Will banks etc lend to people who are temping? Or do you have to have a permanant job?

I have tried looking on a few banks websites and i can't see anything about temp workers, just that you have to have a bank account which accepts direct debit.

Any help would be appreciated, and i think it would make his day if he could get a loan whilst temping.

zppp

jonneth wrote: »

Hi all,

Hopefully someone will be able to answer my question.

My friend needs to borrow about £7k as he wants to consolidate all his debts into one monthly payment as he is strugling to pay back the money. He was made redundant from his last job, and has been temping for about 6 months. Will banks etc lend to people who are temping? Or do you have to have a permanant job?

Yes, because if the loan is more then his contract length and he is not kept on, he won't be able to meet the repayments.

fleagle21

zppp wrote: »

Yes, because if the loan is more then his contract length and he is not kept on, he won't be able to meet the repayments.

On the flip side, he'll then only owe one debt instead of several, and if the overall monthly payment is lower he'll be more likely to meet it than a higher one should the work dry up. Just a thought.

marmitedog

Entirely depends on the circumstances, but generally no.

I am a contractor, with no job security whatsoever, but managed to get a loan. I'm a qualified accountant though; it will be more difficult the more "casual" the temp work is.

Wutang_2

jobsbox wrote: »

It does not really matter what your employment status is, what matters is your ability to repay the loan. Generally if you are employed on a permanent full-time contract you are ina better position to repay a loan but this is not always the case.

Laurence Doherty
*************4u.com

Is there any reason you have included that really dumb looking website link to your response?

PNPSUKNET

its not responsible lending, so doubt it