Wanting to get a loan...

inmypocketnottheirs

bouncyd!!! wrote: »

TrueRaver wrote: »

The reality is likely to be very different from what you perceive. And in answer to your original question - no there is no way you are going to get a loan as any lender will want to ensure that you can pay it back.

This is like borrowing to save up!!

saker75

KingElvis wrote: »

Make sure you get a flat with a closet.

Thought this was unnecessarily homophobic.

onlypaddy

saker75 wrote: »

Thought this was unnecessarily homophobic.

Really?

To me it looks like advice as to where to store clothes...

michael1983l

I remember being 18 once, I had an aweful lot to learn, I still do 10 years later. Doesn't mean that along that path of education that I should be riddiculed for it. You ought to be ashamed of yourselves those that have choosen to make the poor lad think he is an idiot. He is just inexperienced, and sound advice without the riddicule would have helped him see his mistakes whilst leaving him with the confidence to come back in the future to ask more advice. Now he probably won't bother which may mean he makes a silly mistake or two thanks to you lot. You all must have short memories as everyone was 18 once.

quantic

My advice to you would be to take a step back and realise that maybe your situation at home is not as bad as you might think at this moment in time. I went through a similar thing when I was 20, moved out without really thinking about it properly, lived on very very little for about 2 years while renting a flat, and then actually moved back home after realising how good I had it.

One side of me wishes I had just saved up the £660 a month in rent for those 2 years instead of moving out because I wanted to be out of home so bad. But on the flip side, even though I was absolutely skint, and moved back home with much much less then I left with, I wouldn't change the experience for anything. It made me learn the value of money a bit more and even though I was scraping by I had some great times.

Ignore all of the people on this thread who have belittled you, there is nothing wrong with having aspirations to better your situation, even if they are approached with a naive mind. My advice to you would be to save up a little bit before you move out, so that you have a cusion to fall back on, but don't go borrowing any rent, otherwise you will be back at home in 6 months time with 2/5k debt, (the place you wanted out of to begin with), with no hope of moving for a while.

JasX

Both in full time employment, are you paying rent at the moment? if not you should have no trouble saving up enough to move out. Ditch the idea about paying rent upfront, pay it monthly like anyone else -how on earth is it less worry to pay rent monthly rather than take out a loan and need to pay the same amount as rent plus 8%, 16%, 30% interest on top? thats just setting yourself up for failing unless you really do have more money than sense in which case its still pretty dumb.

Get on property websites and look at what you might need monthly to rent the kind of place you want.

Rent FURNISHED you won't need a big chink of money to set the place up that way that way

all you'd then really need is say £500 deposit up front each for a deposit and perhaps the same again for contingency, if the situation really is desperate stick those initial expenses on a credit card (with £600-700 limit each, should be possible to get). will be expensive doing it that way so check you can comfortably afford to pay the initial costs off quickly then STOP using the card and/or pay it off in full each month or again you'll be shovelling your spare cash on interest payments and setting yourself up to run out of cash sooner rather than later.

ideally do an SOA (see elsewhere on here) to check you'll be able to afford things under the new living arrangements and not be x hundred short each month.

if renting your own place looks unaffordable perhaps look on flatshare sites and rent a couple of rooms in an apartment rather than a whole place -thats what alot of other people, even professionals, in their early 20s are needing to do these days and can be quite fun/sociable if you find like minded people to live with.


Also think aabout what you both are planning to do over the next year or so and is that compatible with being lumbered with property (ie are both jobs secure, either of you planning on going to uni/travelling, moving to a different city etc etc)

Locana

saker75 wrote: »

Thought this was unnecessarily homophobic.

Is there ever a time to be neccessarily homophobic?

KingElvis

saker75 wrote: »

Thought this was unnecessarily homophobic.

Ohhhhhh matron, whoops vicar etc etc :rotfl:

onlypaddy

OP, I am not part of the 'all we want on here is love and hugs' parade, so i'm going to give you my opinion straight also

Taking a loan to pay for rent is simply insane.

Instead of having the rent to worry about on a monthly basis, you will have the loan repayments - AND the rent, after the initial upfront payment runs out. And, you will be paying interest on it.

Also, you will be financially linked with your friend as you will have a joint loan, so any missed payment or default will screw both of your credit files.

If you are absolutely desperate to move out, the only sensible solution is to save a deposit and pay the monthly rent. Have you done all of the necessary calculations as to whether you can afford it? Remember it is not only the rent, there is also the other bills - Gas, Electric, water, internet, phone, TV licence, council tax, food shopping etc etc.

You need to really sit down and go through both of your income and expenditure and work out if you can afford this. And definitely, defintely don't take out a loan, I can guarantee you will rue the day!

andy208833

I had the same problem, fed up with living at home so i joined the armed forces...bit extreme maybe but you get a bed and fed everyday for 22 years.....