Unsecured loan newbie

edinburghian_2

sammyjammy wrote: »

So first of all you need £25k then half of that will do. You earn 25k and don't pay rent or for food or buy your own clothes?

The fact you have no credit card or any bills in your name doesn't do you any favours on the credit scoring front, if you choose carefully you might be able to find someone to lend you 10K.

I earn the same as you and in your situation I could probably save around £1400 a month if i really needed to, do that for the next 8 months will take you to August and you'll have £11,200 plus interest, take a risk and put it in a stocks and shares ISA and you could have a whole lot more!

Thanks for this advice. This is the most useful advice so far. Or by August I could get a loan to reach my goal amount.

edinburghian_2

ILW wrote: »

Why will the NHS not do it?

Because I am going to some of the best surgeons in the world, most in the USA, some in Harley Street. The NHS doesn't normally do elective surgery.

Hax

As has already been said, you've little to no chance of getting a loan for anywhere near this amount. Saving would be by far the best plan. Failing that - what about your parents? Could they help you out?

I'm sure you have some strong reasons for choosing to undergo the risks of surgery - nevermind being willing to pay the extortionate costs associated with it.

However, before you look at taking on such a huge amount of debt - have a read through these forums - in particular the Debt Free Wannabe section.

Take note of the stories of others who are now struggling to meet their financial commitments. Do you fully understand what it will be like to have such a large financial burden?

This debt could be with you for the next ten years! I know you hope to pay it off early - but what if you lose your job and are unable to find another one? Have you thought about this scenario? Who would deal with the debt collectors, etc...?

Derivative

edinburghian wrote: »

Sorry could someone explain this further. If I keep up with my repayments, why will I be paying a multiple of the agreed interest rate?

And why will everything I spend money on increase the interest?

A multiple? 7% APR means that each year a balance is outstanding, you're charged 7% on it.

If you're aiming to repay early, that means everything you buy is going to involve a choice between reducing the interest on your loan or spending it on something new.

ILW

Sounds a bit odd having surgery just for the fun of it. The risks are not just financial.

KiKi

Hi OP

You will be lucky to find a loan for around a third of what you're looking for, I'm afraid. If you have a bare credit history (and forgive the assumption, but it sounds like your parents pay for most things so you haven't needed to have credit) then you are a huge risk for any lender, especially as you're only in your first job. If you have no credit history, you may not get a loan at all. (Mobile phone contracts? Interest-free credit agreements?)

Your only option is to borrow from your parents, save like mad, and get a loan for a smaller amount. Remember, that too many loan applications look bad on your credit report and will adversely affect you; choose which lenders to apply for very carefully.

HTH
KiKi