Please help!!

CLAPTON

Zain1234 wrote: »

Go over my posts and you will get it. I will repay from the money I earn.



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I understand maths and your post doesn't show how, year on year you make the repayments

Zain1234

CLAPTON wrote: »

I understand maths and your post doesn't show how, year on year you make the repayments

I apologize if that sonded kind of rude

ok so i will be earning £1600 a month on average for 8 months and then the uni starts so i will earn £1000 a month. During the academic year I will earn £1000 a month and when I graduate my salary will go back upto £1600 a month or more.

I did the HSBC online loan calculator and it says I have to pay £216 or so a month over 3 years. Considering I will earn over £1k a month for the next 3 years at least, paying back that loan at that rate shouldn't be a problem. I live with my parents so I don't pay rent and they help towards my other expenses as well.

I hope that makes it clear. otherwise i might just have comprehension issues

Andystriker

Can you not save up the £7 to £8k and then buy whatever you need this money for then?

This may take a few years but surely this would be your best option?

Hax

Errr - as you live with your parents and your outgoings are next to nothing, why don't you just save for whatever you want? With an income of £1600/month and negligible outgoings, you could probably save £1200/month and then combine that with the £2K you're owed and within four months, you'll have the £7K you're after.

As for your assumptions that you are guaranteed to be earning over £1K/month for the next 3 years, I would urge you to not count your chickens. Nothing is certain these days. And (IMHO) you would be well advised to take advantage of your current situation and maximise your ability to save for what you want.

Apples2

So you are in your third year of full time employment during your gap year??

People borrow from friends because they are skint, they have no money. How sure are you they can simply repay you at a moments notice?
If they can, why haven't they?

We're all a bit rough around the edges on here and see this everyday, we mean well but can come across as interfering, there is a more than likely chance you will not see the money back from your friends.

I think you should concentrate on getting that money back from your friends and reassess your needs once you know what you have.

Please keep us nosey ones updated into your progress getting your money back

bouncydog1

Just a question - what do you need the loan for? Is it a car and if so have you factored in all of the additional costs? If not, then it seems madness to borrow this amount of money when, as others have pointed out you can save up (and think of all the interest you will be saving). You have also said that your parents will help you out but will you need extra money perhaps at Uni if your fees go up? I think you perhaps need to think through and give a little more information so people can give constructive replies.

Star1

Hi

You say that you have never borrowed money before - that might work against you if you haven't had a chance to build up a credit rating. Have you got a credit card? It's definateely worthwhile getting one and setting up a direct debit to pay the full balance each month to build up some credit history.

In the meantime, I would suggest trying your own bank for a loan, because they will look at your history of managing your account as well as credit ratings.

If you want to apply for the cheapest loan, look at best buy tables but be careful because too many loan applications at the same time can have a negative impact on your credit rating.

What do you want the loan for and how quickly do you want it? This can impact what people recommend

Good luck

emz0801

Hi, just because the advertised rate is 7.5%, it doesn't necessarily mean you will get that rate (read the small print). The rate is decided on application (certainly with HSBC) and you would need to have your salary credited to an HSBC current account.