Getting a loan problem

CashRequired

CLAPTON wrote: »

so lets see

each and every month a person has NO spare cash at the end of the month (i.e. they use their OD)

they apply for a loan that (say) requires repyments of £200 per month

only a mad bank would lend on that basis

now of course we know there certainly were mad banks but these are fewer nowadays.

I completely understand your opinion on it, some people view overdrafts as people who are always in the red and struggling. I see overdrafts as a facility to be used and if the available credit is there for repayments like loans, it doesn't matter. Like i say, its not like your missing payments or anything, your bank gives you an overdraft and you can use it how you want as long as they get their money.

CLAPTON

CashRequired wrote: »

I completely understand your opinion on it, some people view overdrafts as people who are always in the red and struggling. I see overdrafts as a facility to be used and if the available credit is there for repayments like loans, it doesn't matter. Like i say, its not like your missing payments or anything, your bank gives you an overdraft and you can use it how you want as long as they get their money.

I'm talking about trying to get a NEW loan when already you are fully committed as shown by always needing to use your OD.

Where will the new repayment money come from?

CLAPTON

star-fire wrote: »

Well you wouldn't be applying for a loan in the first place if you could not afford the repayments surely.

looking at that statistics about debt in the UK then obviously not

BugsyBrowne

CLAPTON wrote: »

looking at that statistics about debt in the UK then obviously not

Good point

chalkie99

star-fire wrote: »

Well you wouldn't be applying for a loan in the first place if you could not afford the repayments surely.

I hope that's a tongue in cheek comment because it certainly hasn't been in the minds of many on these boards in the last few years.

drbesty

star-fire wrote: »

Well you wouldn't be applying for a loan in the first place if you could not afford the repayments surely.

Totally agreed, I can't think of a single case of someone living beyond their means on borrowed money.......oh wait

CashRequired

CLAPTON wrote: »

I'm talking about trying to get a NEW loan when already you are fully committed as shown by always needing to use your OD.

Where will the new repayment money come from?

The available credit will be there.

BugsyBrowne

Yeah considered my post about applying for a loan if you can't afford it as a Void answer!!