Loan quote check?

sarahh123

Hi all,

Im looking to apply for a loan to consolidate my debts, and if possible help me cover wedding costs.
Does anyone know if companys are able to do a credit check on you and then advise what they are able to lend you rather than giving them a figure that might be too high?

I dont want to apply for too much if its unreasonable or too little of I could potentially get more

So really Im hoping I might be able to get a loan quote from a lender?

Thanks in advance for any advice

Sarah

paddyrg

Hi Sarah, will depend on your outstanding credit and salary. Typically your total credit will never go above 50% of annual salary - earn £15k, max £7500 available credit. If you have credit cards with £x000 limit, even unused, they will see you have £x000 available credit, so a £3500 card limit on £15k salary would mean the most anyone would lend you, with no other debts, CCJ's, hire purchases, etc would be £4k

I would with all my heart advise not taking loans for a wedding - it is just one day, you have the rest of your lives together and don't want to strain the marriage with unnecessary debt early on! And if you're wondering "how much can I borrow?", it suggests you would start married life stretched to the limit - what then happens at the first unexpected bill (MOT on your work car, or a baby on the way, etc)? You end up forced into the hands of the 4-figure APR payday loan companies. Please think long and hard before making any applications at all!

Tupperware_Queen

dear Sarah,

please please do not take out a loan of any type to pay for a wedding. As Paddy says, its just one day, and to start your life in debt is not a good omen.

When I got married we had very little money, we called in favours from friends and family, and we ended up with a lovely day at very little cost. My parents paid for our wedding night in a nice hotel, and my grandma gave us some money for a modest honeymoon.

A good friend of mine got married last year, her mum borrowed nearly 10 grand to pay for it - the husband is now living with another woman and left my friend in a right old mess financially, and with a moral obligation to payher mum back. I'm not saying that will happen to you, but its just a warning of what can happen.

As for your other debts, sit down and work out what you can afford to pay, and get them under control so you can get married life off to a stable start.

good luck

KingElvis

If I needed to consolidate exisiting debts the last thing I would be considering in borrowing more money for a wedding.

dresdendave

I would just like to reiterate what the above posters have been saying, don't borrow any more money to pay for a wedding. Much better to read the weddings article in the family section on this site, it's full of great tips on how to cut the costs of weddings but still have a great day. I hope you have a wonderful time but don't burden yourself with more debt just trying to impress people.