Phone contracts for loan

DCFC79

That plan sounds like madness OP, whats the urgency with the loan ?

fozmcfc

The amount of phones required in this case make it a complete no no.

But, I have often thought that it is sort of workable if someone required say £400 and couldn't pay it back over a month.

Get a phone on contract, then sell it for £400 then pay back the money over month installments as such as the contract.

Ok so the interest is sky high, but say you got a good deal on the phone, where you got it for £30 a month over 2 years, the total cost would amount to £320 over a 2 year period.

With cashback offers it may be possible to reduce the total amount further.

If someone is desperate for £400 and can afford say £30 a month and there is no other way around it, I don't believe it's a complete no no.

chanz4

I doubt you will even be approved for 10

MonkeyMad

Assuming you intend paying the contracts back, for this to work don't you need to sell the phones on for a total of £4000 more than you get them for? Which would imply that you would need to find 10 inmates in the same asylum who didn't notice they could get the phone cheaper by going direct?

Unless you think it is a good deal to borrow £4000 and pay back £11000 over 2 years?

dfw123

Hi, I think people are being very harsh on here! Although I have to say this is a bit of a strange idea, and I don't think it would work, you wouldn't get approved for 10 contracts.

Perhaps you should make an appointment at your bank with a financial adviser - its usually free with your own bank - and discuss options with him/her. If you have a family member or close friend with good rating you could perhaps ask them to be a guarantor if one is needed.

Good luck & keep us updated

Eonel

The £46 per month (per phone) probably includes about £16 per month for calls and texts. You would be totally throwing that money away - so it is very far indeed from a cheap/free loan

heathcote123

KDotHQ wrote: »

Hi, I'm 19 years old. I've got no credit history. I applied for a loan of £4000 a week ago but got denied.

I really need the money so I was thinking if I took out 10 iPhone 4S contracts for £46 per month I would be able to sell off all the phones and use it as a 24 month loan.

£46 * 24 * 10 = £11,000

Would this be possible?

It's a brilliant idea, apart from the bit where you go bankrupt 3 months later and then go to prison for fraud.

You need to think bigger - get 100 contracts, and I'lll give you £100 each for the phones.

jacquie_sullivan

not being computer literate, cannot find how to post:j

_Andy_

jacquie_sullivan wrote: »

not being computer literate, cannot find how to post:j

Erm, you just did?

_Andy_

We've seen some superb threads already in 2012 but this is one of the best.
I still miss asbokid though