Will I be accepted for this Tesco Loan?

TheMartyr

monthly repayments would be £166.94 over 10 years for a £15,000 loan. I will start a new job in about a weeks time and earn £1200 a month. As I live with my parents im only spending about £120 a month outgoing expenses, no other costs from my wage bill. So as you can see I could easily pay off the monthly repayments. The loan is for education I am NOT elegible for a student loan as im going to study abroad (next year.) even though I need to apply for the loan now. My credit history is clean, i have never attempted a loan before or been in debt, but don't have much history even though I have signed on the electoral poll and pay for my new mobile contract membership each month. The guy i spoke to on the phone said people with not much credit history can still be accepted. Do you think my application will be accepted? Thanks for your help

arbroath_lass

No, sorry. You're asking for too much compared to your salary, over too long (does anyone do unsecured loans over 10 years?), you have no credit history and you've not been in your job long enough.

How will you pay it next year when you are abroad? Defer going abroad by a year. If your outgoings are as low as you say you'll have £12,000 saved up by next year and another £12,000 by the time you go so you'll not need a loan.

opinions4u

Time in job - short.

Living with parents - doesn't have the responsibility of property ownership.

Purpose of loan - to swan off on some overseas course leaving behind any UK responsibilities. Including termination of employment.

Amount of loan - large.

Term of loan - long.

Don't expect success.

TheMartyr

considering my outgoings I dont understand why. Tesco do loans unsecured loans over 10 years as long as its 15k minimum. Actually I remember on the phone guy did a credit check and he said it was average/normal, even though i havent had any credit cards ever ive been on the electoral poll. My parents will help me pay for it when i go studying. When you said defer, I will actually need £5000 more for my own studies from my wages plus the loan. I don't want to live at home for an extra year and work full time for 12 months either. I need to move out of here had enough lol!

Fruit_and_Nut_Case

TheMartyr wrote: »

considering my outgoings I dont understand why. Tesco do loans unsecured loans over 10 years as long as its 15k minimum. Actually I remember on the phone guy did a credit check and he said it was average/normal, even though i havent had any credit cards ever ive been on the electoral poll. My parents will help me pay for it when i go studying. When you said defer, I will actually need £5000 more for my own studies from my wages plus the loan. I don't want to live at home for an extra year and work full time for 12 months either. I need to move out of here had enough lol!

You've been given good advice by a couple of Forum members but ultimately only Tesco can tell you for sure.

TheMartyr

once I get the loan it doesnt matter if im employed though as long as I pay it back. Tesco will only know the loan is for education nothing else

arbroath_lass

TheMartyr wrote: »

I don't want to live at home for an extra year and work full time for 12 months either. I need to move out of here had enough lol!

Without wishing to be too rude, welcome to the real world.


No-one, except possibly your parents, is going to lend you £15,000.

Caz3121

debt to income ratio is normally 50% as a a guide. You are going to start a job earning around £15k and then want to immediately borrow a years salary!

DCFC79

Why not defer for a year whilst working for a year and save up as much as you can to put towards this education.

Apologies if its not the reply you were expecting.

shop-to-drop

Your plan is totally unrealistic.

If your parents are going to make the repayments for you when you are away just save what you can ahead and then allow them to give the money direct to you while you are away, cut out the middle man and the interest. Or if they can't do that perhaps they would take the loan out when the money is needed.

jonesMUFCforever

OP Will you be living with your parents for the next 10 years?
The answer is probably no and might not even be down to you lol.

For someone in their first job earning £1200 per month (is that gross or net?) trying for a personal loan for £15k over 10 years is totally unrealistic.

Sorry this is not you want to hear but if you don't believe us please go ahead and apply.