Tesco loan...a yes or a no?!

tell_it_how_it_is

I think Tixy's existing answer is the way to go - NW soft search, then perhaps go through with and apply for that, or consider her applying with who she banks with, as they will have a good account of her money managing history.

Either way, I'd suggest the maximum to ask for would be in the region of £5-8K, though I think most of us would be surprised if in her circumstances she was to even get that. But if she does, don't forget, it's a lot of money to be paying back for quite a long time.

endaf

it made me laugh anyway, so always good! can see how that line could have been misread. meant that i'd push her towards those options instead of the tesco where its extremely likely she'll be refused.
take home is around the £900-£950 mark i think from memory.
it was mentioned previously the reason for the loan might have a positive or negative impact on the decision. anybody know what the positive ones would be?
have found the answers so far though very imformative, never knew the 50% ratio thing with loans!

fozmcfc

Who in their right mind, would even consider taking out a £15k loan on a £12.5k salary and take it over 10 years, yes 120 months!!!

Absolute total and utter stupidity.

endaf

gee thanks for that constructive answer. really appreciate it!
10 years was a thought as Tesco was offering it. she'd probably opt for the 5 year once she's weighed all her options.

BugsyBrowne

endaf wrote: »

gee thanks for that constructive answer. really appreciate it!
10 years was a thought as Tesco was offering it. she'd probably opt for the 5 year once she's weighed all her options.

Why can't people who join the forum just say the loan is for them instead of making out its for their wife or husband etc.

endaf

hmm, i'd guess ive said that because.... it is for my girlfiend, odd that, people telling the truth!
looks like ive tapped out here, all the genuine people who are happy to help a person with a genuine query and will now only get the many "nothing of relevance to say but will still poke their nose in"
to all those that helped answer my genuine query, many, many thanks to you. its has reassured me on what options my girlfriend has & what decisions she can then take.....thank you again

KingElvis

15k on 12.5k is just so totally not going to happen it almost like asking your gal to plan and launch a moon shot programme in your back yard.

plum44_2

Either way its going to be a pain to be saddled with a loan on such a small salary- just read the forum for the endless tails of misery.

Loans are a rope around your neck and to be avoided if at all possible.

Sorry I know its not what you want to hear.

endaf

yeah, im in total agreement with that now ive spoken with some helpful people on here. looks like i'll have a disappointed girlfriend tonight but at least she'll know it s not even worth considering asking for anything near that amount. thanks again

R_P_W

Have to say I agree with Fozmcfc!

If you don't want to share the purpose then that's fine, but a potential lender will probably want to know!

It's your life but I hope you come to your senses (or at least she does) and don't borrow that sum from ANYONE!