Need a loan of £10000. Possible?

DCFC79

COMB wrote: »

Im 20 years old. Ive had a loan with littlewoods for 2 months and made the minimum payments each month. Ive had a credit card with capital one for 3 months and made payments each month.

I was unemployed until a few days ago and Ive found work at £17.43 an hour, working nights.

I can make £5000 in 10 weeks working overtime.

In 10 weeks time, will I be able to get a loan of £10000 ?
If not, how long do I need to work before I can get a loan?

Thanks

So is just the 1 credit card ?
No other debts ?

Whats your salary then ?

chrisuren

dealer_wins wrote: »

"I want what I want, and I want it now or Ill cry and stamp my online feet"

Basically.

People see loans as the easy way to get something, like they want this, but they don't want to have to wait for it. So they get a loan and end up paying for something for a lot longer than they would have if they'd just worked for it.

Trust me, If you work hard for whatever it is you'll spend the £10,000 on, you'll have a lot more respect and/or appreciation for it than if you just took out a loan for the money.

Milliebob

Also, if you apply for a personal loan, regardless of your time at job, income, credit history and other debts- if you say it's for business purposes it will automatically decline.
There's only 3 things you cant get a personal loan for, and they are gambling, mortgage deposit and business purposes.

quantic

Wouldn't you just get a 5k loan, rather than pay off 5k on a 10k loan

dtsazza

COMB wrote: »

Thanks guys, the loan is for investing in a business. The business is already kicked off and bringing in money nicely. I just need £10000 to £15000 to invest in stock

If it's for a business, why not approach the bank for a business loan instead?

That wouldn't depend on your own personal earnings, but on the validity of your business prospects. And if your business plan is as bulletproof as you seem to believe, I'm sure the bank would be happy to loan you the money and share in your success.

DCFC79

quantic wrote: »

Wouldn't you just get a 5k loan, rather than pay off 5k on a 10k loan

Well you would think that would be the sensible idea.

DCFC79

COMB wrote: »

Thanks guys, the loan is for investing in a business. The business is already kicked off and bringing in money nicely. I just need £10000 to £15000 to invest in stock

So why not buy stock with what you have in the till ?

Then sell sell sell

and buy more stock to sell sell sell.