£40,000 loan, what to do, advice please

sissy_2

Hi all,
I have a friend thats got herself into a mess, I won't and can't go into detail. Basically she needs £40k. Where is the best place for a loan/loans? Should she get one loan or more? She could afford to pay £500 per month. Her mortgage is only £300, I told her about re mortgaging, but she says this is not an option. She has come to me for advice, but unfortuneatly l'm not a financial whizz. If anyone can offer advice I would much appreciate it. Sorry if this is posted in the wrong place. Look forward to any replies. Thank you in advance

liz105

Its really almost impossible to give you advice without more detail.

Can you tell us anything so we can try to advise?

sissy_2

Sorry unfortuneatly not. It would not be prudent to give out any further information.

Gemmadm

Hi it depends what her credit is like. Has she already got any credit as £40,000 is alot. I'm not sure you could get this from 1 lender. The best way would be secured or remortgage but she would prob end up paying more in the long run. If it is for consolidation i would recommend CAB or CCCS for some advice. Hope that helps a bit but as above, can't really say much as don't know the circumstances. Good luck.
Gemxx

tom188

Out of the question I would say.

Firstly unsecured loans will not generally go beyond 25000.

Even if you could get that amount -
Secondly the repayments would be too high, for the maximum seven year loan at least £600 - 700 per month.
Thirdly you would need a very high income to be given this sort of income.

There are more reasons.

The options could be secured loan, remortgage or save.

sissy_2

Thanks for the quick replies guys, sorry I can't give more information which l am sure would help more. xx