obtaining 1st loan with masterloan 5.9% apr

katy123

Hi, trying to get my first loan with masterloan (part of barclaycard) but just realised need to call them up for the application. Just wondering if anyone can shed some light as with the application process.

do they require proof of income. I only have salary of a little above 10k. i am after a 10-15k loan for spending on new car and travelling the world. I am after a unsecured loan as i don;t have a property. And, is it really true i can get the 5.9% rate?

Thanks

Katy

CLAPTON

i would suggest that no lender will let you borrow an unsecured amount greater than your yearly take home pay at any interest rate.

How do you intend to repay the loan especially if you are travelling the world?
And why do you need a car if you want to go travelling.

i would suggest you save up for the trip (maybe get a second part time job) and forget about the car.

Phantom_Flan_Flinger

As stated on the website

How much we lend depends on our assessment of your circumstances. To apply, you must be 18 or over and a UK resident. Rates may vary according to a combination of factors which we consider to set your personal loan rate for you including past credit repayment history, your past account history and other personal details.

For a loan that high, they will more than likely require proof of income and with your circumstances, I doubt you'd be offered their best rate, if at all for the amount you want.

I'd look at other alternatives, as Clapton has mentioned.

CHR15

Sorry Katie but you sound like you will soon be in the Debt Free Wannabe section with debts around your ears!!

I earn four times your salary and I wouldnt take a loan that size out for those purposes.