On benefits need loan

pevonia

Hi I need around 5k loan to decorate, new carpets and washing machine also needed. My benefits are high DLA middle care component. Also ESP, my mortgge which I pay all myself is 555.00 per month do you think I could qualify and which bank would bould I better approach. I should have said using sisters thread today.

Many thanks

[Deleted User]

I belive some lenders may class it as income. How much does it amount to annually?

HappyMJ

Could you approach your mortgage provider and ask for a further advance on your mortgage?

pevonia

Around 7k annually is this a problem

gb12345

pevonia wrote: »

Around 7k annually is this a problem

Assuming you can find a lender who will accept benefits as an income, (which is your first problem). They are not going to give you a 5k loan with a 7k salary.

As a rule of thumb, lenders will normally consider a maximum of 50% of your income.

Brock_and_Roll

The only thing you really NEED is the new washing machine - all the other items can wait until you have saved the cash. I recall living quite happily in a house without carpets for over 10 years as a child/teen(albeit I was constantly spiking myself on the gripper rods which had optimistically been put down during more solvent times!)

Chai_2

A loan is the absolute last thing you need.

Have a look at places like gumtree where some paint shops give stuff away or freegle (sp??). As said above the rest are things you can save up for without adding more financial pressure to your situation.

worried48

Decoarating is not a necessity nor anywhere near it. Neither are carpets. We have not decorated since we moved in 11 years ago (and it was very bad then) and we only have carpet at all on the stairs landing and hallway. In fact we haven't had a washing machine for at least four years either, though I do know launderettes are not easy to cope with if you have mobility problems.

Hang_Tight_Harry

Decorating is most definitely a want rather than a need and I would advise against getting any loan.

Save hard, using the money you would have used as repayments and you should be able to save for a brand new washing machine in a couple of months (based on a £5k loan @ 10.9% APR paid over 3 years).

As others have said, you'll not get a £5k loan on an income of £7k anyway.

DCFC79

I agree with the others, the only thing from your list that you DO need is a washing machine.

AFK_Matrix

And if you go on freecycle or what ever it's called now, freegle?, you will get one for free.