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Loan vs Overdraft, help!
Hello,
I was wondering if anyone could give me some advice about this.
I am self employed and also a part time student, trying to make ends meet and am currently living in my overdraft. My course fees are £200 a month, which is what constantly puts me in trouble and I can't save.
I need to extend my overdraft again by another few hundred so I went into the bank. The lady I spoke to said that I would be better off getting a loan from them, as I would be out of the overdraft and could make monthly repayments over 2 years.
It would give me a buffer, but I'm nervous about taking out a loan, does anyone know what is best?!
Thank you in advance!
I was wondering if anyone could give me some advice about this.
I am self employed and also a part time student, trying to make ends meet and am currently living in my overdraft. My course fees are £200 a month, which is what constantly puts me in trouble and I can't save.
I need to extend my overdraft again by another few hundred so I went into the bank. The lady I spoke to said that I would be better off getting a loan from them, as I would be out of the overdraft and could make monthly repayments over 2 years.
It would give me a buffer, but I'm nervous about taking out a loan, does anyone know what is best?!
Thank you in advance!
0
Comments
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If you're not able to save anything each month, how would you make the loan repayments?
And without any change in your circumstances, getting deeper into your overdraft isn's a solution. You need to look at cutting costs.0 -
The problem I see is if you can't pay your way out of the overdraft how will you pay off the loan. And what are you studying that costs £200 pounds a month. Could you possibly ask a family member to help you out or get a student loan rather than a proper one?03/26: OD £1200 600 500, CC £3914 3317, family £3100, loan £5618 5306 5036- total: £13832 12323 12003, mortgage £58,243 £57,766 571140
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How much do you earn being SE ?0
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