Apple loan

BrookesAndrew

Hello all,

I applied last night for a 999.00 loan of Apple to I could get a Mac Book pro for my studies and also to help me with work. I did get rejected but I am thinking of appealing it.

To give you some back ground information. I am 18 years old. End of june which is when I became 18. I earn 14,000 a year. I started my job in May 2013 and I have been living in my house for 4 years and 7 months. I have one credit card at the moment. I have only had it for a month and my last statement was for a pound which I paid off in full. I did spend a 100 pound on it that month but I paid a lot of it off before my statement date. For the next couple of months I am just going to pay it off after my statement date so it does look like I am using the card.

I have a phone contract as well which I am up to date on and haven't made any late payments on that. I have a lot of free money because I am living at home. I pay my mum rent and things but I still have a lot of money left over.

Shall I appeal the decision? Do I have a strong enough case?

Thanks!

Clive_Woody

Pretty sure that the decision will be automated and you will not be able to appeal the decision.

As you have only recently turned 18 you will have next to no credit history for them to assess the risk of lending to you so I would expect most loan companies will do the same if you apply elsewhere.

If you have lots of extra cash I would suggest saving up or try bank of mum and dad.

gb12345

I think you'll be wasting your time.

From the look of it you don't have any credit history as you've only had a credit card for a month. You need to be building up around 6 months credit history (preferably a year) to show to lenders that you can handle the credit.

Either consider a cheaper laptop (does it have to be an Apple?) or save up your spare money for a few months and buy it with cash.

MEM62

BrookesAndrew wrote: »

I have a lot of free money because I am living at home. I pay my mum rent and things but I still have a lot of money left over.
Thanks!

Then buy it outright. Job done!

19lottie82

You only have 2 months credit history. I expect that is why you have been declined. If you really want it I would sit tight, keep using your credit card as you have been and try again when you hit six months.

BUT if you have plenty of spare money as you say, you could have saved up for it by then, which would be the more sensible option.

John1993_2

If you can't afford a new one, then maybe you'll find something in the refurbished section. You will be getting something that sh oudl be as good as new, for a reasonable saving. A macbook Pro, for example, can be had for £850 there at the moment,

http://store.apple.com/uk/product/FD101B/A/refurbished-macbook-pro-25ghz-dual-core-intel-i5

Which is a saving of £150. They also come up on eBay pretty often, or in the secondhand electronics shops that seem to have sprung up in recent years.

To be honest, £1,000 seems like an awful lot of money to spend on a shiny new computer, when your wages are so low. I'm a mac user myself, and think that they are worth their cost, but I'd need a very good reason to justify buying the latest model brand new when there are other options.

BrookesAndrew

Thank you for your help. I think I am being a bit impulsive and really I should do the sensible thing and save up the money. I have always wanted one and I think it would be a good investment. Thanks for your help everyone.

dotdash79

John1993 wrote: »

To be honest, £1,000 seems like an awful lot of money to spend on a shiny new computer, when your wages are so low. I'm a mac user myself, and think that they are worth their cost, but I'd need a very good reason to justify buying the latest model brand new when there are other options.

they are a lot of money however the resale value after 3 years is still quite high (about £500 - £600 for a £1000 machine) and they will last about 5 years before you need to look at replacing them.

I see mine as a bit of investment. But I paid cash for it.

TadleyBaggie

They have refurbished 13" MBP models (just as good as new) available for £849. Apple finance is done via Barlclays/Clydesdale BTW.

sharp82

Good computer - Yes
Overpriced - Probably
An investment - Definitely not

Clive_Woody

Don't get me wrong Apple make some fantastic products but for a hell of a lot less you could get a very high spec windows laptop.

I've got a Google Nexus pad, my wife's got an iPad. For many things her iPad is better, but I can do everything I want and more on my Nexus and I am really pleased with it, it's a great piece of kit. The couple of hundred pounds I saved was very welcome.

If I was 18 again and had £1000 to spend and wanted a computer I would get a decent windows laptop (£500) and spend the rest on going on holiday with my mates and having a brilliant time.

At the end of the day a computer is a computer and there's only so much you want to do on it before getting bored.

I'll stop there as I am starting to sound like a wittering old bloke....:D