$1,000,000 Loan?

kiermcgovern

I'm 18 years old and I have a steady income. The reason I want this is to sit it in my savings account because I get 5% return per year. I wanted to take out the loan and pay back whatever me and the lender agree on as the monthly payment and just use the extra lets say 1k a week to help me with getting myself a car, ect. Is it possible though? And how would I go about asking for such a big amount. And by keeping that 1M in the bank I can pay the remaining of whatever I owe in so many years.

poppasmurf_bewdley

Dream on......

gazman100

In fairness he does have a steady income

dealer_wins

I would not apply for more than $500000 at your age.

fwor

You are likely to get lots of nay-sayers here, but I can guarantee you that none of them have tried it, so what do they know?

Give it a go - take a trip along to your bank, and if they start out giving you a negative response, keep asking to speak to someone more senior - the flunkies on the main desk won't have the authority to deal with that much.

Make sure you get a loan in GBP though - if you borrow in dollars you could be hit badly by sterling versus dollar fluctuations. Of course you could gain too, but it would be an unnecessary gamble IMO.

adindas

kiermcgovern wrote: »

I'm 18 years old and I have a steady income. The reason I want this is to sit it in my savings account because I get 5% return per year. I wanted to take out the loan and pay back whatever me and the lender agree on as the monthly payment and just use the extra lets say 1k a week to help me with getting myself a car, ect. Is it possible though? And how would I go about asking for such a big amount. And by keeping that 1M in the bank I can pay the remaining of whatever I owe in so many years.

Are you for real ??
Is the saving account in the UK or in another countries ? Mind to mention which saving A/C is that ?

In order to get a loan you will need to explain what are you going to do with the money. This could be such as business plan, etc. Also they will ask you some form of security. Do you have any security

I am afraid putting into saving account will not qualify.
Even you got loan fro £1,000,000. Not to mention I doubt if any of saving account in the UK will pay 5% interest, Even you got that, the interest of the loan will likely to be higher than 5%.

kiermcgovern

My australian savings account gives me 5% interest but I just saw what fwor said.

JKSandy

You will only get $1 million on secured loan. Do you have a Rembrandt you can use as collateral?

worried_jim

Is it the school holidays already?

kiermcgovern

Don't really have anything I can use. Seems there's a lot of people playing funny !!!!!!s, I'm just a young person who wants to actually do something with my life and who works hard. nothing wrong with that..

poppasmurf_bewdley

Ok, borrow $1m even at 5% interest.

Place $1m into bank account paying 5% interest.

Pay income tax of 45% on that 5% interest.

Result - 45% loss.