£10,000 loan

paul2468

A friend of mine wants to borrow £10,000 for 11 months and pay it back in full at the end of this period, he said his credit rating is very good but he does not want to pay anything back until
the end of that period....... he is due a lump sum next May and wants to pay it off then....any ideas ?

pjread

what for.... 0% credit card might be an option, if his credit is truly "very good", although 10k isn't a small limit these days so would need some good history.

~Beanie~

Even on a 0% credit card he is going to have to pay the monthly minimum amount, surely?

I can't see anyone lending him any money, never mind 10K, without expecting monthly repayments.

Hazzinho

If he has good credit he'll earn enough to pay monthly payments. You can't borrow that much and not pay anything for a year.

HappyMJ

paul2468 wrote: »

A friend of mine wants to borrow £10,000 for 11 months and pay it back in full at the end of this period, he said his credit rating is very good but he does not want to pay anything back until
the end of that period....... he is due a lump sum next May and wants to pay it off then....any ideas ?

Tell him an option is to borrow £12,000 instead and use the £2,000 towards making the monthly repayments for the first year.

When the lump sum comes through then pay off the remaining balance which should be about £10,000 on a 5 year unsecured personal loan.

paul2468

HappyMJ wrote: »

Tell him an option is to borrow £12,000 instead and use the £2,000 towards making the monthly repayments for the first year.

When the lump sum comes through then pay off the remaining balance which should be about £10,000 on a 5 year unsecured personal loan.

Never thought of that...may cost him a bit but if he wants it that much he will do it...cheers

lynz68

While your friend may have a good credit rating are they in employment?

Is any current borrowing more than half their income?

They are not going to get a loan that will give them a payment holiday until next May. Can they afford the repayments?

Hopefully your friend hasn't asked you to borrow the money for them under a promise of paying back next year if so don't do it.

Tixy

Where is the lump sum coming from?
There may be loan options suitable depending on where it is from.