Loan Advice

averagejoe231

Hey,

I am looking to get a loan over the duration of 6 months for around £24000. My credit history is quite good. I'm just here to ask whether I would be better off to go to the bank and try and get the loan. Or would I be better to go to an alternative provider?

Kind Regards,
Joe

AndyT678

Conventional wisdom on the loans board is that you can generally borrow a maximum of about 1/2 your salary so assuming you have no other debt and income >£50k it might be possible.

Your bank would be a good place to start since they have an existing relationship with you.

I'd guess your options are look for a long term loan and overpay it at 6 months or look for more specialised bridging finance if that's more applicable to your needs. Assuming that you don't want to make £4,000+ repayments each month.

You could also try this. https://www.moneysavingexpert.com/eligibility/loans-calculator/ I've never used it so don't know if it's any good.

averagejoe231

Hey Andy,

thanks for the advice, it's much appreciated

I will check out the loan calculator now. Thanks again!

Kind Regards,