Fastest Loan??

Newtothis101

Hello all.

As the name suggests I am new to this type of money management malarkey and got myself into a bit of a pickle so wondering if anyone has any expertise to offer!

I am looking to buy a horse this week - I have already paid a deposit of £250 but have £4700 left to pay. As this has all happened rather quickly, I was only able to apply for my loan of £6000 to cover costs this past Friday (it is now Monday). I was approved in principal with Sainsbury’s straight away and then formally via an email on Sunday. However, I need to sign and return documentation and then money will be in my account 3-5 working days. I have not received the paperwork yet, so unless I receive it and return it tomorrow (Tuesday) I am not likely to get the money in time for when payment for the horse is due - this Saturday. Even if I do sign and return the form tomorrow, this would be pushing it as would be dead in 3 days to get the money into my account.

At this point I have 3 options:

Sit tight and hope the loan comes in (if it doesn’t I am *******!)
Borrow the money off a friend (which I feel bad doing but could repay as soon as loan comes in)
OR take out another ‘pay day’ loan where i would get the money instantly - however I have no idea how these work or whether they are trustable? Bear in mind I could repay this instant cash type loan immediately when my original Sainsbury’s loan comes in.

I am well aware i have got myself into an awful mess and therefore only seek your advice and expertise, not a lecture!

Thank you in advance

Puddylove

A few thoughts;
1. Did you get the horse 5 stage vetted, with bloods taken? For that value, I would, as well as possible foot X Rays.
2. Why does the money have to be there on Saturday? Phone the seller/dealer and explain you are waiting for money to be moved. If she's in a hurry to sell, that's a red flag in itself.
3. Don't ever use payday or short term loans; they screw your credit for years.
4. And lastly, have you budgeted for the horse's keep - livery, feed, farriers, vet, bedding, hay etc? Buying the horse is the cheap and easy bit.

And finally, the worst that can happen is that you lose the deposit, and at this time of year it's a buyer's market anyway.

[Deleted User]

Whatever you do DON'T borrow from a PDL, not that they would lend you £5.7k, tell the people selling the horse that you should have the money within 7-10 days and if thats not good enough walk away and forego your deposit.

DCFC79

A PDL wont work as they are for lifes emergencies eg something that needs repairing, not to buy a horse but you wouldn't be able to borrow that much anyway.

Step away from it and save up what you need to buy it.

sourcrates

Seriously, if you need to obtain a loan to buy a horse, you should not be buying a horse.

It’s a long term commitment where costs of ownership far outweigh initial purchase price.

Never buy anything in haste, especially an animal.

I’d take a deep breath and think this through more.

Newtothis101

Thank you for your advice. I have a friend that should be able to lend me the money, if not I will speak to the seller and explain about the transfer of cash. I can even offer them another fraction of the cost to hold him those extra couple of days if need be. I will steer clear of the PDL companies and, as you say, they probably wouldn’t offer a high enough amount for me.

I am having the horse 5 stage vetted and have already paid for that etc.

I am more than aware of the ongoing costs, and do have a regular income that has allowed me to budget for the horse’s keep as well as repayments on the loan each month. I have owned horses before and am perfectly prepared for ownership. The loan aspect has come about simply because instead of saving up £200 a month and being able to buy the horse in around 3 years, I would rather take the loan, repay ~£200 a month and have the immediate gratification of owning the horse. I also have no credit history so will be building up a positive one in the meantime.

Thank you to all who have replied. Update on the loan - I have spoken to Sainsbury’s today and they have only posted paperwork today so can pretty much guarantee I won’t get the money until Monday. Thank god I have a very kind friend to turn to.

Candyapple

Newtothis101 wrote: »

Thank you for your advice. I have a friend that should be able to lend me the money, if not I will speak to the seller and explain about the transfer of cash. I can even offer them another fraction of the cost to hold him those extra couple of days if need be. I will steer clear of the PDL companies and, as you say, they probably wouldn’t offer a high enough amount for me.

I am having the horse 5 stage vetted and have already paid for that etc.

I am more than aware of the ongoing costs, and do have a regular income that has allowed me to budget for the horse’s keep as well as repayments on the loan each month. I have owned horses before and am perfectly prepared for ownership. The loan aspect has come about simply because instead of saving up £200 a month and being able to buy the horse in around 3 years, I would rather take the loan, repay ~£200 a month and have the immediate gratification of owning the horse. I also have no credit history so will be building up a positive one in the meantime.

Thank you to all who have replied. Update on the loan - I have spoken to Sainsbury’s today and they have only posted paperwork today so can pretty much guarantee I won’t get the money until Monday. Thank god I have a very kind friend to turn to.

Out of interest, do you mind sharing what rate APR Sainsbury's gave you for your loan?

David555

Not sure if it was because I bank with halifax but they gave me a loan which was in my account within a few hours of applying online via my online banking. I just had to tick a box online which acted as my signature if I remember correctly.

Might be different for non halifax customers maybe somebody else can confirm

Westie983

Just makes sure that the loan has been agreed, as if you borrow from your friend and what will happen if the loan doesnt materialise, you will then not be able to repay your friend.

Surely whoever is selling the horse, will understand that the money is in process of being sorted and you will have the funds by the Monday, if they are not able to wait, it would ring alarms bells for me.

Are you sure that you have thought this through properly only that you're buying a horse with a loan, and don't have funds to pay some upfront.

Westie983

Clive_Woody

Just waiting for the first ever thread on MSE where someone claims to have been mis-sold a horse.

Newtothis101

Candyapple wrote: »

Out of interest, do you mind sharing what rate APR Sainsbury's gave you for your loan?

Hi, i believe 3.6%. Paperwork has arrived today, but I’m at work so will check it over when home.