Fastest Loan??

Newtothis101

I do appreciate concerns, but I have ‘thought this through’ - as explained previously I have owned horses before, I am fully aware of ongoing costs. I have a secure and regular income which allows me to budget for bills, emergencies and also save at the same time, so I feel more than comfortable moving forwards. The difficulty is the lump sum upfront rather than smaller but more regular payments for me personally.

For anyone still following, I have received the paperwork for the loan today and if I send them off today should get the funds in my account by Monday. I have offered the seller of the horse £1000 upfront to hold him for me until funds are sorted. This is obviously a good outcome funds-wise, just a quite inconvenient in terms of needing to rearrange transport and delay moving him to his new home until after full funds are secured.

Candyapple

Newtothis101 wrote: »

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

Thanks, if you could confirm this when you've read the paperwork that would be a great help because we often get people on here moaning about Sainsbury's loans and not getting decent APRs.

baggybreeches

Please please please tell me you are not taking out a loan to buy a horse? I'm not going to lecture you about costs etc when I have 3 plus a mini donkey, but I have never borrowed money to buy them ( and I come from a horsey family). Can you not look around for a share or loan horse, there's so many options around. I have been in a mess with finances due to some previous business issues but I didn't have the outlay of livery etc. Please seriously consider why you are doing something so reckless, horses are not appreciating assets and they statistically have really poor return on investment.

[Deleted User]

Westie983 wrote: »

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.

I will keep an eye out for these two on Judge Rinder haha.

Puddylove

baggybreeches wrote: »

Please please please tell me you are not taking out a loan to buy a horse? I'm not going to lecture you about costs etc when I have 3 plus a mini donkey, but I have never borrowed money to buy them ( and I come from a horsey family). Can you not look around for a share or loan horse, there's so many options around. I have been in a mess with finances due to some previous business issues but I didn't have the outlay of livery etc. Please seriously consider why you are doing something so reckless, horses are not appreciating assets and they statistically have really poor return on investment.

It could be a lot worse - she could be acquiring a husband.

And getting a loan is not always a bad idea - I have a car loan which I'm not worried about as I get a higher rate from my savings than I pay on the loan....

And horses are lovely, if expensive.

Newtothis101

Ok, the APR in fact went up to 8% so just watch them, as does seem to be a case of one figure to reel you in and another you end up with

[Deleted User]

It's a case of 51% of successful applicants getting the headline rate.

It's the same across all lenders.

Newtothis101

I’m sorry but I have already asked not to be lectured on my reason for taking a loan. I’m not looking for a ‘return’ on the horse, I’m looking to have him right through to his dying day! I have a secure income, have done a full breakdown of costs and yes, I have loaned a horse for the past 4 YEARS - prior to which I have 10 years experience owning horses. Instead of paying the costs for someone else’s horse which I will never own, as I do currently, I have decided to take out the loan to repay a little each month. This is money that, if I were not repaying the loan, I would be saving to buy the horse in the first place, therefore I am simply getting the immediate gratification of owning the horse instead of having to wait 3 years to afford the lump sum that comes with the beginning of buying.

Candyapple

Newtothis101 wrote: »

Ok, the APR in fact went up to 8% so just watch them, as does seem to be a case of one figure to reel you in and another you end up with

Thanks for coming back and updating the thread OP.

8% isn't as bad as some people have come back with from Sainsbury's.

Good luck with your horse.

adindas

Newtothis101 wrote: »

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

You forgot OPTION 4:
Do not buy the horse unless it deems to be a primary need

This is an MSE so I fail to understand why would anyone want to buy a horse with Loan. If you can not buy save and wait until you have enough money to buy it.