Long Term Loan?

Monty81

I am going travelling in February and need an extra £1,000 to boost my savings. I was thinking about getting a loan but I won’t be able to repay anything until after 6 months when I come back to work.

What is the best way to get the money and can repayments wait for six months?

Thanks

Edi81

Save up before going travelling.
How do you intend on repaying the loan?

Monty81

I have saved but don’t have enough. When I work when I come back.

TadleyBaggie

Loans generally don't work that way, they will expect repayments to start a month after the loan is made. You could borrow more than you need and leave enough of the balance in your current account to cover 6 months payments.

Monty81

Good idea, thank you, do you suggest any with a low interest rate?

Clive_Woody

Monty81 wrote: »

Good idea, thank you, do you suggest any with a low interest rate?

There are lots of lenders with low typical APRs for loans, whether you qualify for a loan and what the interest rate will be will be determined by a variety of factors.

How much do you earn? What does you credit file look like (good history of repayments made on time, no CCJs, no late/missed payments, etc..)? Are you on the electoral role? Do you regularly dip into an overdraft? What other debts do you have?

And so on.....

Do you have a 100% guaranteed job for when you come back to enable you to pay off the loan?

starbarboy

Have you considered a credit card? Just remember to set up DD to pay minimum payment each month then when you return to work you can increase your payments.

dresdendave

Monty81 wrote: »

I am going travelling in February and need an extra £1,000 to boost my savings. I was thinking about getting a loan but I won’t be able to repay anything until after 6 months when I come back to work.

What is the best way to get the money and can repayments wait for six months?

Thanks

Luckily it's the ideal time of the year to find seasonal work. Work every hour going, bar work, waiting, picking etc.


Tailor your travel budget to match your savings and you can return home without a mountain of debt waiting to greet you.

DCFC79

Ask your family.

Can you postpone the trip until you haved saved up what you need ?