Loan for £50,000

GeordieGeorge

BrassicWoman said:

Adams18 said:

I got well over 50K unsecured, and I have no home/equity. Break up the amount into smaller loans/Money Transfer Credit Card.

And don't listen to posters who say you can't achieve something, where there is a will there is a way.

When asked what he put as his loan reason, Adams18 did not reply. Leaving us to draw our own conclusions.

His salary is 70k.

Yet needs to borrow money, struggles to get accepted for loans, despite living in his parents house...

Grumpy_chap

Assume the OP's salary of £39k is their only income.
Take home pay £2.5k/month
Mortgage £800/month
Residual income £1.7k/month
OP seeks £50 k loan over 7 years
Loan payment will be £700/month if the loan is obtained at a favourable interest rate.
Would only leave the OP £1k/month

Given the above parameters I think any online application / comparison site etc is going to fail to identify an eligible product based on affordability.

There may be people that can give the OP more applicable advice, but it would need quite a bit more information about the OP's finances, equity, other income / investments, expenses and liabilities etc.  Also, what is the loan for?  Even with all of that, I suspect that a public forum like this would be challenged to really help the OP.

Beyond mortgage / re-mortage finance, if eligible, there seems to be little more that anyone can sensibly suggest.  The options with CC seems high risk, even if the OP manages to secure the finance it could go seriously wrong.

It may be that the OP can approach a broker to get more successful results in terms of loan value.

Or, if the OP is seeking the finance for a specific purpose, the provider may have a specific finance mechanism that may be suitable.

[Deleted User]

ad1927 said:

Adams18 said:

Another pointless response that has nothing to do with the topic!

waste of space

I am interested in how you achieved this, you haven't given any details like, for example, income, how much was borrowed, what the terms were for each loan.  This would, I think, be helpful to the OP, and is certainly helpful to me as I am also looking for a loan that is unsecured.  Help us out with some figures.

70k salary take home 3600 after deductions

25k loan 5 year 3.1%

10k loan 6 year >6%

10k credit 18 month 0%

5k credit 18 month 0%

kimwp

Adams18 said:

ad1927 said:

Adams18 said:

Another pointless response that has nothing to do with the topic!

waste of space

I am interested in how you achieved this, you haven't given any details like, for example, income, how much was borrowed, what the terms were for each loan.  This would, I think, be helpful to the OP, and is certainly helpful to me as I am also looking for a loan that is unsecured.  Help us out with some figures.

70k salary take home 3600 after deductions

25k loan 5 year 3.1%

10k loan 6 year >6%

10k credit 18 month 0%

5k credit 18 month 0%

Ok, so assuming that >6% is 7%, that's 1,450 a month payments to borrow 50k, definitely not advisable for the OP.

@Adams18, think you missed my question earlier - when you were applying for the 50k credit in that two weeks, did you declare the credit that you had just received from other companies?

jpsartre

Adams18 said:

25k loan 5 year 3.1%

10k loan 6 year >6%

10k credit 18 month 0%

5k credit 18 month 0%

But the OP's annual salary is barely half of yours.

Sncjw

Adam wanted a loan to go towards buying his mother's house.

The reason people couldn't give you advice easily is because you were so cryptic. 

Herzlos

kimwp said:

@Adams18, think you missed my question earlier - when you were applying for the 50k credit in that two weeks, did you declare the credit that you had just received from other companies?

Almost certainly not, unless he had a great credit history. The reason for doing it all within 2 weeks is that none of the others will have been present at the time. Not that it's relevant here with nearly double the OP's salary.

Back to the OP - you generally can't borrow more than half of your salary unsecured, so your only options are to either borrow less or remortgage.

[Deleted User]

Adams18 said:

ad1927 said:

Adams18 said:

Another pointless response that has nothing to do with the topic!

waste of space

I am interested in how you achieved this, you haven't given any details like, for example, income, how much was borrowed, what the terms were for each loan.  This would, I think, be helpful to the OP, and is certainly helpful to me as I am also looking for a loan that is unsecured.  Help us out with some figures.

70k salary take home 3600 after deductions

25k loan 5 year 3.1%

10k loan 6 year >6%

10k credit 18 month 0%

5k credit 18 month 0%

Is the 10k loan the one that you earlier declared was 19%?