Need a loan of £10000. Possible?

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2

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  • tell_it_how_it_is
    tell_it_how_it_is Posts: 555 Forumite
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    The advice is to forget the loan and concentrate on doing well at your new job, to ensure you are still in it beyond any probation period. Thinking about loans at all before you're a bit more secure is foolish.
    “In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
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    Why get a £10k loan if you plan to pay back £5k of it instantly?

    I don't think any bank will touch this though. You've built up no history and your level of income is admittedly unsustainable.

    Just keep saving!

    What is the loan for?
    Thinking critically since 1996....
  • COMB
    COMB Posts: 36 Forumite
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    Thanks guys, the loan is for investing in a business. The business is already kicked off and bringing in money nicely. I just need £10000 to £15000 to invest in stock
    And if you're wondering what COMB stands for...CITY ON MY BACK
  • Apples2
    Apples2 Posts: 6,442 Forumite
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    Oh! for goodness sake, why didn't you say it was for a car just to convince us you weren't completely mad?
  • Mara69
    Mara69 Posts: 1,409 Forumite
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    COMB wrote: »
    Im 15stone and 6'3", im sure you wouldnt talk like that to me in real life, but whatever

    :D So you are really 5'3 and 7 stone dripping wet :D

    You're not going to get a loan for £10k.
  • chrisuren
    chrisuren Posts: 109 Forumite
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    You say you can earn £5,000 doing overtime, why not just take the time to earn your own money, you say you can earn it in 10 weeks, why not just take 20 weeks to earn £10,000? That way it's all your own money and you don't have to pay it back.
  • pvt
    pvt Posts: 1,433 Forumite
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    COMB,

    Consider growing your business a little more organically, financing stock with profit from your sales. That way you won't have to share your hard earned profit with a bank. And if it all goes wrong you won't need to sell your grandmother on eBay.

    Best of luck with your business venture.
    Optimists see a glass half full :)
    Pessimists see a glass half empty :(
    Engineers just see a glass twice the size it needed to be :D
  • bargainbetty
    bargainbetty Posts: 3,455 Forumite
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    Comb,

    To give you some 'rules of thumb', most lenders won't touch you until you have passed your probationary period at work - you can be fired very easily for the first few months, so lending money is inadvisable until you have a stable income.

    Your general maximum credit sum is half of your basic income (not disproportionate and unsustainable overtime), less the total of your existing debt. If your basic is appro £32k, then you would have a maximum of £16k, less the outstanding sums - then again, you might find that because of your recent work history, the sum would be reduced further or only loaned at silly rates.

    Honestly, think about working a sustainable level of overtime and investing what you can, rather than taking on debt to put in what you don't have.

    People can be brusque on here, I'm one of them, but since most of us have a history of stupid debt taken on for the wrong reasons, we're not being nasty, just trying to get you to see the nonsensical nature of taking on debt that you don't need to have.

    Good luck, whatever you do.
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!



    May grocery challenge £45.61/£120
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    edited 29 August 2012 at 1:12PM
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    COMB wrote: »
    Wow how rude. Anyway, thanks for the little advice you gave and ill be happy to prove you wrong in xx number of weeks.

    Wasn't rude at all. If you can make 5k in 10 weeks then why not do 20 weeks worth of OT and save the 10k then you have the money you need for what ever purpose you need it for.

    Oh just seen the OP has explained why he cant do as above.
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
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    "I want what I want, and I want it now or Ill cry and stamp my online feet"
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