GSi Ghost
Member
Registered: 15th Dec 05
Location: Stoke-on-Trent
User status: Offline
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Ed is right your better off with a credit card.
If you do go for a loan though make sure the interest isnt front weighted. Then if you manage to pay it off nice and quick you arent paying that much interest!
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ed
Member
Registered: 10th Sep 03
User status: Offline
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I think I'd still say that if you need a loan for a grand then you can't afford it though. Would you be better off getting a shitter for sub £1k while you save up for something nice? There's nothing more painful than seeing all your money go on payday on all your direct debits, bills and rent 
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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a loan for 2k 
credit card 0% for 12 months on purchases, or save it up or borrow it from family.
mad, just mad.
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Minty_Fresh
Member
Registered: 1st May 08
Location: westmidlands
User status: Offline
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dont get why people are saying its crazy and shouldnt be done, if they wer that bad no one would have loans..
ed i dont have any direct debits, bills (as such), rent as i have stated in the first page, just need to pay for food (for me and my cat) and petrol to get about..
i live on my own but my mom pays all the bills for the house..
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Fro
Member
Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline
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Seeing as though you've nto had credit before you may find the rate will be higher than what you are working it out with.
Unless you have agreed something in principle?
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GSi Ghost
Member
Registered: 15th Dec 05
Location: Stoke-on-Trent
User status: Offline
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Listen Mk4_boy. If your going to pay it off in twelve months then you want a credit card with a 0% interest on purchases for 12 months. That way your only paying back what you have "borrowed" and nothing more. Just be careful not to get carried away and spend even more money on the card!!!
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by DizzyRebel
You will need a credit rating if you wish to buy a house etc. and a small loan like £1000 is a good way of getting that credit rating up.
Banks want to see that you can borrow money and pay it back on time with no defaults, and small loans and 0% credit cards are the best way to do this.
As long as you are sensible and pay it back, then there should be no problems at all with it. people are too quick to jump on the 'loans are bad' bang wagon, when if the are used properly can be a great help and actually beneficial in the future.
If you're aiming this at me then it's giving me flashbacks of when you tried to tell Craig W how to get pecs. 
[Edited on 08-03-2010 by J da Silva]
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luciaadr
Member
Registered: 11th Aug 04
Location: Bexleyheath, Greater London
User status: Offline
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What am I missing?
You have a house fully paid for you.
You have a job
Your only outgoings are petrol and food
And you want a LOAN for £1000?
How long would it actually take you to save £1000 assuming you have none so far? It must only be a couple of months. I'd save just because it would be less hassle than walking to the bank.
All this talk of needing credit history to buy a house is largely baseless as well
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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I took a 1K loan out a couple of years ago when I did my first XE conversion.
I was earning enough to easily pay back the £110 a month but I wasn't wanting to wait 10 months for it tbh.
Got the loan, paid it back, done and dusted.
Don't see the issue really, beats going and getting finance on a new car that you *really* can't afford.
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ed
Member
Registered: 10th Sep 03
User status: Offline
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quote:
Originally posted by mk4_boy
dont get why people are saying its crazy and shouldnt be done, if they wer that bad no one would have loans..
It's just that on such a small amount you're going to be buying a car that's worth fuck all, so it doesn't really justify the cost of the loan. If you need to sell the car for whatever reason you might not even get enough money back to repay the loan, so you'll end up paying money for a loan for something that you don't even own anymore.
If you know you can definitely afford the payments then go down the route of buying it on a card, or a couple of cards. That way you ought to be able to at least make use of 0% offers - this does take a bit of discipline though.
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SR91
Member
Registered: 21st Jun 08
Location: Lancashire.
User status: Offline
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Have you ever hd credit before? If not you'll struggle to get a loan dude..
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by luciaadr
What am I missing?
You have a house fully paid for you.
You have a job
Your only outgoings are petrol and food
And you want a LOAN for £1000?
How long would it actually take you to save £1000 assuming you have none so far? It must only be a couple of months. I'd save just because it would be less hassle than walking to the bank.
All this talk of needing credit history to buy a house is largely baseless as well
You're not missing much tbh, you have someone asking for advice, then when you give it him he won't take it on board because it's not what he wants to hear, you have people telling other people (who have never taken a loan out) who've had numbers mortgages that you can't get mortgages unless you have a small loan, so yeah, full of sense and facts this thread... oh wait. 
[Edited on 08-03-2010 by J da Silva]
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LeeM
Member
Registered: 26th Sep 05
Location: Liverpool
User status: Offline
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quote:
Originally posted by Ian W
I took a 1K loan out a couple of years ago when I did my first XE conversion.
I was earning enough to easily pay back the £110 a month but I wasn't wanting to wait 10 months for it tbh.
Got the loan, paid it back, done and dusted.
Don't see the issue really, beats going and getting finance on a new car that you *really* can't afford.
same here.
before i went back to college i could easily afford to pay back a loan i just had no savings because i was more inclined to empty my wallet on eating out, drinking out and going out with girls
nearly bought a focus st on finance which i could afford easily, but as i mentioned id decided to go back to college and if id got the focus id be left with about £100 spare cash after bills now
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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tbf he wants 1 now which is why he wants a loan, just do it
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