Taking a loan out:

Belloni

Belloni

Belloni

Soldato
Joined
17 Feb 2009
Posts
3,001
Hey, i'm 20, just finished education within music (Sound engineering) now waiting for some jobs, most of them would probably be unpaid. (Being a studio runner, only position i can start in)

Waiting for jobs, for the past 2 weeks, so damn bored it's insane, job hunting is incredibly tedious!

But basically, moneys tight, i don't want to sponge off parents any more, they gave me £9,000 to do a 9month music course in london which was nice but yeah, i want a loan for a few things, imma start to learn to drive now, and i can pay a bit for that, also, got my heart set on the old school minis which would cost around £2,500 probably, and i need money for clothes and stuff like that.

Basically, is it easy to get say a £5,000 loan? Never had a loan before or anything, i'm with HSBC.
 
Well, that's the thing, i might have a job at Metropolis Studios, who are highly well known, so i'm assuming they would probably pay and such.

But i mean, does payback have to start STRAIGHT away or?
 
I wouldnt, you havent got a job so if they give you a loan, the interest will be stupidly high and you will end up taking out another loan to pay this one and so the spiral begins.
 
to be honest, the things you have mentioned are luxuries. (clothes - well i presume you have some already and how much exactly would you be spending :confused:)

ok the driving lessons would probably be useful for you when you have a job but they dont cost that much.

My advise would be wait till you're actually in a paid job then start your driving lessons. Then try and put a little away each month towards the other items

no ok you won't get them straight away but i would have thought it wiser than getting a loan that's going to cost you a lot more in the long run.

(trust me, been there!)
 
Probably still far eassier than it should be. No offence intended, but you haven't picked a career path with the most financial security. Banks won't like it too much, and if you get a loan you're not guaranteed to be able to pay it back. There's been a bit of a kerfuffle over this 'irresponsible credit' in the news recently, have you seen it? The best thing to do is to get a solid job somewhere for a year or so, use that time to get yourself financially stable and put a bit away for a time when you go after a job you really want. Revelling in consumerism is not in your best interests right now.
 
With a reasonable paying job £5,000 is pretty attainable, a couple of credit cards will probably give you around £2k each to start with or a £5k 'starting off loan' from the bank.

That said, I'd probably get a job first, then a loan, is the usual way of going about things.

However if you wanted to gamble a bit, as an example you could get a £5k loan over 24 months with a 10% APR and the repayments would be ~£230 a month, so the total interest would be about £500.

You could then put aside say, £2,500 out of the £5k for future loan repayments and then you would have £2,500 to spend 'starting out', on the basis that you would within 10 months have a job to pay the remaining loan payments.

Put it this way, it'll cost you £500 more in the long run, but then if you use the money to say, move to London and pay your first 3 months living there, looking for jobs and end up getting one, it would be £500 well spent.
 
Belloni said:
Hey, i'm 20, just finished education within music (Sound engineering) now waiting for some jobs, most of them would probably be unpaid. (Being a studio runner, only position i can start in)

Waiting for jobs, for the past 2 weeks, so damn bored it's insane, job hunting is incredibly tedious!

But basically, moneys tight, i don't want to sponge off parents any more, they gave me £9,000 to do a 9month music course in london which was nice but yeah, i want a loan for a few things, imma start to learn to drive now, and i can pay a bit for that, also, got my heart set on the old school minis which would cost around £2,500 probably, and i need money for clothes and stuff like that.

Basically, is it easy to get say a £5,000 loan? Never had a loan before or anything, i'm with HSBC.
Click to expand...

you will find it near on impossable to get a loan with no income, if your studio work that your looking at is unpaid or low paying why not look into getting a bar job for a few nights a week. still might not earn enough for you qualify for a loan but it would help with the driving lessons.

as for someone saying driving lessons are cheap i disagree there £20 a lesson isnt cheap for me and i assume for this fella it isnt cheap either as he has no cash ;)

i went and got a loan when i was working as a full time estate agent, its really screwed me up keeping up the payments, if i lived again i wouldnt have even considered it.

my advice would be to get a part time job untill your music jobs kick off and earn you more. HSBC require you to have £700 a month being paid into your account before they will even consider lending.

my gf tried the other week and she earns 600 in a part time job, they wouldnt budge even though she showed them the spare cash a month was there to pay for it.

just my bit :)
 
Stinky said:
as for someone saying driving lessons are cheap i disagree there £20 a lesson isnt cheap for me and i assume for this fella it isnt cheap either as he has no cash ;)
Click to expand...

well thats why i said he should start them after he gets a job and i didnt say they were cheap i said they weren't that much. ;)

if you got them at £20 a lesson than youre lucky because I paid more than that!

Although most driving schools or independant instructors will give fairly good discounts for block bookings.
 
I would bet on you not getting a 5k loan to be honest, I tried a few years ago when getting a new bike and was told I had no credit rating which was true, even though I was earning over £1k a month and payments were £150.
 
You must log in or register to reply here.
Back
Top Bottom