Getting loans on part time wages... hard or not?

Stormster

Stormster

Stormster

Soldato
Joined
18 Oct 2002
Posts
4,671
Location
Stoke-on-Trent
I'm after lending 2500 quid although we all know what the state of the UK is like on the job front so currently I'm only working part time hours which fluctuate week to week but most weeks I'm doing on average say 28 hours...

I aint got too many outgoings luckily but I want to sort a loan asap for something I've seen which I'll miss out on if I aint quick, it's something I've wanted for a while...

Anyways, with not being at this job for long (6 months) and it not being full time I've been turned down by a couple of places and otherwise the best interest rate I've been accepted on is 14.5% with Zopa if I went for it.. Looked on moneysupermarket and comparethemeerkat lol - any suggestions of stuff I could try for a bit less interest rate and even get accepted full stop?

My credit history is fine, but not had many things on credit as such, only small money amounts really (phone, internet, car insurance - things like that).

Thanks guys for any help/guidance :)
 
I can lend you all the money you want, but since you got no collateral im going to have to break both your legs in advance...

What do you need £2500 for?
 
I would say if its something you want then you can go without it. If its something you need then thats a different matter. If you do get the loan and then loose your job you will be in all kinds of trouble I would imagine. If its a car or something, go second hand and save some money.
 
It's for a car, which is 2nd hand... It's 2300 quid but I was gonna lend 2500 and get the cambelt and waterpump done for peace of mind.

What it is, is I need the wedge there and then before I miss out as believe me I've looked at LOADS!

My car is for sale for around 1300... I'd like to pay the loan off within a year which would be easy as the 1300 quid goes straight in the bank towards it.. But I was gonna go for a 2 or 3 year term "just incase" other things came up.

I know loans are bad ideas in general but I don't wanna miss out lol :)

Do these companies who want to see I can "demonstrate" the ability to pay it back actually request proof of earnings such as wage slips and so on?

Zopa would be ideal for a quick payback as no extra costs but their interest rates seem to fluctuate daily, the site is so much easier to use and I know it sounds strange but feels a safer experience/bet than everywhere else... The only thing is needing an annual income of a minimum of 12k. If I did full time hours I'd be over that of course but as it is then... not quite. Although the last 2 weeks I've done 38 hours per week and am hoping it continues but we all know what the state of the UK is like at the mo... And as said before, contracted hours are the ones which count, but - do they check?

Also, understanding APR etc... basically the less the term the less you pay back... how exactly do they calculate interest with the same APR over x amount of years? Is it basically that theres less montly payments on a shorter term (obviously lol) and thus less interest charged as less months to pay for?
 
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It's just a car. You don't need it. Don't be a fool and get a ridiculously high interest rate loan on a part time wage. It would be a really daft move. Keep the car you've got til you're working more hours and earning more money. Once you have the cash buy the other car.

Really, high APR credit for non essential items on a part time wage is madness.
 
To be honest on part time wages and for the amount you are borrowing I doubt you will get anything better than Zopa, you are absolutely dreaming of getting under 10% at any rate.
 
I know a lot of people disagree with what I wanna do which is fair enough but I only really want advice on the loan aspect, not the DON'T DO IT aspect :p I do like the idea of using Zopa though.

So as I say, do I have to show payslips and stuff like that? Do they call your employers to discuss anything?

Thanks all :)
 
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