kearney19 Posted July 23, 2008 Share Posted July 23, 2008 Im considering taking out a bank loan today as Ive moved into a flat. Just would like to know the implications of a loan and is it best to get one? Link to comment Share on other sites More sharing options...
Walter Payton Posted July 23, 2008 Share Posted July 23, 2008 Im considering taking out a bank loan today as Ive moved into a flat. Just would like to know the implications of a loan and is it best to get one? You're going to get the usual range of responses on here to this question, but nobody can seriously answer your "is it best to get one" question without knowing your personal circumstances- if anybody tries, they're in serious danger of doing you a massive disservice. The only people you should be talking to about this should people who know about finance and your personal situation- ideally speak to a financial advisor. Link to comment Share on other sites More sharing options...
The Real Maroonblood Posted July 23, 2008 Share Posted July 23, 2008 You're going to get the usual range of responses on here to this question, but nobody can seriously answer your "is it best to get one" question without knowing your personal circumstances- if anybody tries, they're in serious danger of doing you a massive disservice. The only people you should be talking to about this should people who know about finance and your personal situation- ideally speak to a financial advisor. Maybe the person needs a loan to hire a Financial Advisor. Link to comment Share on other sites More sharing options...
kearney19 Posted July 23, 2008 Author Share Posted July 23, 2008 You're going to get the usual range of responses on here to this question, but nobody can seriously answer your "is it best to get one" question without knowing your personal circumstances- if anybody tries, they're in serious danger of doing you a massive disservice. The only people you should be talking to about this should people who know about finance and your personal situation- ideally speak to a financial advisor. Thanks for that, going into the bank today to see what my best options are Link to comment Share on other sites More sharing options...
Jamboy81 Posted July 23, 2008 Share Posted July 23, 2008 A loan? Coppercrutch is coming to get you!! I got a loan to tide me over when i moved into my flat, no harm done, as long as you can afford the monthly repayments. Link to comment Share on other sites More sharing options...
Helzibob Posted July 23, 2008 Share Posted July 23, 2008 Thanks for that, going into the bank today to see what my best options are Your bank may not have the best rates. I would have a look online. Last time I got a loan the best rates were tesco, alliance and leicester and abbey national. Link to comment Share on other sites More sharing options...
Mat1874 Posted July 23, 2008 Share Posted July 23, 2008 Im considering taking out a bank loan today as Ive moved into a flat. Just would like to know the implications of a loan and is it best to get one? Implications are that you pay much more than you borrow and, obviously, no, it's not best to get one. It's best to save money and pay for things that way. Link to comment Share on other sites More sharing options...
Jamboy81 Posted July 23, 2008 Share Posted July 23, 2008 Implications are that you pay much more than you borrow and, obviously, no, it's not best to get one. It's best to save money and pay for things that way. It's not always practical though. Ideally it would be better for me to save up and buy a house outright without needing a mortgage but its just not feasable. Link to comment Share on other sites More sharing options...
Arnold Rothstein Posted July 23, 2008 Share Posted July 23, 2008 It's not always practical though. Ideally it would be better for me to save up and buy a house outright without needing a mortgage but its just not feasable. Not really a fair comparison. If you have a mortgage then you have a house to borrow against. If you have a loan you could quite easily **** it up against a wall. Link to comment Share on other sites More sharing options...
Guest casper Posted July 23, 2008 Share Posted July 23, 2008 Try one of them comparison sites like confused or moneysupermarket. Link to comment Share on other sites More sharing options...
Moncs Posted July 23, 2008 Share Posted July 23, 2008 As people say without knowing your personal circumstances it is hard to advise, one thing I will say is NEVER take out loan insurance with the bank, always source your own. Try http://www.moneysavingexpert.com for the best advise Link to comment Share on other sites More sharing options...
djf Posted July 23, 2008 Share Posted July 23, 2008 What are you planning to buy? How much are you looking for? Perhaps a 0% credit card for 9-12 months then balance transfer if you don't get it paid off in the period would be a more sensible option? Link to comment Share on other sites More sharing options...
Cigaro Posted July 23, 2008 Share Posted July 23, 2008 Surely, especially for someone your age, staying debt free for as long as possible would be the best option? Link to comment Share on other sites More sharing options...
coppercrutch Posted July 23, 2008 Share Posted July 23, 2008 Im considering taking out a bank loan today as Ive moved into a flat. Just would like to know the implications of a loan and is it best to get one? As has been already said your circumstances will define what the best plan is. Without knowing them advice is not really worthwhile. However I can tell you this - if you have just bought a house (Debt) and are going to get another loan (Debt), because you can't actually afford the first debt.................well.. Link to comment Share on other sites More sharing options...
belly Posted July 23, 2008 Share Posted July 23, 2008 As has been already said your circumstances will define what the best plan is. Without knowing them advice is not really worthwhile. However I can tell you this - if you have just bought a house (Debt) and are going to get another loan (Debt), because you can't actually afford the first debt.................well.. Who says he can't afford the first debt, maybe the loan is to buy furnishings for his flat, and maybe he can afford the repayments on both! I would imagine if he couldn't afford the repayments on either, the banks would not lend him the money, as in the present climate the banks are less likely to lend if they thought they were going to be stung! Link to comment Share on other sites More sharing options...
coppercrutch Posted July 23, 2008 Share Posted July 23, 2008 Who says he can't afford the first debt, maybe the loan is to buy furnishings for his flat, and maybe he can afford the repayments on both!I would imagine if he couldn't afford the repayments on either, the banks would not lend him the money, as in the present climate the banks are less likely to lend if they thought they were going to be stung! That is why I said if........ I would imagine there are many people in the exact situation I have described above. According to some it could be over a million in the UK alone. http://www.moneyfacts.co.uk/Mortgages/articles/Credit_cards_and_mortgages.aspx *As for how they got those figures who knows. Link to comment Share on other sites More sharing options...
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