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    Hi everyone,
    I need some advice.
    I want to get a loan for around £1,500 and possibly spread it over 2/3 years.

    I turned 18 this January so I'm limited on places which will give me a loan..
    First ill explain my money situation.
    I am currently finishing an apprenticeship and I get £120 a week at the moment. 4x120=480 a month income.

    I spend at least 10-15 a week on paying for buses to and from work and personal use too. £10x4=£40 (roughly)

    I also have an iPhone bill which is £36 a month.

    £480-£36=£444
    £444-£40=£404 a month left without paying for lunches etc for work.

    If I got a loan from natwest over 2years they would charge me:
    22.9% apr

    I have to pay back: £1,846 over 2 years
    Thats £76.93 a month to pay back.

    If I got the loan over 3 years they would charge:


    I have to pay back: £2,029
    That's £56.36 a month to pay back.

    I live at home with parents and don't drive.

    Would anybody advise me to do this or is it a very bad idea?
    The money is for getting orthodontic braces which I desperately need.


    I also have to pay £150 left on a holiday for September if that makes a difference.
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    Is there a cheaper option?
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    (Original post by OU Student)
    Is there a cheaper option?
    Well, there are cheaper loans but it says I'm not eligible. Most likely my age.

    I have to do long term I can't do short term
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    ???????
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    Probably a really obvious point so sorry in advance! Is there anywhere else you can get the money from? Like borrowing from a parent? I had some cosmetic dentistry done when I was 19 and wasn't eligible for the finance option, so my mum took it out for me and I paid her back. This was 0% for about 10 months but there were other options too.

    At 18 you don't necessarily know what your circumstances will be in 3 years time, so committing to a loan is quite a big thing. Even though you have done your maths now, will you definitely still have this apprenticeship in 3 years time? Unfortunately if you really need this money (as it seems you do) then you will have to just take the loan if you can't get the money in any other way.
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    What is the loan for? Why not save for three months? Debt is bad at such a young age!
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    (Original post by sharp910sh)
    What is the loan for? Why not save for three months? Debt is bad at such a young age!
    OP said it's for braces, and clearly doesn't have the income to save that amount in 3 months.
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    (Original post by Tiina)
    OP said it's for braces, and clearly doesn't have the income to save that amount in 3 months.
    I would borrow from parents but they don't have that kind of money. I would save it over a few years, but the process for braces is 1/2 years, so I wouldn't get braces for like 5 years and that's just too long to wait for them
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    My advice would be to save up for the next few months - you get ~400 a month, so if you really save hard you could save 1500 in 4 months. You could also try to cut your expenditure (get a cheap 5 quid pay-as-you-go Nokia to replace that iPhone...) and/ or take on more hours at work if possible.
    Another thing to check is whether your orthodontists do a finance plan, e.g. paying 500 a year over three years. This is much easier to save for and you would probably not need the loan.
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    (Original post by emjaylu)
    £404 a month left without paying for lunches etc for work.
    So, you could save the money over the next 4 months, maybe 5 ... hardly the year and a half that you suggest

    Alternatively, have you discussed payment schemes with the orthodontist as they will often have a way in which the treatment can be paid for over time
 
 
 
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