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Personal Loan, should I do it? Good or bad idea????
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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.......
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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To be honest even if you paid it back over 2 years, that's still over £300 more they will be taking back. Are the braces worth that? Could you perhaps ask your parents or a close relative if you could borrow the money and pay it back bit by bit every month?
Plus you have to think, if you get the loan that is potentially £70ish added to your monthly outgoings.
I have a loan spread out over 2 years, but I only got it because I kept going over my overdraft limit and getting a lot of charges. The loan was from my bank purely to pay off the overdraft. If I didn't need to get a loan I wouldn't have but I was in a pretty desperate situation. My advice is only get a loan if you really really need it because overall you're paying back a lot more than you're borrowing.
Plus you have to think, if you get the loan that is potentially £70ish added to your monthly outgoings.
I have a loan spread out over 2 years, but I only got it because I kept going over my overdraft limit and getting a lot of charges. The loan was from my bank purely to pay off the overdraft. If I didn't need to get a loan I wouldn't have but I was in a pretty desperate situation. My advice is only get a loan if you really really need it because overall you're paying back a lot more than you're borrowing.
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