Hi Mums
My hubby and I have been denied a personal loan of $10k because I’m not working and we have a 7month old, so we only have the one income, (2kids in total)
But we have cheap rent live modestly and have only one loan of less than $10k (in hubbys name), we know we can afford repayments.
We are needing to get overseas to see an unwell family member of mine urgently,
And the bank declining us was a sting to the heart.
Has anyone gotten a personal loan outside of the bank and it was successful?
We were thinking of going with society one,
My credit rating is great and hubbys good,
Thanks mums <3
14 Replies
Lending is tighter than a fishes asshole. Is there no family can lend it to you?
Unfortunately not
Loans are now harder than ever to get especially unsecured. With one income, 2 kids and a loan already I am not sure you will be able to obtain another loan.
Our car is only worth half of what we need for the loan so I don’t think we could get a secure loan (I’m not too sure how secure loans work)
Unfortunately right now it’s very hard to get a loan, banks are on guard. Going with other company’s is a risk, the interest rates are extremely high and god forbid something happens, you’ll be stung majorly.
Is there a chance you could be approved for a credit card, as opposed to a loan?
If not, what about a family member? If you approach them, show them how you can afford to repay it and in how long :)
Another option, just you and hubby head over and leave the kids behind if you can (I know bubs is only 7 months) or hubs takes older kid and you stay behind.
What would the interest be on the credit card? I’ve never had one and my mum has always told me to stay away from a credit card?
Unfortunately I don’t have any family that can help
You can get low interest credit cards at 11-12 percent.. but that adds up quickly esp if you can only afford the minimum repayment. You could do a series of balance transfers so you get some interest free periods. So sorry your in this predicament
We had one with NAB, it was no interest if we paid within X amount of time, we could pay larger things off monthly at 10% but then if it exceeded that timeframe it was 20% interest.
Maybe see a broker? They may be able to help.
Your best bet is a broker . Don't go to a bank for a loan , always use a broker.
Don't do debt for depreciating assets. Travel isn't even an asset. You will not get a loan for travel in your circumstances.
Hard conversation required between you and hubby. Only 1 adult goes - and that's the one who's relative it is.
If it's his, he goes alone. If it's yours you go and take the 7MO on your lap (free till 2yo). If the bub is not breast fed, go alone. Keep the ground costs as low as possible - stay and eat at home with friends/family, public transport, etc. Talk the the receiving end before you leave to make sure they understand your extreme budget and ask for their support (then crashing with them won't be resented). Finding <$3k out of your existing money is doable - sell furniture, tools, etc. Put the money/budget the loan repayments would come out of into this expense and pay cash.
There are hundreds of options about, but if you go for one outside the bank the interest and possibly will be higher. Do a google search on Personal Loans Australia and do your research.
A company called Money 3 base the interest/repayments on the strength of your credit rating
I just got a loan through wallet wizard.
On a Centrelink income! Was only 1k and interest rate isn’t fabulous but got me through. Also I have one 2k credit card in my name! Good luck
Flight centre group can offer 9 months intrest free
However....of you dont pay it it goes to 24%
Its still a loan.
Every time you apply and get denied your credit rating hets afffected as well