Could I get a loan Sncjw

Hi everyone

I've never had a loan before and considering it to pay for a build on my parents home. Now I was thinking of maybe a 15-20k loan depending on the cost of the build.

I earn 15k before tax and have a credit card which I spend about £500 max a month and pay it off in full. I use this as my general day to to day spending:

I have a next account a use now and then and pay it off in full most I've used is £50.

I have a phone contract at £15 a month.

Would I get this loan or am I thinking stupid

Because the works going to be for me like an annex. I can't afford to move out and I have disability which will make me feel unsafe in a place of my own. This is going to be the best thing for me


On 15k p/a your max unsecures loan limit is likely to £7.5k.

Honest question, with that income and your minimal outgoings, how much savings do you have in place?

As others have said, based on your salary you're very unlikely to get a loan for the amount you need. Your parents may be in a better position, and as Clapton says, you can pay them back.

It may also be worth them looking at a secured loan / mortgage increase, since the money is to build an extension. Of course, there is a risk associated with a secured loan, in that the property can be repossessed if payments are not maintained. But you'll get a far lower interest rate. Depending on their financial situation ( particularly, can they be sure that they can make the repayments easily ? ) then this may be something worth looking into ? I'll stress again - be absolutely sure that you/they understand the implications should you go down this route and find yourself unable to meet the repayments in the future.

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