Posts: 713
Threads: 0
Joined: Sep 2012
Reputation:
3
How to take out a loan when you don't have a job?
05-06-2013, 08:35 AM
So here's the deal, I'm willing to take out a loan from a UK Bank, but I don't have a job right now. As far as I am aware, most banks aren't gonna help me out because I'm an unemployed international student.
I'm gonna go ahead and tell them that I'm self-employed, but how can I prove this to them? I am gonna tell them that I design websites and stuff, but in reality I don't. I remember applying for a loan once before, and got turned down for some reason.
Posts: 4,074
Threads: 0
Joined: Sep 2010
Reputation:
56
How to take out a loan when you don't have a job?
05-06-2013, 09:19 AM
I wouldn't lend you money, so why would a bank? (nothing personal)
Posts: 299
Threads: 0
Joined: Feb 2013
Reputation:
7
How to take out a loan when you don't have a job?
05-06-2013, 09:25 AM
You are willing to take a out a loan? Maybe you have misunderstood the meaning of the term loan? If you dont have any income, how would you pay back the loan?
Posts: 713
Threads: 0
Joined: Sep 2012
Reputation:
3
How to take out a loan when you don't have a job?
05-06-2013, 10:00 AM
It's only matter of time till I start earning again
Posts: 159
Threads: 0
Joined: Jan 2013
Reputation:
0
How to take out a loan when you don't have a job?
05-06-2013, 11:02 AM
If you're not even a UK national and have no proven income... Good luck getting one tbh.
Posts: 1,536
Threads: 0
Joined: Nov 2010
Reputation:
21
How to take out a loan when you don't have a job?
05-06-2013, 11:30 AM
Sorry to burst your bubble, but considering your circumstances as described you have no chance of getting a loan from an established bank/finance company. You represent an unbelievably high risk of default. Interest rate would have to be a couple 100% per annum to compensate for the risk of you simply absconding after you complete your studies, or even before then.
Consider trying to get a loan in your home country where you probably have some sort of financial history. Also, maybe your parents or other relatives can sign a surety there.
But best of all don't get a loan at all. What do you want to use the money for? Living costs? Bad idea. Luxury items/living? Even worse idea? To start a business? Not a bad idea, but will be tough as a non-resident. For tuition fees? Might be possible to get some sort of grant. I'm guessing you are a non-British EU National studying in London/UK. Aren't there some EU programs facilitating inter-country studying?
Posts: 11,055
Threads: 0
Joined: Mar 2011
Reputation:
152
How to take out a loan when you don't have a job?
05-06-2013, 11:38 AM
Set up a bogus corporation and get a credit card terminal then have your friends run their cards and give them the cash back then take a loan against your future "sales"
I know a million ways to scam cash but have no need to do them. How many do you want to hear?
Your welcome
Posts: 549
Threads: 0
Joined: Dec 2011
Reputation:
8
How to take out a loan when you don't have a job?
05-06-2013, 12:33 PM
El mechanico- I'd like to hear these other scams.
Posts: 2,311
Threads: 0
Joined: Jul 2012
Reputation:
32
How to take out a loan when you don't have a job?
05-06-2013, 12:44 PM
lol. you are willing???Like they are forcing you to do it and you are relenting to do them a favor and take one. I don't even think the mafia would give you a loan if you have no collateral or home base they can reach you to break your legs.
Posts: 713
Threads: 0
Joined: Sep 2012
Reputation:
3
How to take out a loan when you don't have a job?
05-06-2013, 06:26 PM
MattC, I've only been here for 9 months now and I have a California driver's permit only. You're quite right about the address history, all the banks ask for that kinda shit. I'm currently with Santander and I don't even have OD here. I might just open up an account with RBS or Nationwide, I've heard even international students can get OD facilities at those two banks.
ElMech, that seems like a plan!
BadHussar, I'm not from the EU, I'm from California. I was working in the UK for the last 3 months, but I quit my job so that I can pass my exams. My credit rating is quite bad back home, more so than here. Here in the UK, so far I haven't missed a direct debit, and I have a credit score of 800. I recently got a pay monthly Iphone 5, I don't believe I would have gotten that if I had bad credit scores. All I need is to forge some papers and show them that I was self-employed and I get paid off every time I complete a job. It's not like I'm gonna ask for a lot of money, no more than 3k. As for the APR, I was told that no matter what the amount is, initially I'd have to pay them 180 pounds and the APR would be 30%, that was 3 months ago when I asked for a 2k loan, but didn't provide them with any employment evidence.
Posts: 2,406
Threads: 0
Joined: Sep 2012
Reputation:
34
How to take out a loan when you don't have a job?
05-06-2013, 06:47 PM
The thing with overdrafts mate is that you might be paying interest on them. When I was a student, I was given a £1000 overdraft interest free for as long as I was a student. I have two current accounts with my bank now that the student account is no more, and if I go into my overdraft they charge me £1 a day.
I'd look into getting a student current account if I was you rather than a loan. They may only start you off with £500 overdraft limits, but it's better than nothing and you can try it with a few different banks. Besides, if you're planning on leaving the country eventually and not returning, I wouldn't worry much about paying them off.
ElMech, I'd love to hear about these scams too moreso out of curiosity. I'd probably be inclined to try a couple out if I thought it were possible and didn't require too much outlay.
Posts: 11,055
Threads: 0
Joined: Mar 2011
Reputation:
152
How to take out a loan when you don't have a job?
05-06-2013, 07:05 PM
Alberto how much do you want? You're american?? Why don't you get a student loan here?
I might make a thread on hustles
Posts: 468
Threads: 0
Joined: Aug 2012
Reputation:
10
How to take out a loan when you don't have a job?
05-07-2013, 11:38 AM
Borrowing the $ from a legit source could be a problem, especially the way banks are holding onto the money right now. I got denied a $5000 loan a few months back and I have a shitload of assets and a mortgage.
Emech is on the right track here: buy goods on credit and resell them for cash. Furniture, motorcycles, four wheelers, whatever you can buy with zero to little money down then sell it for cash. If you don't care about your credit for the next seven years then don't pay it back, there's not much a creditor can do to you if you have no assets.
Or don't pay, let the bills go into collections and wait until you can settle the debts for a fraction of the cost. This will save you money but your credit will suffer and bill collectors will try and hound you IF they can find you.
I would only do this if I didn't care about my credit and knew it would be hard for bill collectors to find me...
Posts: 11,055
Threads: 0
Joined: Mar 2011
Reputation:
152
How to take out a loan when you don't have a job?
05-07-2013, 11:46 AM
I want Alberto to get his money. Although I don't know how shit works in the UK..
Posts: 110
Threads: 0
Joined: Mar 2013
How to take out a loan when you don't have a job?
05-07-2013, 01:03 PM
Get a damn job at a gas station and earn your money like a real man. Hell, get two jobs. Credit is bad. Credit makes you a slave. Kids today have no damn work ethic.
Posts: 202
Threads: 0
Joined: Jul 2012
Reputation:
0
How to take out a loan when you don't have a job?
05-07-2013, 01:38 PM
This is impossible to do legally.
Posts: 3,448
Threads: 0
Joined: Feb 2013
Reputation:
35
How to take out a loan when you don't have a job?
05-08-2013, 01:21 PM
Alberto. You can take out multiple loans. A government and private loan for instance.
A man is only as faithful as his options-Chris Rock
Posts: 4,180
Threads: 0
Joined: Nov 2012
Reputation:
57
How to take out a loan when you don't have a job?
05-09-2013, 04:26 AM
I don't think you have any chance of getting a loan here, man I can't even get fucking a loan and I've been employed for 10 years and have no debts.
Posts: 1,014
Threads: 0
Joined: Nov 2011
Reputation:
5
How to take out a loan when you don't have a job?
05-09-2013, 05:43 AM
Quote: (05-07-2013 11:46 AM)el mechanico Wrote:
I want Alberto to get his money. Although I don't know how shit works in the UK..
The typical El mech ™ solution coming to your place.
"Fart, and if you must, fart often. But always fart without apology. Fart for freedom, fart for liberty, and fart proudly" (Ben Franklin)
Posts: 713
Threads: 0
Joined: Sep 2012
Reputation:
3
How to take out a loan when you don't have a job?
05-09-2013, 01:43 PM
One question, does it affect your credit score if you apply for a loan and get turned down? Because as I said before, around 3 months ago I applied for a small loan as well and didn't get it.
CThunder86, I'll probably apply for a student loan from Wells Fargo, but not whilst I'm in the UK.