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Thread: borrowing money from bank

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    Member Jaxxnuts's Avatar
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    borrowing money from bank

    say I am unemployed however I would like to borrow money from the bank (e.g. $2000) for certain reasons how much money will I be required to repay every week? How does repaying the bank money work?

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    the head cheese cosmo 2's Avatar
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    Re: borrowing money from bank

    all of these questions vary depending on the loan's conditions

    see: https://www.commbank.com.au/digital/...ent-calculator
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    Re: borrowing money from bank

    Quote Originally Posted by cosmo 2 View Post
    all of these questions vary depending on the loan's conditions

    see: https://www.commbank.com.au/digital/...ent-calculator
    ah

    i get it now, ty

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    Re: borrowing money from bank

    ok im kinda confused about this scenario and need help

    Say I wanted money desperately (late 2017) and couldn't repay immediately due to insufficient funds, would I be allowed to start repaying the bank at a later date (e.g. February 2018)

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    the head cheese cosmo 2's Avatar
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    Re: borrowing money from bank

    ask them but the repayment periods usually can only be extended to one month allotments

    are you sure you're even in a position where a bank will loan you anything

    don't resort to a payday loan, those are predatory
    Last edited by cosmo 2; 6 Nov 2017 at 12:17 PM.
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    Re: borrowing money from bank

    Quote Originally Posted by cosmo 2 View Post
    ask them but the repayment periods usually can only be extended to one month allotments

    are you sure you're even in a position where a bank will loan you anything

    don't resort to a payday loan, those are predatory
    thank u again

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    Exalted Member BlueGas's Avatar
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    Re: borrowing money from bank

    Quote Originally Posted by cosmo 2 View Post
    all of these questions vary depending on the loan's conditions

    see: https://www.commbank.com.au/digital/...ent-calculator
    I was just checking out that calculator and it gives you an option to choose between 1% - 25% interest rate, obviously the lower interest rate the less you have to repay each time period, so wouldn't it be the better option to go as low as possible? Why are we given the option to go at a higher rate when that would also increase how much we have to repay? I'm just curious as I don't really know much about banking, etc.
    Last edited by BlueGas; 7 Nov 2017 at 1:41 PM.

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    Re: borrowing money from bank

    Quote Originally Posted by si2136 View Post
    Do you have any assets so u can get a secured loan? There are better ways than asking for a loan via a bank.
    pree sure I dont. do u have any ideas of better ways?

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    Re: borrowing money from bank

    rob the kwik e mart
    four kings



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    Re: borrowing money from bank

    Quote Originally Posted by si2136 View Post
    Borrow money from Centrelink. They'll sure help a youth out.
    yeah but dont I have to pay them back? I mean borrowing from centrelink would be similar to borrowing from a bank wouldn't it?

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    Moderator enoilgam's Avatar
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    Re: borrowing money from bank

    What are you borrowing it for exactly?
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    Re: borrowing money from bank

    Quote Originally Posted by enoilgam View Post
    What are you borrowing it for exactly?
    dont want to disclose what it is but say in this case i wanted to borrow that much money to eat expensive restaurant food everyday for 3 months (ridiculous case i know)

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    Re: borrowing money from bank

    Quote Originally Posted by BlueGas View Post
    I was just checking out that calculator and it gives you an option to choose between 1% - 25% interest rate, obviously the lower interest rate the less you have to repay each time period, so wouldn't it be the better option to go as low as possible? Why are we given the option to go at a higher rate when that would also increase how much we have to repay? I'm just curious as I don't really know much about banking, etc.
    Generally speaking, the longer you take to pay it back, the higher the interest rate the bank charges to compensate for waiting that long for their money back. Similar principle applies if the bank believes you have a low probability of paying it back.

    Also, these are just general interest rates for any loan you find yourself in. They are not necessarily related to the actual loan products the offered by the bank.
    Last edited by Trebla; 8 Nov 2017 at 12:15 AM.

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    Re: borrowing money from bank

    Also, most loans require you to prove to the bank you have the capacity to pay them back. Usually that is proof of employment income.

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    Re: borrowing money from bank

    Quote Originally Posted by Trebla View Post
    Also, most loans require you to prove to the bank you have the capacity to pay them back. Usually that is proof of employment income.
    This to be honest - just an FYI, banks generally avoid loaning money to the unemployed (as do most reputable institutions). Unless this is an urgent expense that cannot be avoided, I wouldnt get a loan. Getting a loan for non-essentials when you dont have a job is awful money management. Also, keep in mind, defaulting will hurt your credit rating which can seriously hurt your chances of getting a future loan.
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    Re: borrowing money from bank

    Quote Originally Posted by enoilgam View Post
    This to be honest - just an FYI, banks generally avoid loaning money to the unemployed (as do most reputable institutions). Unless this is an urgent expense that cannot be avoided, I wouldnt get a loan. Getting a loan for non-essentials when you dont have a job is awful money management. Also, keep in mind, defaulting will hurt your credit rating which can seriously hurt your chances of getting a future loan.
    Say it was either in the following cases:

    1. Someone has a illness of some sort (mental/physical) and needs to spend money to recover faster(e.g. say they had a mental illness and had to take daily expensive massages to reduce stress levels which can cost a lot of money)
    2. Say you couldn't go to work and needed money but didn't have money

    Would you actually be allowed in this case?

    Also Im sure that you can borrow money from the bank but if you don't repay it on time, they will prevent you from borrowing money until you pay it all back

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    Executive Member Kolmias's Avatar
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    Re: borrowing money from bank

    Quote Originally Posted by Jaxxnuts View Post
    Say it was either in the following cases:

    1. Someone has a illness of some sort (mental/physical) and needs to spend money to recover faster(e.g. say they had a mental illness and had to take daily expensive massages to reduce stress levels which can cost a lot of money)
    2. Say you couldn't go to work and needed money but didn't have money

    Would you actually be allowed in this case?

    Also Im sure that you can borrow money from the bank but if you don't repay it on time, they will prevent you from borrowing money until you pay it all back
    Banks aren't social institutions. I'm pretty sure someone can survive without expensive masages lol
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    Re: borrowing money from bank

    Quote Originally Posted by si2136 View Post
    You're not giving us specific information so it's hard to generate advice for you. Have you tried consulting financial institutions for guidance?
    This - the whole thread is just bizarre.
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    Re: borrowing money from bank

    ill make you an offer you cant refuse jaxx
    four kings



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    Administrator Trebla's Avatar
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    borrowing money from bank

    Quote Originally Posted by Kolmias View Post
    Banks aren't social institutions. I'm pretty sure someone can survive without expensive masages lol
    This. At the end of the day, the bank is trying to make money from you by providing a service. If the bank has little confidence in making a profit from providing a service to you then they won't lend you the money.

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    Re: borrowing money from bank

    Credit decisions are indiscriminate of your situation. For a $2k loan you need to give proof of income in some capacity.

    If you need financial aid due to a poor situation there are other types of companies that can help you with that. If you miss payments regularly you will also mess up your credit which will take years to fix.
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    Re: borrowing money from bank

    Quote Originally Posted by Jaxxnuts View Post
    yeah but dont I have to pay them back? I mean borrowing from centrelink would be similar to borrowing from a bank wouldn't it?
    Different operating model. Apply for something akin to youth allowance or the dole if you're old enough.
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    the head cheese cosmo 2's Avatar
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    Re: borrowing money from bank

    centrelink offer advance payments sometimes, get on the YA and apply for them
    four kings



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