• Got a question on how to use our new website? Check out our user guide here!

borrowing money from bank (1 Viewer)

Jaxxnuts

Active Member
Joined
Jul 7, 2017
Messages
269
Gender
Female
HSC
N/A
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?
 

Jaxxnuts

Active Member
Joined
Jul 7, 2017
Messages
269
Gender
Female
HSC
N/A
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)
 

cosmo 2

the head cheese
Joined
Dec 24, 2016
Messages
313
Location
the hall of the hundred columns
Gender
Undisclosed
HSC
2023
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:

Jaxxnuts

Active Member
Joined
Jul 7, 2017
Messages
269
Gender
Female
HSC
N/A
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
 

BlueGas

Well-Known Member
Joined
Sep 20, 2014
Messages
2,413
Gender
Male
HSC
N/A
all of these questions vary depending on the loan's conditions

see: https://www.commbank.com.au/digital/calculators/personal-loan-repayment-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:

Jaxxnuts

Active Member
Joined
Jul 7, 2017
Messages
269
Gender
Female
HSC
N/A
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?
 

Jaxxnuts

Active Member
Joined
Jul 7, 2017
Messages
269
Gender
Female
HSC
N/A
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)
 

Trebla

Administrator
Administrator
Joined
Feb 16, 2005
Messages
6,288
Gender
Male
HSC
2006
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:

Trebla

Administrator
Administrator
Joined
Feb 16, 2005
Messages
6,288
Gender
Male
HSC
2006
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.
 

enoilgam

Moderator
Moderator
Joined
Feb 11, 2011
Messages
11,869
Location
Mare Crisium
Gender
Undisclosed
HSC
2010
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.
 

Jaxxnuts

Active Member
Joined
Jul 7, 2017
Messages
269
Gender
Female
HSC
N/A
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
 

Kolmias

Well-Known Member
Joined
Oct 8, 2015
Messages
1,549
Gender
Male
HSC
2018
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
 

Trebla

Administrator
Administrator
Joined
Feb 16, 2005
Messages
6,288
Gender
Male
HSC
2006
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.
 

Users Who Are Viewing This Thread (Users: 0, Guests: 1)

Top