Borrowing at 40% to buy a laptop

Brendan Burgess said:
Guys

These rates are not "scandalous" or "extortionate".

They are unsecured loans to people whose credit is impaired who can't get credit elsewhere.

The default rate must be huge.

Brendan
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A point that is often lost on people. Every time I hear the credit union sector or some charity coming out looking for moneylenders to be banned or significantly capped in the interest rates they charge they never offer an alternative solution. Most credit unions are not going to lend to the person that has to borrow at 40% APR, or whatever, as they will deem them too high a credit risk. So if a business can be profitable at 40% APR then leave them at it. Better to have a regulated FSP do it than dissident Republicans or drug dealers etc.
 
I buy refurbished or used business laptops for my kids off

Black Friday - Green IT

Great Offers on Laptops, PCs and Tablets
www.greenit.ie

So far so good. They have high spec laptops and desktop machines at low cost. They have a finance option too. They have warranties too. Oh and black Friday is a coming round the bend...

No connection to this business other than as a satisfied punter.
 
Thanx, I had checked them out but I am Apple Mac based as all previous files, software etc is Mac based.
 
Brendan Burgess said:
Guys

These rates are not "scandalous" or "extortionate".

They are unsecured loans to people whose credit is impaired who can't get credit elsewhere.

The default rate must be huge.

Brendan
Click to expand...
Just to be clear, My credit rating is fine and I have never defaulted in my life.
 
Is there any possibility you can source some work in advance and obtain small deposits which you could use towards repayments, before making the purchase? So you have some expected income before pushing the button on the purchase.

Do you need such a high spec mac or could you manage with lower spec for a while? Sell it later and upgrade as you build up. Or buy second hand monitor but new machine etc..

Part of the issue with this is the 10% payment really in that repayments are higher at the start when you may not any income from design and quite quickly building up more debt.

Are there any other lenders where payments are evenly distributed?
 
If it were me, instead of buying a Mac straight away I would use one of these services and connect to it via a cheap pc/laptop/tablet.

Home

We host virtual Mac OS X Servers and Desktops with affordable pricing. Check out our fully managed Xcode Development Desktop for rapid iOS development and hosted Xcode IDE/SDK. Multiple Data Center locations for optimum connection.
virtualmacosx.com

You could use it on a trial basis to see if it suits your needs before committing yourself to purchasing a Mac.
 
I needed to buy clothes from simplyb which was a little Woods company. I must have hit an incorrect button. Clothes arrived the following week and maybe 2 or weeks later I got my loan agreement. I was a credit limit of €300 so I presume its gone up to €400. I paid it in full in a shop with a pink till but the rates were very high.

I agree the poster should put up a new thread asking the best way to buy a PC while looking for work.
 

Freelance graphics is hard business to make money at unless you are very good and have clients with deep pockets.

But you don't need a 1500 PC to do graphics. At least not to get started. If in the future the PC becomes a bottleneck, then you could consider getting something better.
 
There is at least one way to buy from VERY interest-free over 6 months.

The clock starts running once you place the order and VERY's version of 6 months is 6 x 4, 7-day weeks or 24 calendar weeks.

1,500 / 24 = 62.50 / week. Can you afford 62.50/week with possibly no income other than social welfare payments? Pay it all off in time and there is no interest to pay. Compare prices on Apple's website and VERY's and 20/40 euro is the biggest premium VERY charge, sometimes they sell at exactly the same price, but VERY's product range is limited and there are no build-to-order systems.

I'm guessing at 1,500 maybe it's a 1,489 M1 Mac mini with 16GB RAM and 1TB SSD). Do you have all the software you'll need? What about monitors, keyboards, pointing devices, printers, external storage for backup, etc. Will your software run on the ARM SOC or is it all compiled for Intel? You can use the Rosetta emulator but it can be slow with big programs (slow is a relative term here).

Maybe post a list of what you need and we'll give it a once-over if you think that would be helpful.

There's always this -> https://www.very.ie/apple-macbook-air-m1-2020-13-inch-with-8-core-cpu-and-7-core-gpu-256gb-ssd/1600533403.prd
 
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Remember that as well as VERY expensive credit that they do their best to get you to take, their prices are VERY expensive too.

For laptops try someplace like Green IT or refurbed.ie

GreenIT do payment via Humm who charge a VERY much lower interest rate.


Anyone getting VERY bored with the puns?
 
Revolut loan? I'm not sure how they assess you but if you've a good credit history then it might be worth a look, the interest rates are decent.
 
ABoyNamedSoup said:
Revolut loan? I'm not sure how they assess you but if you've a good credit history then it might be worth a look, the interest rates are decent.
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Original poster is not working which probably puts the kibosh on any loan?
 
@SDMXTWO
I happened to see this information about loans aimed at those in receipt of social welfare. It may be limited regarding which credit unions are rolling this out, but this might be worthwhile to take a look. I havent looked to see if theres details of rates but normally this differs across credit unions. It mentions that if your money goes straight to post office that you can setup repayments via household benefits scheme.

Some other contributors may have more info based on their own Credit Unions.

The 'It Makes Sense' Loan Scheme

The “It Makes Sense” loan scheme is aimed at people in receipt of social welfare, particularly those who may have used or considered using the services of a moneylender.
www.creditunion.ie
 
dubdub123 said:
I happened to see this information about loans aimed at those in receipt of social welfare.
Click to expand...

Eh...

Borrowing at 40% to buy a laptop

I am looking to open an account with an online company to purchase an item for 1500€. I applied for an acc and got a 400€ credit. I am not working. "The annual percentage rate (APR) for this agreement is variable and is currently 39.9%. The borrowing rate is also 39.9% variable. Interest is...
www.askaboutmoney.com
 

OP had initially been looking at an option with v heavy interest rates and mentioned they are on social welfare. This CU loan may be an alternate option for them. Seems to be only available at certain credit unions and money can be taken out via household benefits scheme so much more difficult to go into arrears. This may be better solution that taking out loan via the retailer.
 
@Tickle not sure whats funny? Care to enlighten? Am i missing something regarding the CU loan?
 
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