Is now a good time to apply for a loan?

Kavanne

TheKeyMaker wrote: »

I would advise hold on a little while, as banks are not giving loans at this moment because of the well known financial chaos.

I can assure you MY bank is still definitely giving out loans and I am sure all the others are too!!

TheKeyMaker

Kavanne wrote: »

I can assure you MY bank is still definitely giving out loans and I am sure all the others are too!!

What’s your bank? –
If you compare the current Loan Approval Rates with the same period last year, you might find that, perhaps I have a point.

Kavanne

TheKeyMaker wrote: »

What’s your bank? –
If you compare the current Loan Approval Rates with the same period last year, you might find that, perhaps I have a point.

It is lower and criteria are slightly tighter but they are still saying 'YES' to many people!

bigstevex

even though the banks are in chaos they still need to make money so they must still be lending lol

The_Puppet

The banks wont be looking necessarily at the amount of borrowing you have, they mainly want to see how good you are at paying off your debt on time i'e green lights on a 'full' credit report.

Actually applying for the loan is the only way to know, but others on here are right, waiting 3-6 months might be worth it for some better interest rates.

~Brock~

Why not just apply now and if they say no apply again in six months, by which time the current search will have 'dropped off' and will not be regarded as negative.

geoffky

banks are lending and giving out mortgages ...no problems at all..just like they used to...but if you want a 100% mortgage they will rightly tell you to go away....lending as it should be....save and save then ask....

LiamJ

strawberry_dream wrote: »

Hi, this is my first post on this forum but hoping someone can advise me, you all seem very clued up! :j

Basically I would like to apply for a loan of £5000, I have never applied for a loan before, so not very sure how to go about it.

The best time to apply for a loan is when you need some money - or never, depending upon your point of view.

Before you take out the loan work out how much interest you will pay in total over the life of the loan. Do you really want the money that much? And think about the downside: what would happen if you lose your job or for some other reason have difficulty paying back the loan? Do you really want the money that much?

Sorry to be a bit old fashioned, but there are so many people on this forum who take out loans without thinking through the downside and then get into terrible difficulties.

If you don't need it (whatever it is you need the money for) urgently, how about saving up the £5000 and buying it cash?