Which banks are more likely to lend money in a current climate?

Ellena_2

Hi

I'm going to apply for an unsecure personal loan of £15000. My credit score is not great as I don't have long history but never missed any payment. Does anyone know which bank will be more likely to lend money.

Thanks

~Beanie~

Whichever bank you hold your main account with will be most likely although for such a large loan and with a not so good credit score, I'm not sure you will have much success.

jonesMUFCforever

I agree with Beanie - I read somewhere that since November, 17 companies have dropped out of the unsecured loans market and others have reduced their maximum loan amount.
The likelihood of a loan company giving you a £15k loan if your credit history is not good and you are not an established customer is slim.

Ellena_2

My credit score is 661 from Experian. Have I got any chances at all to get a loan?
If a bank decides that the loan amount is too big will they offer you a smaller loan or decline it completely?

nomoneytoday

Ellena wrote: »

My credit score is 661 from Experian. Have I got any chances at all to get a loan?
If a bank decides that the loan amount is too big will they offer you a smaller loan or decline it completely?

The score of 661 means zip, as each lender has their own rules and scoring systems. Some will accept you, some decline and others will offer a smaller loan instead

Good luck

_Andy_

Ellena wrote: »

My credit score is 661 from Experian. Have I got any chances at all to get a loan?
If a bank decides that the loan amount is too big will they offer you a smaller loan or decline it completely?

Ellena it's not possible for anyone on here to say whether you will get accepted or not. I would suggest trying your own bank first and see how you get on.
As someone else has said, the Experian score is pretty much meaningless.

mikkie44

You can always try secured.... if your house has the equity.

UKNorthEast

Ellena wrote: »

Hi

I'm going to apply for an unsecure personal loan of £15000. My credit score is not great as I don't have long history but never missed any payment. Does anyone know which bank will be more likely to lend money.

Thanks

Have you looked at Tesco/Asda loans and the like?

I read somewhere that they are in a better position to be able to offer loans etc over the banks due to their cashflow.

vanilla8

I have just got a 20k loan from AA.
Went through moneysupermarket and entered the questions. It said i has a 'good' credit score (just beow excellent)
I got a rate of 12.1% but i can afford the repayments so i am content.
I earn 34k and have a couple of credit cards (3k of debt) on them. Have not missed a payment and have one credit card i pay in full each month.

Hope that gives u an idea.

Tassotti

mikkie44 wrote: »

You can always try secured.... if your house has the equity.

That's funny

enjoyincubus

UKNorthEast wrote: »

Have you looked at Tesco/Asda loans and the like?

I read somewhere that they are in a better position to be able to offer loans etc over the banks due to their cashflow.

I think that might not be 100% the case...

Tesco Personal Finance is a joint venture with RBS and Asda Finance is a joint venture with GE Capital Bank. So even though they use the trading names of Tesco/Asda, they will still have the capital constraints of the parent banking companies. I doubt funds will be used from the core grocery business to lend through the finance business.