Apply loans ques?

bery_451

hi,

i need to borrow £100000 minimum to sart a business but the problem is that im not a homeowner.

can i apply to 4-5 unsecured loans simultaneously at £25000 each to reach that 100k mark? is this possible?

cheers,

my credit score is 750-800 approx. hope this helps.

maforduk

No, you'll be lucky to get a Credit Card for that score, mine is about 750 (poor).
Best thing you can do is draw up a Business Plan, seek Financial Advice and find a Silent Partner. If all goes well, you'll be on your way.

bery_451

maforduk wrote:

No, you'll be lucky to get a Credit Card for that score, mine is about 750 (poor).
Best thing you can do is draw up a Business Plan, seek Financial Advice and find a Silent Partner. If all goes well, you'll be on your way.

credit score is between 0-1000

how can your 750 score be poor? its above average right?

maforduk

bery_451 wrote:

credit score is between 0-1000

how can your 750 score be poor? its above average right?

I know, that's what I don't understand.
Next to the score it tells you what bracet you fall under, and mine was Poor!

I can't even get a Credit Card to transfer off my Existing Credit Card!

bery_451

maforduk wrote:

I know, that's what I don't understand.
Next to the score it tells you what bracet you fall under, and mine was Poor!

I can't even get a Credit Card to transfer off my Existing Credit Card!

lets say my score was 'good' can i still do the 4-5 simulataneously loans like i said in my first post?

or will the loan company know that i applied to 4-5 loans simultaneously?

maforduk

bery_451 wrote:

lets say my score was 'good' can i still do the 4-5 simulataneously loans like i said in my first post?

or will the loan company know that i applied to 4-5 loans simultaneously?

They will know! It goes onto your Credit File same time I think.

bery_451

maforduk wrote:

They will know! It goes onto your Credit File same time I think.

can someone please confirm that it goes on your crdit file straight away or does it go on later?

if i apply 4-5 loans simultaneously at the same time e.g. click on submit loan application on all 4-5 loans simultaneously, will the loan company know that i applied to other loans?

Bernard_Coleslaw

Depends on how quickly each lender updates it's file with the credit reference agencies.

However, what will you say to each lender if it asks you about current outgoings/credit commitments? Surely you would have to mention the other 3 loans you have?

BC

bery_451

Bernard_Coleslaw wrote:

Depends on how quickly each lender updates it's file with the credit reference agencies.

However, what will you say to each lender if it asks you about current outgoings/credit commitments? Surely you would have to mention the other 3 loans you have?

BC

typically how long does it take to update it's file with the credit reference agencies?

Bernard_Coleslaw

bery_451 wrote:

typically how long does it take to update it's file with the credit reference agencies?

It's a piece of string question, to be honest. The lender will do a search when you apply, and I think that shows up immediately. So regardless of the fact that you might be applying simultaneously, at least one of the "later" applications will show possible multiple searches. The search won't record whether or not your application was successful, just that you have made an application.

Some lenders update actual opened loan accounts straight away once the agreement starts. Some wait and send a monthly update of all new accounts to the credit reference agencies. This is not information they will openly tell you!

In any case, you need to think about what you'll say to any one of the lenders who asks you whether you have any additional loan outgoings. Saying "No, I don't...yet" is unlikely to do you any favours!

BC

bery_451

do you have to show proof of income for unsecured loans? Or will the lenders give you a cheque quick?

How long does the loan cheque take?

cheers,