New Loan Wanted!

webbo1981

Hello

I have recently cleared all debts bar my Cahoot Loan.

I have £2000 outstanding on my Cahoot loan, along with £1500 I have saved up, on my next pay packet from work I am going to clear my loan so I have no old debts...

After this I wish to obtain £6k new loan. I knew this may seem bizarre having just spent three years getting out of debt but the 6k is going to really good personal use that I really want and feel the need to do...

I guess the question is am I going to struggle getting a new 6k loan, say May/June time?

Also is there loans out there in which I could make more payments in a month if needs be?

Many thanks in advance...

Rafter

You will struggle if your credit history, employment or earnings won't support that loan.

Doesn't sound like that is the case though, so you should be fine. The loan will be more expensive versus base rate or savings rates than historically because of the recession and credit crunch - but you should be able to get sub 10% hopefully.

Other option is to use 0% credit cards given you seem to be able to repay debt fairly quickly. You could also look at zopa?

R.

webbo1981

Rafter wrote: »

You will struggle if your credit history, employment or earnings won't support that loan.

Doesn't sound like that is the case though, so you should be fine. The loan will be more expensive versus base rate or savings rates than historically because of the recession and credit crunch - but you should be able to get sub 10% hopefully.

Other option is to use 0% credit cards given you seem to be able to repay debt fairly quickly. You could also look at zopa?

R.

Credit history might be slightly negative around 3 years ago...but still then nothing major...just the fact I had 4 or 5 debts....
Employment has been 8 years with the same company and my salary is £22500....

Would I get 0% credit cards giving me enough spending!? To be honest I would prefer this option and what I am doing can be bought via credit cards...

Sorry what is Zopa?

Many thanks for your help

thriftymomma

webbo1981 wrote: »

Credit history might be slightly negative around 3 years ago...but still then nothing major...just the fact I had 4 or 5 debts....
Employment has been 8 years with the same company and my salary is £22500....

Would I get 0% credit cards giving me enough spending!? To be honest I would prefer this option and what I am doing can be bought via credit cards...

Sorry what is Zopa?

Many thanks for your help

I beleive Zopa is a new thing where you borrow money off actual people rather than an institution. Perhaps wortha look. Have you tried your own bank for a loan?

Robert_Sterling_3

webbo1981 wrote: »

I knew this may seem bizarre

This sounds bizarre.

webbo1981

thriftymomma wrote: »

I beleive Zopa is a new thing where you borrow money off actual people rather than an institution. Perhaps wortha look. Have you tried your own bank for a loan?

Had a look at Zopa and looks good!

I bank with Alliance and Leicester, is it worth going into a branch or applying online?

Thanks for your help!

Any

I thought Zopa only considers you if you earn £25k on normal loan. Otherwise you have to do listing (where you writte a "letter" explaining your circumstances and what you want to loan for and then people will decide to lend you money - often many different ones in little amounts, so it might take few days or a week to actually raise the money).

webbo1981

I have just renewed my Credit Expert membership and my credit score is 956 which I believe is a good score!?

Would this entitle me to a good loan?

Robert_Sterling_3

Re your signature ... jumping for joy.

Debt Free May 2009.

But then again perhaps ... not if you can help it.

jamesd

Zopa has reduced its requirements in some things, so don't expect a 25k minimum now. In Listings requirements are lower still and I've seen acceptances with around 12k income.

No recent late payments and no CCJs or unsatisfied defaults remain part of the minimum requirements.

Rafter

Webbo,

Your income is a bit low for some providers, but your length of service should help you.

Most of your questions have been answered, but with A&L only apply in branch if they are advertising a good rate. Some banks are a bit sneaky and offer good headline rates in the press and online but use 'personal pricing' in branches as an excuse to offer much higher interest rates.

Good luck

R.