I need a loan...

Justinnn_2

Im trying to get a loan just so I can get a deposit on a house or flat plus up a month up front. Im finding I can't get credit at all and being rejected for everything. Then I have read alot on this site about being on the electoral roll, so I registered to that last week and I am still being rejected for credit. Are there many loans available for people with bad debts? Im not too sure what bad debt is classed as to be honest? Thanks for anybody who can help.

misstasty

Firstly get hold of your credit file to see what you are scored with....I prefer equifax but experian are also very good theres another one I forget the name of
Secondly stop applying for loans or any other form of credit....these are marked on your credit file as searches and any more than 3 searches in a space of 6 months is classed as bad and puts up warning flags to other lenders!
Third banks do not give loans out to use for a deposit....well non of the banks I know do...you need to save and show the bank that you can be money savvy before they will lend you the huge amount of a mortgage.
Fourth make sure your bank account is in the black...pay creditors on time...any late payments will show up on your file and lower your score....

Obtaining credit these days is not automatic....you have to graduate through the school of hard knocks....usually rectifying past mistakes, fixing bad stamps on your file takes time....but you can do it xxxx

culisse

I cant seem to find thread starter so sorry I am going to have to ask on this one!
I also am in need of a loan and did one of these fast track ones with my own bank over the phone ..she said that it had been approved and would email me the paperwork to sign off in an email. I did this and then recieved an email about 2-3 hours later saying "congratulations, your loan has been finalised. please check the funds are in your account before withdrawing".
When I phoned up 2 days later as it said it could take up to 48 hours, they said it was still pending and probably waiting on the uinderwriter to finish and sign off.
I asked my local branch about this who said, i would not have had email saying it was finalised unless underwriter had signed it off so not sure what is happening! Guy in branch got 3 different people saying it was still pending, and I got 8 different people all saying different things.
It may be that they need more information but doesnt explain email, any ideas?

KingElvis

Getting a loan for a deposit is a complete non starter as it's not allowed.

Peelerfart

The reasons for your rejections may be a little closer to home,

https://forums.moneysavingexpert.com/discussion/3371516

Tixy

OP might not have had a defaulted debt in 2009 when they started this thread though!