Loans for new immigrants

jay06

Can immigrants apply for loans successfully before they can obtain permanent resident status. I've not known anyone on a work permit or HSMP visa being successfull. All though my credit rating is good, I have been unsuccessfull in obtaining a loan. Transferring money back to home country is proving to be difficult and cumbersome with fluctuating interest rates etc. It would be simpler to pay off credit card balances back home and then pay the loan here. But no bank or other lenders are wiling to provide a loan. Both my partner and I have permanent jobs and have lived in the UK for 18 months and have not missed any payment. Any advice on this. Is 3 years residency in the UK a major criterion for obtaining a loan or can this be circumvented.

Please do advice

jonesMUFCforever

Yes.
Get yourself on voters roll, try and get a telephone landline.

as400

Most financial institutions will want to know where you have been living for the past 3 years to see if you have been a good boy/girl or not (from a financial point of view) but just because you havn't been here that long does not mean you can not get a loan.

If you have a bank account that is recieving regular funds then after just 6 months speak to someone and explain your situation.

There is a good chance that if you are in full time employment and have run the account without going overdrawn and maybe have a savings account which you are building a little into each month that you will be issued with a credit card and or loan facility.

Its a case of gently gently catch a monkey, no way are you going to get a £25,000 loan having just got off the boat (so to speak).

If you have debts in your original country remember to let them know your current contact details otherwise if you were to miss any payments they may not be able to find you and after 6 months will probably have to write the debt off.

As Jones said, get on the electoral roll and if you can get in the BT phone book as this can help your credit score.

Good luck.

jay06

Thanks for you replies. I have been registered on the electoral roll. The BT line is in my partner's name as BT would not take joint applications. However all other utility bills are jointly paid. I have also recently obtained the statutory credit report from equifax and found that they had not included details of my bank account into which my salary is paid. I have notified them of this. When I applied to Experian, they have said they need proof of identity and have asked for some documents to establish my identity. I was wondering if it is worthwhile sending these do them. As I am registered on the electoral roll, they should be having details for proof of residency? Did anyone face similar situations? How to deal with this?

Catch_A_Fire

It is at the bank's discretion whether or not to submit information about any account you hold with them to Equifax and Experian (within the T+Cs of your agreement with them). I think the first place to look for credit would be with the bank this account is held with. They will be in the best position to assess your personal circumstances. A credit card or loan is much more likely to be included on your credit file than a current(standard bank) account.

as400

jay06 wrote:

Thanks for you replies. I have been registered on the electoral roll. The BT line is in my partner's name as BT would not take joint applications. However all other utility bills are jointly paid. I have also recently obtained the statutory credit report from equifax and found that they had not included details of my bank account into which my salary is paid. I have notified them of this. When I applied to Experian, they have said they need proof of identity and have asked for some documents to establish my identity. I was wondering if it is worthwhile sending these do them. As I am registered on the electoral roll, they should be having details for proof of residency? Did anyone face similar situations? How to deal with this?

Regarding the BT line maybe order a secon line for the same property but in your name only. That you are on the electoral roll is a good thing, get proof of this by getting a letter from the council, then check on both Equifax and Experian that they confirm you to be registered, if not send them a copy of the letter and phone them to insist they update their records. Experian are always ultra cautious about releasing records and often ask for ID that confirms you are who you say you are and live at that address, just send them what they need and you should get your report. Apply to Equifax with your £2 as well, its normally easier to get a written report from them.

gamma

I m on a work permit been here 3 years and have had more than 5 cc's and a loan from my bank..

This was a pre approved offer on Barcalays website.

No prob what s o ever

as400

gamma wrote:

I m on a work permit been here 3 years and have had more than 5 cc's and a loan from my bank..

This was a pre approved offer on Barcalays website.

No prob what s o ever

You have had more than 5 credit cards from your bank?...why would Barclays issue you with more than 5 credit cards in three years?

No bank in the UK will issue significant credit to someone with no verifiable background or credit history.

"What s o ever."

gamma

Well thats the big problem when someone talks like they know EVERYTHING but yet they know NOTHING apparantly

I got a barclaycard and a current account from Barclays THE DAY I ARRIVED.

Started off with 300 credit now I have 4500

Have a egg card with 1500

HAD

Capital One with 800
IF with 800
Marks and Spencer 3500


So maybe you should double check your facts BEFORE making out someone is a liar...

Bokken_2

On this forum several weeks ago was a post by a Norwegian chap and he explain how he had managed to be successful with loans and applications .
Sorry no further details so you may have a long search.

as400

"I got a barclaycard and a current account from Barclays THE DAY I ARRIVED."


As the card takes a couple of weeks to process its unlikely you got it the day you arrived, even for a defensive South African immigrant.

Maybe it was just your poor grammar that led me to believe you had recieved 5 credit cards from your bank, but as your not English I forgive you this once.

Most immigrants legal or illegal will struggle to get any credit in way of credit cards or loans until they have established themselves with their chosen bank...why Barclays decided to issue you with credit as soon as you got "orrff" the boat is possibly an indicator as to why they have such debt. I expect they no longer carry out this dubious practice.

My original advice to the OP stands.

Also please don't use excessive capitalisation