Personal Loans: how easy is it to get accepted

abinanthanb

JaneH wrote: »

Checked out Tesco personal finance for an unsecured personal loan to consolidate one small loan and a couple of credit cards. The quote came up with an interest rate of 8.1% which was alot better than the loan I wanted to consolidate. Decided to apply for £8,000 over 5 years. Got an offer and interest rate was lower !!!!!! (that has to be a first) Rate was 7.9%

How good is your credit profile?

yummymummy85

Hi, sorry if I'm dragging up an old thread but found it through a google search.

Long story short... my husband and I have decided to apply for a loan to ease our current financial situation. We would basically be using the loan to pay off our credit cards, car loan and one personal loan (which is about halfway through the 2 year term.) We know that by doing this we will be paying it all off over a longer period and therefore be incurring more interest charges over the full term however it would ease our monthly financial situation. I am currently not in work as I stay at home to look after our two young children - I've looked into a job but once you take into account childcare costs for 2 children it seems the employer may as well just send my wages straight to the nursery!

We initially applied for this loan at the beginning of December, it was applied for in both of our names sort of by accident (we didn't think to say just to do it in my husband's name and the bank assumed we'd want in it both our names) and was declined - was obvious this would happen as my credit history is not good! We then went back in the following week to apply in just my husband's name and again were declined but were told by the advisor at the bank that it was more than likely that we were declined the second time because we had only applied the week before. We have now waited 4 months and are planning to go back into the bank at the beginning of next month to reapply. Our financial situation has not changed (apart from the fact that we will need slightly less as we have obviously been making payments on our other credit agreements). The only factor that will have changed is that we have now moved due to my husbands job but we have been told by the bank that this shouldn't affect the application as we can provide our address history for the past 3 years. Getting this loan would mean that we would free up at least £300 per month which would allow us to either overpay on the new loan or put some away for a rainy day. How likely do you think it is that my husband will get accepted for the loan? He has a fairly good credit rating and a fairly good wage. We are planning to apply for the loan at our own bank which my husband has been with for 10 years so they have access to our financial history and can see that we make payments on our other credit agreements. Just looking for an insight as we don't want to apply to early and risk getting declined and thus another footprint on his credit file but in the same breath the sooner we get this loan the better for our financial situation!! Any help would be greatly appreciated!

steevio_uk

wibble edited

Lisa00

As many people are looking for the loan on the web many scammed have become very much active in this field and they just disguise the borrower by offering the attractive terms.

Fred_the_Needle

My stepdaughter and her fiancee both have good jobs IN THE FINANCE INDUSTRY. Problem is, both worked on Guernsey and have just returned to the mainland.

They've been trying to get a loan to buy a car and have been through every bank they can think of. In the end RBS gave them a loan at an extremely high rate of interest (RBS being her boyfriend's bank). NatWest (my stepdaughter's bank) and all the others wouldn't even consider them.

I'm tempted to ask !!!!!! is going on (excuse the language)? Although they are young (well, to me anyway), both have good jobs with reputable companies and have been working continually with big organisations since they left University.

Seems that the Channel Islands are considered "foreign" despite the fact that they have the same monarch.

Elly44

I have lived with my boyfriend for 3years so when applying what is my residential status? Not a home owner as everything is in his name. Would 'other' have a negative consequence?

JuicyJesus

Fred_the_Needle wrote: »

Seems that the Channel Islands are considered "foreign" despite the fact that they have the same monarch.

Australia and Canada have the same monarch too. They are definitely foreign.

The Channel Islands (and the Isle of Man) have a completely separate legal code and set of regulations. They are, for all intents and purposes, separate nations.