What counts against you when applying for a loan

Lorraine2008

I have seen a loan I want to apply for with Sainsbury's bank. I only want to borrow a £1000 and pay it off in a year. However, I have little savings and a permanent job.

What could I do to ensure success?

_Andy_

Nothing you can 'do' - just apply and tell the truth. Not sure what you're getting at to be honest.

Lorraine2008

I lost my job last year. We have a £800 overdraft to clear by 6th of December or the Halifax Bank will charge us a £1 a day every month until it's cleared. We can't make up the deficit in time and it's not like we could walk into second jobs to help allieviate the debt because of the sodding recession.

~Beanie~

So do you have a job or not? I'm a bit confused.

What is your credit rating like?

Lorraine2008

Yes I do have a job. My credit rating is good. However, reading the blurb on here that means I am more likely to get rejected because I am more likely to pay the money back!

alibongo42

What about applying for the Virgin credit card, 0% for 16 months. For a 3.5% charge, they will allow you to transfer some money into a current account.

Lorraine2008

I have had a look, but need to ring up about the cash withdrawal because they seem to only imply 0% on balance transfers and 3months 0% on purchases. But thanks. You have given us some ideas.

Lorraine2008

Just watched watch dog tonight....problem solved . Thanks everyone:money: