Co-op Loan?

Ken_Ivory

Hi,

I'm currently looking for a loan of £15,000.00. I've applied to my bank (alliance and Leicester) on Wednesday and hope to hear back from them soon. In the event of my rejection, I'm thinking of applying to Co-op.

Has anyone had experience with Co-op loans?

Rafter

Before applying elsewhere you need to understand why you were rejected - if you are.

If you are looking to borrow £15,000 for debt consolidation then you are going to find it tough.

If £15,000 is more than about 1/3 of your income, again you may have trouble passing a banks affordability test.

If you have changed jobs regularly or have missed any credit payments in the last 12 months, again you may have difficulty or get offered a higher rate than advertised.

Generally all lenders will have different scorecards and appetites for lending. Personally I would rate co-op as being a bank less likely to rip you off - because they are owned by their customers!

Good luck

R.

Tixy

If you are rejected by your own bank it does usually mean the chance of getting a loan with another high street bank is unlikely.

If you are rejected by your bank, ask them on what basis so that you can try to remedy or improve things before you go making lots of applications.