Help with getting a loan!

jacko198

Hi guys,

So im after about £1000 so i think im after a loan. I am only 20 so i dont have a clue about this at all.

I went into my bank (HSBC) last week to ask for one. They took all my details etc etc wages and all the rest and it turned out i am earning £100 too little to qualify :mad:

So, im just wondering, if i was to go into another bank next week, is this likely to get declined because i have only just tried?


Also, as im new to all of this. Is it worth getting a virgin credit card and just transfer the balance over and then pay that off?

Any help would be good

Thanks

Jack

CLAPTON

what is you income
what are your existing debts
are you on the electoral register
what are your outgoings

jacko198

I get arround £650-£700 after tax a month.

I have £0 debts

I am on the electoral roll yes

And my outgoings would be around £100 (thats car insurance and mobile phone)

She showed me the payment options which were around £95 a month. So god knows why they thought i couldnt spare that!

The interest rate on that was like 21% though which is crazy. I would probably want to pay it off early too.

CLAPTON

They probably rejected you because of you modest income and age.
I doubt that another bank will be more willing to lend than your own bank although HSBC does have a reputation of being a rough bank.

if you have 700 coming in and only spend 100 per month then in 2 months you would have 1,000 saved

really, at your age and living at home you really should be a net saver rather than thinking about borrrowing money.. suppose you wanted to move out etc, having saving would be essential

Happytogetdebtfree

Yes 2 month wages would be more than enough ? Mayb the bank refused because you requested a low amount? If I were a bank and some asked for a 1000 who has the potential 700 spare per month I'd be wondering why it's not saved and are u hiding something else that's been pai tey look at risk but I don't know how they access. Good luck with the quest x

jacko198

Hmm, there are so many ways to think about it arent there!

Im looking at buying a new car, and my current one is dying, so i want to get rid of it asap.Which is why i am wanting the money now.

If, for example i went in to another bank and asked for £2k, would i be more likely to get one? Or would this be classed as another search against my name.

Its wayy too confusing, the woman should have explained why i couldnt get one, etc etc

Happytogetdebtfree

Tbh I do not know try make do with the car hav repairs it may be cheaper x

jacko198

Meh, i have had it for way to long now, its definatly time for a new one. I guess the bank of mum and dad is an option, but i dont really want to, that would be the last option to be honest.

Who/where are the best people to ask how this all works? I hadent planed on it being a no, and so hadent even thought about bloody credit scores etc etc.

Happytogetdebtfree

L be honest I don't know sorry

barbarawright

If you take home £700 a month and are only paying £100 outgoings, aren't you already using the Bank of Mum and Dad rather heavily? If you really have £600 a month spare, shouldn't you already have plenty of saving?

jacko198

I am very fortunate that my parents do not currently charge me "keep" which is fine by me :j

My money does get spent rather easily on parts for my car, clothes, girlfriend etc etc

£100 is just what i have going out via direct debit.