Loan declined - worth appealing?

BadgerFace_2

If you have a loan offer for 11k, you could maybe use that together with your 3k available credit if you can't get the higher amount?

manka

BadgerFace wrote: »

If you have a loan offer for 11k, you could maybe use that together with your 3k available credit if you can't get the higher amount?

The offer came a few month ago, so it is not valid anymore. The reason I wouldn't go with it anyway(unless necessary) is the 18.9% APR.

mel19632

Just a thought - have you tried Zopa? Sometimes their rates are good and people who may not get a loan by conventional route are able to obtain them. Let me know if you want any more details.
Mel

manka

mel19632 wrote: »

Just a thought - have you tried Zopa? Sometimes their rates are good and people who may not get a loan by conventional route are able to obtain them. Let me know if you want any more details.
Mel

Hi Mel,
I know nothing about Zopa. Are they reliable?

Anyone used them before?

mel19632

I have used them - to loan money. From a borrower perspective I think they are great - from a lender perspective, so far so good!
I would definately recommend you sign up and take a look - anyone else vouch for them? I think Martin Lewis has recommended them in the past as well. It works by "cutting out middle man" - i.e. people lend directly to other people.

www.zopa.co.uk

woody01

manka wrote: »

Hello,

We (fiancee and myself) were declined a loan of £17000 (for wedding). We both earn around £16000 a year. We have no outstanding loans; credit cards and OD balances are zero. We have around £700-£900 each month left from our wages. We have permanent jobs, pay everything on time. We are on the electoral roll, but move in about 3 month ago.

I am about to write back, and support everything with paperwork. Do you think it is worth the effort? Has anybody ever been successful with an appeal? What shall I put into the letter?
Many thanks!

Having a combined wage of only £32K is pretty low to be fair.
Borrowing £17K off the back off that figure just does not add up and this is why you were refused.

Even with £900 left per month, a BIG proportion of that will go towards paying back the loan, and if one of you lost your job for any reason, you simply would not be able to afford repayments.