Loans when you have not been a resident for 3 years

xargon

Hi everyone,

I just moved to UK from Germany and am working here as an engineer.

My problem is that I had a loan to help out my family in a critical situation in Germany. I still need to pay back about 20000 pounds. The problem is that I was not smart about it and have a terrible interest rate from Citibank.

I would like to get a better loan here and pay off my debt in Germany and get on a repayment plan for about 500 pounds a month. However, I have been in UK for only 2 months and am wondering if it is possible at all.

Does anyone have a suggestion or recommendation regaring this?

Any input would be greatly appreciated.

Thanks,

xarg

southernscouser

I honestly don't know mate! :think:

You might be better off asking in the loans board!

Snaggles

Hello!

I presume from the title of your thread that you were previously a UK resident? Did you have a good credit rating before you moved abroad as some lenders will look back at your last UK address.

Are you now working in the UK, and having your salary paid into a UK account? Are you in a probationary period in your job? Is it the same line of work as you were doing in Germany? What income level do you have? (Sorry, that sounds like a bit of an interrogation - these are just things that lenders are likely to need to know - but you don't have to actually tell me the answers!).

For that level of borrowing, you would probably need to have an income of at least £35k (although there are lenders out there that will lend based on affordability rather than just how much you would owe in relation to your income). I often deal with assessing loans of this size as I'm a credit underwriter, and I would be looking for a minimum of 4-6 months good account operation, for the loan to be affordable for you, and for you to have completed any probationary period you might have if you were in a new job. Hope this is of some help, and good luck with getting it sorted out.