Personal Loan rejected - Advice needed

iamana1ias

Strider007 wrote: »

Well I applied for a Credit card last week with Barclays and was succesful and then failed today with Sainsbury's. I'll get myself on the electoral and try again. If I fail I guess I'll have to find some other means for aquirring the cash. Just seems ridiculous as I can easily afford the repayments and don't have anything negative in my credit history.

You are already a customer with barclays - it's different criteria. Every other institution will be fussier. Even barclays have given you a low limit.

You have no credit history, which is more difficult than having something negative in your history. You are an unknown risk, and the fact that you move so regularly doesn't help.

Where does your money go? Have you no savings? If not, why not?

It's nit a quick process to get on the electoral role by the way - will take at least 28 days, and the same again for your credit files to update.

AMILLIONDOLLARS

pinkladyof66 wrote: »

And .................. this information is based on what I am a public sector worker and been one for 28 years, yes jobs are being and have been cut but only through natural wastage, no lending authority will use this as its criteria !!!!! on the basis you may be out of a job, any business can go bust at anytime does that mean no one will get any credit then ???

In the good ole days when banks were giving out money freely they didnt care whether you could pay them back or not. We are living in different times and much has been made by the new governement that they will implement redundancies as a way of reducing the deficit by cutting public sector jobs, the banks are not lending to viable businesses at the moment, do you really think that they are not going to think twice about lending to someone in the public sector?

AMD

Strider007

iamana1ias wrote: »

You are already a customer with barclays - it's different criteria. Every other institution will be fussier. Even barclays have given you a low limit.

You have no credit history, which is more difficult than having something negative in your history. You are an unknown risk, and the fact that you move so regularly doesn't help.

Where does your money go? Have you no savings? If not, why not?

It's nit a quick process to get on the electoral role by the way - will take at least 28 days, and the same again for your credit files to update.

So basically I won't be able to get a loan for atleast a couple of months....!!!!!!!

Another question, but If I was to get a car finance with the dealer would there be a higher chance of getting it as itd be secured against the car? My only issue is the high interest rate that comes with.

iamana1ias

Strider007 wrote: »

So basically I won't be able to get a loan for atleast a couple of months....!!!!!!!

Another question, but If I was to get a car finance with the dealer would there be a higher chance of getting it as itd be secured against the car? My only issue is the high interest rate that comes with.

Where is your money going? You must clear £1500 per month. Phone and rent can't be that much, so where is the rest?

In 3 months you could have saved at least half what you need for the car. Much cheaper option than hire purchase.

Tixy

Probably a higher chance of getting this rather than unsecured, but again only if you are on the electoral roll.

You should always be on the electoral roll anyway (its actually a legal requirement) why are you not?

iamana1ias

How long have you been in your job?

Strider007

Been in my current job for 2 and half years.

Not on the electoral at this address due to moving around a few times and partly lazyness on my part if truthful. I think I could probaly secure a loan with barclays due to being with them for 12 years but the interest rate of 22.9% is too high.

I could have the money saved up in 3-4 months but in need of the car now for work purposes. Insurance is also ridiculously high and will cost me £1200 which has to be paid up front as well. I thought a loan would be ideal as it allowed me to purchase a car without spending all I have just in case I need cash in emergency such as car repairs or the unexpected.

Tixy

Have you got the money for the insurance saved? How are you getting to work at the moment?

Could you not go for a much cheaper car (which hopefully would also be much cheaper in insurance)? How much is the limit on the credit card?

Strider007

Ive got the insurance money saved which being a new driver won't drop below £1100 no matter what car I get it seems (this also is very annoying).

I don't actually know my limit on my credit card should arrive today or tommorrow but was told not to expect much from Barclays when I rang up. Original plan was to purchase it on credit card and pay it off in a few months interest free.

iamana1ias

Why do you suddenly need this car?