Loan Query & advice needed pls

taxi_wife

Hi, wonder if anyone can give the opinion or advice on this please.

I have A* credit rating with my bank, Bank of Scotland, have banked with them for years & have my mortge with them too.

Back in Jan of this year i decided to take a loan to cover my overdraft as of the new charges to pay it off, while i was there the girl at the bank has avised i could get a credit card & a loan up to 5K.

so i eventauly took out the credit card in may of this year not really used it to be honest just more for emergancies & they pracically gave it to me....

I decided I would like to increase the loan to 5k & called the call centre to which i was socked this has been declined!

i then tried to contact the girl at the bank who advised me there systems are still showing 5k maxmium i am aloud but couldnt give me a reason,

futher more, I have been offered a business opertunity and need funds of £10K in total, this is purely for business & would therefor forget about increasing the loan with the bank to £5k.

So i phoned the bank to see what the would offer me, I was put through business banking as the loan would be used for a business, but as i only require £10K, could i not get a normal loan & not advise them i am using it for a business, an give them a reason like, car, wedding etc, as i think if i tell them i want it for a business they may want a deposit (bank of scotland advised the would possibly give me 7k if i came up with 3)

rather confused now,

PS i got my report from Equifax & experian and as usual clean, no late payments nothing, so qhy am i beinge refused any suggestions, the thing is I really want to borrow the 10K, now do i go ealsewhere & start looking on line for bad debt loans in order to achieve one ?

I could re mortage but i genuienly dont think there is enough equity in the hoouse to get £10K.

Advice appreciated.

brians_daughter

it maybe about affordability..things like how much you earn & how much you owe will come into it ie earn 30k but owe 15k you will be at the top end of your affordability.

Maybe worth looking at other options for lending many places offer good rates if you have a good credit history.

You may've been refused as you took the loan out less than 6 months ago to consolidate but are requesting more....