Loan Application Amount

newmoneyjedi

With regards to loan applications does the amount that you are applying for have much of an effect on approval or rejection.

For example, if I was to apply for a loan of £6,000 would I have more of a chance of approval than applying for a loan of £8,000?

stephane_2

The success of an application whatever the amount will all depend on your own financial circumstances including employment status, income, ratio of actual debt to income, electoral roll, how you're managing other accounts...etc...etc and of course no late or missed payment, default. If a lender see that you're already over committed with credit cards or other loans then unlikely that they would approve your application

housebuyer_abc

stephane wrote: »

The success of an application whatever the amount will all depend on your own financial circumstances including employment status, income, ratio of actual debt to income, electoral roll, how you're managing other accounts...etc...etc and of course no late or missed payment, default. If a lender see that you're already over committed with credit cards or other loans then unlikely that they would approve your application

True - but it's worth checking the APR too, often banks step interest rates...

Sometimes it's 16.9% for £3000 and below but £11.9% above that figure (in these cases apply for £3100 not £3000) - Otherwise though it's as stephanie says