Loan Enquiry

naomi1991

Hi Everyone !
I am 19 years old and dont have a bad credit rating just a not much of one . I am trying to apply for a loan for approx £2000.00 and keep getting declined. Doesa any-one know were i could try ??

Thanks

McKneff

Hello Naomi and welcome to the boards.

Do you work, what is your salary, do you own your own home, live with parents,
bank account etc.
All relevant information if you want anyone to help you.

Also, who have you already tried.

rrf494g

where do I start?

Go where someone or some company knows you - your existing bank perhaps. (bank of mum & dad?, uncle&auntie?)
regards

50quidonRED

Try saving up £2000

naomi1991

Thankyou for your reply

I Earn 14,250.00 and i am a homeowner had my mortgage for about 4 months .

my mortgage is with halifax , i have been rejected there also i was rejected a few months ago at natwest .

saving not an option as i need the money quickly and don'y have any spare funds .

Thanks

Peelerfart

Difficult to be precise with the information you have given but ,on a salary 0f£14,250 and a mortgage to pay you could be getting declined on affordability.

Like I say, cannot be certain without more info.

CHR15

naomi1991 wrote: »

saving not an option as i need the money quickly and don'y have any spare funds .

With no spare funds, how are you going to manage to repay the loan??

All respectable lenders are going to look at your financial situation before deciding if you are a risk worth taking.

If they see nothing left to repay, they aren't going to lend to you.

naomi1991

the money is to consolidate my debts so my repayments would come from the money i would be saving from paying my debts of

Peelerfart

Banks don't like those loans anymore so I think that's why you're struggling.
You could try the DFW board and post an SOA,that should help.

Good Luck

PF

CHR15

naomi1991 wrote: »

the money is to consolidate my debts so my repayments would come from the money i would be saving from paying my debts of

You know that, and I know that (becasue you just told me), but the bank doesn't.

The bank have no way of ensuring you are going to clear your existing debts so they will simply look at your existing debts, and add the new loan to it to give an overall total.
They then look at your Salary to decide if you pass their "affordability" level.

£2k doesn't sound a lot (on the grand scheme of debts) so if this is to consolidate, you may be better off in the Debt Free Wannabe board.

There is lots of advice on changing your lifestyle if you post up an SOA. If you can bring your outgoings down, you should be able to clear £2k off in a fairly short time.

andymc29

you could try www.zopa.com they have a listings section where you can post your loan requirements and people make offers to make up the amount you want to borrow. You'll normally get a lower rate than the banks would offer and you can make over payments to lower the interest you pay overall, I'm using them at the end of this month to lower the interest on one of my loans.