Non UK Citizen Loan Advice

J2k

Hi,

At the moment I have applied for about 3 difference Personal loans being turned down for all three.
I'm not a UK citizen but having been working and living in the UK for 2 and half years on a highly skilled migrant visa. I have a HSBC Bank account and credit cards so not sure why I'm not getting a loan.

Can anyone suggest some good companys that would offer a loan to a person whom is in my situation but still at a decent rate?

Thanks in advance.

Annando

From experience, being a foreigner as well, I think you need 3 years proof of address in the UK.
Do you have a mortgage? I suppose lenders are more willing to lend you money if they see that you have attachements (financial ones I mean) to this country. Have you tried getting a loan from your bank? or for one of your credit card companies? (MBNA and Capital One do personal loans). If you call the credit card companies ask them about personal loans and explain that it is not borrowing from the credit card as this attracts exhorbitant rates!!

Hope this helps, good luck!

Firsttimebuyer_4

Hi,

I wrote this post some time ago. Have a look.

Also, in this post i mention i'm not on the electoral roll...However, you CAN get on the electoral roll as a non-eu citizen (I am an EEA citizen)...Just fill in the form from your local council (usually downloadable from the council website) and send it off. Just don't tick the nationality box and you'll be fine. They'll assume your british. I wouldnt suggest you use the vote you'll be given though. It may turn out nasty.

As a side note. The lenders check the electoral roll to ensure you are who you say you are. If I wrote "Mr Fruitilicious Appleness" the council would add that as a real person living in your house. There are NO CHECKS whatsoever. It's frightening. And still the lenders believe this to be the best way of checking your identity. Go Figure!!


http://forums.moneysavingexpert.com/showthread.html?t=190191

Christal_2

Being a non-UK citizen and a non-eu/eea citizen myself (and not on the electoral roll!!), I have seen 2 banks offering loans to people in similar situation.

First one is Lloyds, I have been banking with them for about 2 years by the time I rang them up asking if I could apply for a loan, after knowing that I have a mortgage they said yes immediately, and offered me an amount far more than what I needed, anyway I only borrowed the amount I need and signed contract, the money was in my LLoyds current account within 10 mins after signing the contract.

Another sample is one of my colleague who is also a foreigner (non-eu/eea, not on electoral roll) wanted to buy a car when he came to UK, he has only been in the country for less then a month, and just opened account with HSBC, he asked them about the loan, and they apprved it right there and then, but with a very high interest something like 12%!!

So my suggestion is first try to get yourself on the electoral roll if you can, if you can't because of the nationality, check with HSBC first cause you have been banking with them for some time so if they are happy with the way you manage your account maybe they will say yes. Then check with LLoyds cause in my experience they are more likely to take more risk in getting new business then most of other banks and building society.

Good Luck!