Just moved to the UK, need loan advice

JustMovedUK

Hello guys! I've just moved to the UK and even with a stable job and no outstanding loans, I am having problems getting a loan.

First, a few details - I've moved to the UK under a 3-year contract with one of UK's biggest companies. I'm earning about £1,000+ after taxes, with a yearly salary of more than £20,000. I've been here since February 2010 and my salary has always been paid into a bank.

I've just applied for a loan and a credit card, but got declined on both counts. The reason? Poor credit score. Not poor due to bad spending but simply poor because I haven't been able to build it up enough yet.

I'm posting here because I need a bit of help. I'm looking to borrow at least £3,000 to be paid off over 2-3 years. Obviously I can afford this (my bank and I did the calculations and even though I proved I can pay off my loan, I was still declined due to credit score), but I'm having problems getting proper lenders due to my credit score. A few of my colleagues got desperate and fell victim to the £59 loan scam, I'm a bit more cautious than that.

Anyway, it's surprising how hard it is to find lenders here in the UK, that's why I'm here. Can anyone provide me with reputable lenders with reasonable APRs? Obviously, I know my poorer credit score means higher APRs but some companies are just... insane.

Thanks for taking the time to read my post and I look forward to any form of help. Cheers!

geordieracer

They are not lending to you as you have no credit history.. I m afraid i have no advice on a foreign national obtaining some form of credit history but really -

why do you need a loan. you earn ok so why the loan?

i suspect its not legit. I may be wrong but that is what i suspect and so do the banks and will run a mile

MFWannabe

You are not getting any credit because you have only been in the UK for 8 months. I believe that you have to be here for at least 3 years before you can get credit; but i may be wrong. Are you on the electoral roll?
as geordieracer said: Why do you need a loan of at least 3k? Any proper lender will run a mile when you've only been in the UK for such a short amount of time. Could you not save this money?

Enfieldian

Loans are hard enough to come by for UK Nationals at the moment......

GrapeEater

I am in a similar position - lived abroad for 4 years, credit crunch & circumstances meant had to come back for work here. Never had a loan in my life (apart from Mortgage) - no debts ever! And I couldn't even get a mobile phone on a £10 monthly contract - refused! I wanted to buy a SH car from dealer on finance... no chance I was told!

Having moved into a new house here I have had to buy everything 'cash' including big items like suite/white goods ... it's clearing out my savings!

I thankfully still retained a UK bank account and VISA card so have been able to use that - but APR is very high. I can't even change banks yet as they are very picky about history / addresses....

I have worked non-stop for 35years, paid my taxes, NI, etc and it seems ludicrous that I cannot get credit - I am employed!

I checked my credit history online and they have very out-of-date info but it shows not negative info - in fact there's very little on there except my mortgage !!!

That'll teach me (and others) to swan for to sunnier climes

jonesMUFCforever

OP is there any reason you cannot approach your bank at home for a loan???