loan help

lou2003uk

Hi im looking for a 10k loan i earn 19k a year basic but bring home about 23k in total, i only have a 500 overdraft and credit card with 600 on it no missed payments on anything etc, i bank with nationwide and have another saving account with rbs with 1.5k in it just now.... so the question is i normally tansfer about 500 a month into my savings acount with rbs and leave my current acount with the minimum in it but... do i apply with nationwide as everyone says who you bank with is best but they will see i leave myself with no money as soon as im paid because im saving it elsewhere .. will this matter?

The_Matelot

Every lender is completely different with there criteria. But they will know how you manage your money. But i think 10k may be a bit much for a lender to risk based on your salary alone, especially in this economical climate. Can i ask why you need that amount?

lou2003uk

i need 23k to buy my shared equity house off the housing association lol its a nighmare have 13k but need 10 still.... my partner also lives with me on 17k a year so could be a joint loan

The_Matelot

Ok that changes things. You may do better with a joint loan depending on your partners credit history. So in answer to your first q, yes it best to go to your bank first. But i know tesco, sainsburys etc ar giving good rates on loans over 7.5k typically at about 7% ish i believe. If you go to your bank im sure you would be able to go in branch to prove the savings. Someone else may come and clarify this further