Refused loan by bank

oliphox

Hi All,
I've recently been refused a £8k loan, which I was hoping to pay over 18 months.

I placed the application online, which was refused immediately. In peoples experience, is it worth arranging a meeting with someone at the bank to discuss the loan face-to-face, or would there be no chance of being successful?
I don't have a great credit rating, but they have given me an overdraft - part of the loan is to pay that off.

thanks for reading.

ViolaLass

What's your salary? How much is the overdraft for? Do you have any other debts?

KingElvis

If you're using your overdraft all the time, the bank will see that as a poor finacial habit and they make the assumption that you cannot handle your money properly....an overdraft should be there for emergencies :-)

I seriously doubt you'd get a loan of 8k but you never know.

Phelpsie001

If you are in your overdraft, can you afford to repay the loan?

Just bouncing ideas around

oliphox

Thanks for the replies!

I earn just over 35k, and i'm stuck in a cycle of using the overdraft as my main source of funds, as my salary just about covers it.
For that reason I'd use the loan to pay the overedraft off(2k).

Thanks again.

ViolaLass

Since it seems you can't get the loan, you should go over to the Debt Free Wannabe board where you'll find plenty of people willing to help you cut your spending. With £35k a year, a £2k overdraft should not be difficult to get rid of.