Advice on Barclays Loan pls!

Kaybenson

My Pal got a loan from Barclays last year.

She has been paying accordingly and has NEVER miss a payment.

She lost her job for 7 months and in those times Wages dont come into that account.

This month, she had started her work in the same place and will be paid this month.

There is a urgent need for her to use about 3,000 pounds.

Do you guys think she can be given the small loan.

Any one with such experience?

Thanks

DarnIt_3

So despite her losing her job, she still made the payments to her loan, that shows she is responsible so she is in a strong position.

Tixy

Do you mean she is hoping to apply to barclays for another loan /extension to this one?

Very difficult to say based on the information given, whilst it sounds like her credit history for this loan is good they will obviously consider her credit history for other accounts, her income, her total level of debts etc. The fact that she has only just started a new job is likely to weigh against her but if everything else is favourable and they believe she can afford it she might still be accepted.

One thing to look out for is that they say they will only do it if she refinances the existing loan and the £3k as one new loan, and its not unknown for the APR to then be much higher than the original loan.

Kaybenson

Tixy wrote: »

Do you mean she is hoping to apply to barclays for another loan /extension to this one?

Very difficult to say based on the information given, whilst it sounds like her credit history for this loan is good they will obviously consider her credit history for other accounts, her income, her total level of debts etc. The fact that she has only just started a new job is likely to weigh against her but if everything else is favourable and they believe she can afford it she might still be accepted.

One thing to look out for is that they say they will only do it if she refinances the existing loan and the £3k as one new loan, and its not unknown for the APR to then be much higher than the original loan.

I dont know the nitty gritty of bank loan. She is ok in payment of credit card and the existing loan. I just dont know if barclays will ask her why the wages is NOT coming in for few months now.

They are NOT aware that there's a problem with her job.

Kaybenson

Any other input from fellow savers?

Cheers

izools

They will look at her account turnover history when deciding what to lend; this means her chances will be deminished.

However applying elsewhere means they won't necessarily see her current account conduct although the underwriters of a 3rd party lender will want to see proof of income.

dealer_wins

Kaybenson wrote: »

My Pal got a loan from Barclays last year.

She has been paying accordingly and has NEVER miss a payment.

She lost her job for 7 months and in those times Wages dont come into that account.

This month, she had started her work in the same place and will be paid this month.

There is a urgent need for her to use about 3,000 pounds.

Do you guys think she can be given the small loan.

Any one with such experience?

Thanks

They will want to know why she was fired and then re-employed at the same company (which is odd to say the least), why she needs the £3000, and what will happen to their loan is she is fired again. Also they will take into account her existing history, savings, and any other products held.

If that proves satisfactory to them they will grant the loan.

If the answers

Kaybenson

izools wrote: »

However applying elsewhere means they won't necessarily see her current account conduct although the underwriters of a 3rd party lender will want to see proof of income.

In that case she can only show one month pay slip

Kaybenson

dealer_wins wrote: »

They will want to know why she was fired

The bank is NOT aware of this. They might think she change her account with employer.

archie2002

Kaybenson wrote: »

My Pal got a loan from Barclays last year.

She has been paying accordingly and has NEVER miss a payment.

She lost her job for 7 months and in those times Wages dont come into that account.

This month, she had started her work in the same place and will be paid this month.

There is a urgent need for her to use about 3,000 pounds.

Do you guys think she can be given the small loan.

Any one with such experience?

Thanks

hi.

i work in this buisness and they wont need to know what happened with her job but will need to see income coming back into her account. They will need to see it for a couple of months and then it will be fine aslong as she has been pre selected for lending with them. they will re structure her current loan and go through her income and expenditure to ensure the loan is affordable at the new amount. if you need any more advice just get back to me

Kaybenson

archie2002 wrote: »

hi.

but will need to see income coming back into her account. They will need to see it for a couple of months and then it will be fine aslong as she has been pre selected for lending with them.

Unfortunately she need that money badly in the next 2 weeks.