We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Seeking advice for bank loan

DaisyChains_2
DaisyChains_2 Posts: 4 Newbie
in Loans
Hi guys.
Just a quick query regarding getting a bank loan. I am hoping to get rid of debt I have with pay day lenders and my credit card. I have applied for a loan with Ulster Bank (who I hold my current account & Visa credit card with) which would cover the debt and I can possible repay off early when I get my savings in order. My application was completed online and they sent me documents to sign but unfortunately it was declined, possibly due to my bad credit rating.

I think a loan with my bank is the only option due to the lower interest rate. Would I have more success if I went into the branch and spoke to staff and explained my situation rather than the impersonal application online?

Many thanks in advance.

Comments

  • KingElvis
    KingElvis Posts: 4,100 Forumite
    I would imagine if you went "in branch" the computer would still say no.

    Sorry.
    "We want the finest wines available to humanity, we want them here, and we want them now!"
  • RichGold
    RichGold Posts: 1,244 Forumite
    1,000 Posts Combo Breaker
    DaisyChains wrote: »
    Hi guys.
    I am hoping to get rid of debt ... I have applied for a loan
    Is this some sort of riddle?




    Am i missing something?
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • DaisyChains_2
    DaisyChains_2 Posts: 4 Newbie
    RichGold wrote: »
    Is this some sort of riddle?

    Am i missing something?

    Sorry, I should have phrased that better. I am hoping to get a long-term long from my bank which I can use to pay off the current short-term loans I have with payday lenders.
  • BackOnTrack
    BackOnTrack Posts: 574 Forumite
    edited 20 December 2011 at 12:51PM
    DaisyChains wrote: »
    it was declined, possibly due to my bad credit rating.

    If you have a bad credit rating you will not get a loan from anywhere reputable, there are many companies that will promise you a loan but they will just rip you off. You'd be much better off going to the debt free wannabe board posting a SOA and getting some advice on how to get you out of debt.
    There's no sense crying over every mistake.
    You just keep on trying till you run out of cake.
  • geoffky
    geoffky Posts: 6,835 Forumite
    Banks who see payday loans think you have a money problem and they are 99% right..
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    Yep, payday lenders on your credit record are like a turd in a phonebox.....not great.
    "We want the finest wines available to humanity, we want them here, and we want them now!"
  • Bravehearted_2
    Bravehearted_2 Posts: 669 Forumite
    Classic - amass PDL then get a loan to pay them off.

    Simple answer is no. How will the bank know that you will use this loan to pay off the PDL? For all they know, you're going to p1ss it up against the wall like you did the PDL.
  • Peelerfart
    Peelerfart Posts: 2,177 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Have a hermit Christmas and pay off our PDL's as quick as you can - really.

    As BoT has said the DFW board is your friend here.
    Space available for rent
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 347.8K Banking & Borrowing
  • 251.9K Reduce Debt & Boost Income
  • 452.2K Spending & Discounts
  • 240.1K Work, Benefits & Business
  • 616.3K Mortgages, Homes & Bills
  • 175.4K Life & Family
  • 253.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture