applying for loan

linuxuk44

Hi Gents,
what criterias will normally lender will look at in order to lend money to you.

for instance my salary is 25k and want to apply for loan of 20k, considering that experian shows a creadite score of 950 which is good-excellent and i never had any missed payment .....,

does this mean i can get the loan ? if not can any one advise on how lenders normally look at ur application and how do they work out the apr to offer

thanks

opinions4u

Your Experian rating means Jack all. They don't lend the money.

Different lenders look at different things in different ways. Nobody can answer your question.

Some lenders charge the same APR to all customers. Others charge a different APR based on loan amount. More common these days is an APR based on their assessment of risk. But they don't tell you how they make that assessment.

Some people here will regularly post that you won't get more the 50% of salary on an unsecured loan. I've seen more than enough in my time to know that this isn't a rule applied by all lenders though.

The big questions for me are:

1) What are you borrowing for?
2) How much have you saved up for it?
3) Why do you really need it?

linuxuk44

well to answer ur questions.
1, can not exactly say why but is that important for bank, for instance telling them it is for car or home modification will it matter and will it change their mind depending on what it is for?
2.nothing
3.yes because i am in a situation and will have to do all i can to get it

Firefox1975

Linux

1) Yes, it really does make a difference. if its for a holiday or to put on the 3.35Pm at chepstow then they will always say no to that amount. if it is for home improvements etc. then they may try and talk you into a different secured product i.e mortgage

2) if you ever want to borrow money for a purpose then teh bank will always look favourably if you invest a portion of your own monies into the venture. i.e business startup - you put in your £10k the bank will consider you a safer bet for running a profitable business as you are risking your own capital as well as their loan.

3) There is not situation apart from life or death for this amount of money.

Is it debt consolidation?

opinions4u

1. Yes, it is important to the bank.

2. Why not? If you've not been able to save how will you be able to make the repayments?

3. Sounds a bit desperate to me. If the banks feel the vibe they'll decline.

[Deleted User]

linuxuk44 wrote: »

Hi Gents,
what criterias will normally lender will look at in order to lend money to you.

for instance my salary is 25k and want to apply for loan of 20k, considering that experian shows a creadite score of 950 which is good-excellent and i never had any missed payment .....,

does this mean i can get the loan ? if not can any one advise on how lenders normally look at ur application and how do they work out the apr to offer

thanks

linuxuk44 wrote: »

well to answer ur questions.
1, can not exactly say why but is that important for bank, for instance telling them it is for car or home modification will it matter and will it change their mind depending on what it is for?
2.nothing
3.yes because i am in a situation and will have to do all i can to get it

I've noticed that you tend to delete just about every post you make. So what's the full story here? Is this a loan to start a drug dealing business or something?

linuxuk44

@ zx81, no mate, i am not a drug dealer hehe

I delete some of them as i find them no use for others happy to revert if required

@opinions4u,
i do have saving but it is low, to be honest the loan is to buy equity in a business which did not want to disclose for ....

but thanks to all for advises

DCFC79

linuxuk44 wrote: »

@opinions4u,
i do have saving but it is low, to be honest the loan is to buy equity in a business which did not want to disclose for ....

but thanks to all for advises

Why didnt you say that in the first place, what made you decide to want to buy some equity ?

linuxuk44

well I was asking for advise and rather did not want to say what it is for and now that u know i do not think it is necessary to explain why i have decided to buy equity in a house

DCFC79

linuxuk44 wrote: »

well I was asking for advise and rather did not want to say what it is for and now that u know i do not think it is necessary to explain why i have decided to buy equity in a house

[STRIKE]Is it a house a business who decides.[/STRIKE]

Was trying to recreate something from IT crowd but didnt come out right.

Bravehearted_2

You want to borrow 80% of your salary. Have zilch to put up.

Will you lend to you??