Can i get this loan ?

Winsto

Hi all,

A week ago I have had an overdraft of 2,000 after which I increased it to 2,400.
Them I woke up and understod that I am in sh*t.
Now I would like to apply for loan of 4000 so i can close that overdraft and Get back on my feet. I do not have any kind of credit history CC, phone contract or anyting like that.
I living in England for a past 3.6 years.
What do you think is my chance to get this loan ?
I'm going to apply for it with my bank ( Lloyds ) however online they have a crazy APR of 29.9%.
If i cant get it, what do you think is the best option for me ???
And whats gonna be a chance for me later on this year to get a CC ???

Mara69

How big a loan you can get depends on your income as well as your credit history. However, the fact that you've only been living in the UK for 3 years, have no credit history and are dependent on a hefty overdraft tells me you've not got a cat in hells chance of getting any loan - much less one with a decent APR.

Get over the to Debt Free Wanabee board, post up an Statement of Affairs (SOA) and learn how to manage your money and pay off your debt.

Emmzi

explain to me why you need £4000 to pay off £2400 again?

Winsto

Well I know how to manage money, however I had a little party time which I feel sorry for ...
I do have a full time job that brings me about 15k+

Or then it I belive will be just a option of getting second job and work thru this...

Winsto

Emmzi

I just want a little extra to help me out with driving lisence and have extra that I will need in October due job and area change.

camuk81

Winsto, The second job would be a better idea.

Altenatively use one of the websites that offer a soft search so you can get an idea of what you may be offered.
There is no guarantee

Emmzi

you can't get out of debt by borrowing.

I suggest posting on the debt free wannabe board.

TrueUnitedFan

Winsto wrote: »

Hi all,

A week ago I have had an overdraft of 2,000 after which I increased it to 2,400.
Them I woke up and understod that I am in sh*t.
Now I would like to apply for loan of 4000 so i can close that overdraft and Get back on my feet. I do not have any kind of credit history CC, phone contract or anyting like that.
I living in England for a past 3.6 years.
What do you think is my chance to get this loan ?
I'm going to apply for it with my bank ( Lloyds ) however online they have a crazy APR of 29.9%.
If i cant get it, what do you think is the best option for me ???
And whats gonna be a chance for me later on this year to get a CC ???

I just did a quote with lloyds online banking and got the same 29%APR. £5000

I'd say apply for it, one search won't hurt, good luck!

Monkeynut

If you are increasing your overdraft (£2000 to £2400), that means that you are not living within your means as you are getting into more debt rather than less.
If you borrow £4000 now, then what's to stop you in a month or two needing to increase that too. Only you'll be in a twice as worse position as you will have twice as much debt.
As everyone else has said, there is tonnes of info on the debt free wannabe board, so forget any idea of the loan, particularly as you are after much more than you need. If you want a drivers license, then SAVE for it - which you will be able to do if you know how to manage your money as you said you do.

I think firstly that your attitude towards credit needs to change too really, as you are after a load for more than you need now, and want a credit card soon too. Yet it doesn't sound like you need these things, so why chose to get into debt when instead you could try hard not to.

Winsto

But if they reject me ???
How that can damage credit history that i dont have yet ???
And if they reject, can they reconsider my planned overdraft and close it for example.

Then I m in very BIG poo.

That is my biggest concerne at the moment anyway.

Winsto

Thanks guys.

I think i will better listen to you and get myself a second job.
I think then I can manage it out in few months time and be a debt free man.

Again, many thanks