Easiest unsecured loans to be approved for?

John_cicero

Hi there!

I am looking for a personal unsecured loan of 10k.

I have decent 'Good' credit according to Equifax, no missed payments or any bad credit. Just not much of a history of lending really, I'm on the electoral roll and have one mobile phone account and one active credit card (Barclaycard) Also I had a previous credit card which I have since closed with Amex (Gold card) which had a 10k limit.

My question is what is the easiest, quickest lender to borrow 10k with? Years back the easiest to be approved lenders were Virgin, Citibank etc. does anyone know who they are now? Also would I inevitably need to show bank statements as a matter of course, or merey payslips?

I don't mind paying higher rates, just want a good chance of being approved! Credit searches damage the report so the fewer the better

Many thanks!

John

dealer_wins

If interest rates are not a concern, your bank will be the most likely lender to offer you a loan of that size.

DomRavioli

Banks have their own credit scoring system so your 'good' rating means nothing to them whatsoever (there's various threads on the forums about it), and the amount of money they will lend you would be based on your history with them. If you don't have a history with them, its unlikely you will be able to gain 10k at a decent rate, as they have nothing to judge you on.

Credit searches are logged onto the file, but as 99.9% of financial institutions have no regard to what these 'sites' say, it is not really relevant. If you are offered a 10k credit card, why not save up for the purchase(s) instead of getting a loan? Would make a bit more sense in both the short and long term.

Start with your current bank whom your wages are paid into, then explore from there. Your bank wants your interest payments, so it is in their interests to offer you a deal based on your conduct with them so far, which is also what other institutions will look at, not a 'credit rating' which is about as much use as a chocolate teapot

John_cicero

DomRavioli wrote: »

Start with your current bank whom your wages are paid into, then explore from there. Your bank wants your interest payments, so it is in their interests to offer you a deal based on your conduct with them so far, which is also what other institutions will look at, not a 'credit rating' which is about as much use as a chocolate teapot

Thanks Dom!

Much appreciated. But apart from my own bank, who I do not hold out much hope for, who would be the best to apply to? Virgin don't do loans anymore, neither do Citibank. Maybe a dead cert like Vanquish etc? Its quite interesting that on the entire website here no one actually discusses the lenders and how difficult or easy they are. Such a crucial piece of info in this information-starved decision process!

Apples2

That's because we aren't all clones with identical lives.

Everyone is different so there is no such thing as easiest lenders. If you don't fit the slot, you ain't getting a loan.

What works for you, may not work for me.

iolanthe07

Its quite interesting that on the entire website here no one actually discusses the lenders and how difficult or easy they are. Such a crucial piece of info in this information-starved decision process!

Individual lenders have their own target customer profile, so there is no such thing as the 'easiest' lender.

ILW

John_cicero wrote: »

Thanks Dom!

Much appreciated. But apart from my own bank, who I do not hold out much hope for, who would be the best to apply to? Virgin don't do loans anymore, neither do Citibank. Maybe a dead cert like Vanquish etc? Its quite interesting that on the entire website here no one actually discusses the lenders and how difficult or easy they are. Such a crucial piece of info in this information-starved decision process!

Why are your own bank a problem?

RobertoMoir

ILW wrote: »

Why are your own bank a problem?

And/Or if your own bank are a problem, then now that lenders have tightened up, all the "respectable" lenders are at least equally likely to be a problem

KingElvis

The Good rating from Equicrook is baloney, absolute nonsense. Elvis rates your credit as two hamburgers with extra cheese and that means about the same as their rating.

Try your own bank first but if they refuse, expect big fact refusals from the likes of Tesco etc