what are the chances of me getting a 15k loan?

carnegie83

i'm looking into getting a 15k loan to pay off my existing loan (2.5k) a computer course i'm taking (5k) and my parents (8.5k (long story)). I understand that thats actually over 15k but I would really like to pay of as much as I can, that I owe my parents. I have a yearly salary of 18k and a credit rating on experian of 974 (excellent).

The positives I have on there are:

The usage of your available credit indicates a lower risk
You have no recent searches on your credit report
The balance of your unsecured lending indicates a lower risk
You have a significant amount of successfully settled non-mail order accounts

The negatives I have on there are:

You have an account regarded as defaulted or delinquent (comes off my report 21st june 2012)
The age of your accounts indicates lenders are likely to view you as higher risk
The value of your highest credit limit indicates a higher risk.

overall it says:

Most lenders would regard this score as very low risk and would expect very few people in this category to experience serious problems with repaying credit.

looking at some of the other posts on here, i'm thinking my salary might be too low for that loan amount. which is irritating because I really want to get all my payments down to one single outgoing.

what do you all think my chances are of securing this amount?
I have not tried my bank as I have used wonga once or twice in the past 6 months and I know this would go against me with them. I would not go through them anyway as being natwest their interest is pretty pants.

what sort of loan amount could I potentially get on a salary of 18k?

stephane_2

Unlikely that you would get a loan of 15k, it would mean that your ratio debt to incomei would be almost 100% with a salary of 18k. Most lenders would consider level of debt at 40% to 50% of income.

plum44_2

You are trying to pay off debt by taking on more debt which is not the solution. Cut your outgoings drastically and learn to budget- that is the way to clear debt.

gingeralan

I do not think you would get 15k. Plum is right, using debt to pay off debt is the start of a slippery slope.

I ask sure that with some budgeting you could look at clearing your debt at a rate of around 300 or so a month. If you live with your parents probably more. This would be the best way to solve your problems not another loan.

rartherinv

My thoughts are that you would pass most lenders' credit scoring but be prevented from an automated decision due to the income requirement for that kind of loan. Some systems would give you an automatic decline, better ones would knock it out of the loop and look at it manually. The underwriter would have a huge question mark about why borrower wants to jump from 2.5k borrowed to 17.5k borrowed, and decline very quickly... high risk applicant likely to be overextending or worse, be planning to do a runner.

jonesMUFCforever

Do your parents need the whole amount back now - or would they take instalements?
Then you would only require a loan for half the money.
This might be easier to get.

somethingcorporate

No chance of borrowing almost a whole years salary I am afraid.

Back to the drawing board.

RobertoMoir

carnegie83 wrote: »

what sort of loan amount could I potentially get on a salary of 18k?

Not anything like the amount you're looking for.

Going into more debt to pay off debt is like the fire brigade trying to use petrol to put out a fire because they've run out of water or like going onto a "pork chops and cream cakes every day" diet to lose weight...

cashbackproblems

Why do you have to pay parents back straight away if at all?

DCFC79

plum44 wrote: »

You are trying to pay off debt by taking on more debt which is not the solution. Cut your outgoings drastically and learn to budget- that is the way to clear debt.

Just what i was just thinking,