Help!!

tash92

how do i find out if i can get a loan without getting the money right away? i don't need the money for a few months but want to know if i would be able to a get a loan because offer wise i will have to look at different ways of getting a loan.

DCFC79

It all depends on alot of things eg

Whats your salary ?

Whats your credit history like ?

Any CCJ ?

Any debts ?

How much you wanting to borrow ?

tash92

is there anyway i can find out my credit history?

bargainbetty

Yes, you can sign up for one of the credit report engine - Experian, Credit Expert etc do free trials. However, you are more likely to know what your report would be like: do you have a history of missed payments, CCJs, declined applications etc?

Rule of thumb, as DCFC79 has hinted....

Take your salary.... halve it. That is generally the most the banks will give you in total debt.

So, halve your salary and then deduct all the outstanding debt you have... credit cards, loans etc. What is left is what you should be able to get by way of a loan.

If you have CCJs, a history of missed payments, defaults etc, then you are unlikely to get money from a mainstream lender at anything approaching a decent rate.

So, do you think you will get a loan?

tash92

i have never had any kind of loan, so im all new to this. I have a mobile contract which i always pay on time.

DCFC79

tash92 wrote: »

is there anyway i can find out my credit history?

Yes use 1 of the many credit ref agencies, you can get a copy for i think £2 from experian.

What you can get also depends on if your on the electoral roll.

27col

I would have thought that it might be difficult to get a loan offer which would only come into effect some months down the line. As far as the lender is concerned, your circumstances might well change in the intervening months, and make you a worse risk as a borrower, as compared with your situation now.

Apples2

Is it for a car? (I'm guessing you are 20yrs old and not had much credit before).

If so, why not apply now and keep it stashed away so it is ready?
The benefit is that you will start making repayments on this loan right away.

You will then realise how much it is leaving you with each month, when you buy your car you will also have Insurance to pay for, tax, fuel, maintenance etc.

If you do it all at once, you may find you cannot possibly afford all this lot in one go each month and regret taking the loan.