Loan application

warrinm

Hello,

I am just after some advice, I know no one can say for certain but past experience may help.

I am am a home owner with no mortgage (paid off) I am looking for a 13K loan over 5 years for renovations.

I earn 14K and owe roughly £400 on credit cards which I pay off monthly.

My credit report show's 1 missed payment on a card, this is a mistake which I am getting removed as the payment was made, however Santander payed it off the wrong card, I have had the late payment charge refunded by Santander. This is only negative thing on my report. All other payments have been made 100% on time.

I have applied with Nationwide, signed the online digital agreement but it just says it has to go off for a decision and now I am worried this is because it's going to be declined.

Does anyone have any advice / experience?

BugsyBrowne

No ones going to lend you 13k on a 14k income end of...

KingElvis

Your income is far far too low to secure that loan, the most you'll get it 50% of your earnings so apply elsewhere at a more realistic level.

Tixy

Very little chance of an unsecured loan based on the info given.

Given its for renovations of an owned home a mortgage/secured loan could be an option. The APR would be lower than an unsecured loan anyway, though there will be fees to consider.

StuC75

You wont really know until you take a shot!

would certainly meet tesco's eligibility criteria,, where they look for:
Are you eligible?
[ I Do not work for tesco.. recently taken a tesco loan for home improvements - so quoting from my personal experience!]..

To apply you need to meet these requirements:

• Aged between 18 and 74, earning over £10,000 a year
• You're in full time employment with no probationary period or you've been self-employed for over two years or have a regular income e.g. pension
• You've lived in the UK at least three years
• You've a UK personal current account

The absence of mortgage probably makes you a better prospect than most (e.g. impact of those repayments on earnings) and no other long standing commitments (reading your credit card expense to be just month to month spending)..

Not sure how picky re the late payment marker you mention above - maybe once you get the all clear if thats currently being addressed?..