Earn £93k a year, Rejected for 10K loan?!

spadoosh

liam8282 wrote: »

To me it looks as though you cannot get a loan simply because it is for the deposit on a property, as they said it does not meet their criteria for lending.

If everything else you say adds up, I can't see why you would have a problem getting a short term personal loan for £10,000 for "something else".

As you say you work in a bank, why don't you ask your colleagues or people in different departments for advice. Also as you would get a preferantial rate, it seems strange that this wouldn't be the first place you would look anyway.

Good shout, didnt even think of this! Op you werent honest when they said what would you like the money for were you??

And the preferential rate, isnt that good! Sainsburys are offering cheaper loans (i think) that and the op could apply for a 0% credit card transfering balances, free money for 18 months better than 8%?!

_Andy_

No mortgage lender is going to accept a loan as a deposit on a property. Also pretty much any loan provider isn't going to lend for that reason.

meer53

Working for a bank, asking them for a loan, then lying about why you need it ? Don't even go there !

Rayden

spadoosh wrote: »

Good shout, didnt even think of this! Op you werent honest when they said what would you like the money for were you??

And the preferential rate, isnt that good! Sainsburys are offering cheaper loans (i think) that and the op could apply for a 0% credit card transfering balances, free money for 18 months better than 8%?!

Selected the reason 'consolidated loans - other', and wasn't questioned tbh.

meer53

Rayden wrote: »

Selected the reason 'consolidated loans - other', and wasn't questioned tbh.

There's your answer. On your salary why would you need to look for a consolidation loan ?

meer53

Just another thought, if you got the loan you need this year, how will you pay whats needed next year ? All this borrowing will affect your chances of getting a mortgage too. Are you sure you can afford this property ?

Ulfar

I think you need to sit down and work out your income and expenditure, shouldn't be hard for an accountant.

Once you have a firm grip on this its time to prune the unnecessary expenses.

If you can't clear a £1500.00 credit card debt on £93k salary then you are a bad credit risk and the bank got it right.

~Brock~

Is it safe to assume that you are not actually a property owner right now?

If not then this may have made - even though you have applied for an unsecured loan - a BIG contribution to their decision.

On large unsecured loans, lenders still prefer to lend to homeowners due to the potential to obtain a charge on the property via the courts should things go pear shaped.

_Andy_

Rayden wrote: »

Selected the reason 'consolidated loans - other', and wasn't questioned tbh.

So fraud then. Well done you.

DCFC79

_Andy_ wrote: »

So fraud then. Well done you.

Very wise move to make for someone working for a bank.