plz help and advice on lender

zaynab

hi all,
Well i need a loan around 5000-7000 for 36 months asap however barclays (banking with em since 2 yrs) have NOW told me that cash card account has no worth watsoever on credit history :mad: and i should start using barclays card account and wait until 6 months for them to offer my any kind of loan. I applied for M&S and they rejected . Now my last hope is halifax where i am banking with for past 1 yr but doubtful. I have checked my credit report on experian and only have 2 -ve factors one being age of accounts and non settled account (dont understand the second factor). anyway i am just wondering if anyone will advise me which provider i shld ask loan for dont wana apply for too many applications for obvious reasons. I have just had a baby and need to pay my bills and eat some food, really need this loan. i am fully employed (maternity leave at present)

Tixy

What credit agreements do you have showing on your credit files?
Are all payments always made on time?

What current debts do you have?

What is the £5,000 (or £7,000) for? How long are you on maternity for and how will you afford repayments on the loan between now and when you go back to work?

How much do you earn?

zaynab

i dont have any credit agreements at present and no debt. this is the first time i am applying. i earn 28,000 pa. i will pay monthly installment from loan amount itself till i am on maternity which is till may. need the amount to get cheap car and pay some bills.

Tixy

Do you have any agreements at all showing on your credit file? It sounds like you do as you mention that credit expert highlights 'age of accounts'.
So what accounts are showing on your credit file?

If you have no history of repaying credit then you are likely to struggle to get a loan for the sort of amount you are talking about.

If you are currently only receiving maternity pay then your own bank is likely able to see that you are not being paid a salary that would allow you to afford the loan repayments. They don't consider it to be able to afford repayments if you can only pay them from the loan capital itself.

It sounds like you will be unlikely to get accepted for a loan for that sort of amount from what you have posted. How much are the bills you have outstanding that you need to pay? I would suggest speaking to your creditors and seeing if you can agree to pay over a longer period of time.

If barclays are willing to offer you a bank account that does report to your credit file and if you can use that for the next few months until May and have built up 6months of positive credit history then this should increase your chance of getting a loan when your return to work.

sistafromanothermista

In your previous thread you said

moved to UK in 2010 from abroad. I do pay monthly phone bill which i have never missed


In which you were advised for the mainstream lenders you will not meet their criteria based on this fact.

Most require you to be a UK resident for 3 yrs.

Stop applying for loans that require you to meet this criteria!!! you will damage your file further with multiple searches and declines.

zaynab

age of accounts are of current accounts that i hold with barclays 2 yrs, halifax 1 yr. The problem is that with barclays i was using cash card more than barclays card account and now they tell me cash card account will do nothing for my credit history. i have fair on my credit report though

sistafromanothermista

Credit history will be irrelevant if you do not meet residency requirements.

zaynab

i am UK resident since 2010 its been 2 yrs.

Jox

My husband came to the UK in 2009 and Barclays gave him the basic account that you probably had. Earlier this year he went back to the branch and they have upgraded his account which will hopefully enable him to get overdraft / loans / mortgage etc in the future.

You will need to be in the UK 3 years to be able to get a loan I'm afraid.

sistafromanothermista

zaynab wrote: »

i am UK resident since 2010 its been 2 yrs.

Yep........
It needs to be 3 yrs minimum or you will be declined.
You will NOT get a loan if the requirements say 3 yrs and you have only been here 2.......




You will probably need to cut back on your spending instead.
At 28k a year earnings you really should post up an SOA to see where you can cut back as you will not get a loan.

Kayalana99

28k per annum is when working tho.. she wont be via matinerty and I am guessing the reason she is not entitled to benifits is because left time she has been here..