loans advice please

vinnyt_2

Hi im looking to get a personal loan for about 15k i earn 35k a year on my credit file it shows i have no outstanding debt in fact all it shows is that i owe £88 on t mobile i just pay my phone bill every month ,it says im using 1% of my total available credit , i have 15k available credit from 2 credit cards that i got about 6 months ago, i have no missed payments in the last 6 years no ccj or defaults my experian score is showing good @870. Which is best place to get personal loan fro for 15k also is there any difference in criteria in applying for 15k or say 8k ? Also do they ask for proof of income like wage slips etc,

thanks

somethingcorporate

I find it unlikely you will get an offer of a personal loan with £15k already available debt as a lender will see this as you having almost a years salary of (available) unsecured debt.

Close the credit cards down if you are not using them which should help with any future applications.

vinnyt_2

somethingcorporate wrote: »

I find it unlikely you will get an offer of a personal loan with £15k already available debt as a lender will see this as you having almost a years salary of (available) unsecured debt.

Close the credit cards down if you are not using them which should help with any future applications.

No i have no debt at all the credit is available at 15k i dont owe any money on my credit cards or on anything else , it says on my file im using 1% of available credit . I use the credit cards for online purchases so i do need them but i always pay them off in full every month and i dont owe anything on them at the moment . Why would i not be able to get a loan just because i have credit cards , i want to buy a car but i dont want hp. i want to use cash and get a discount .

somethingcorporate

It doesn't matter whether you have that debt or not, the fact that it is available will scare lenders. The day after they give you £15k on a loan you could blow the other £15k on the cards and have £30k debt on a £35k salary.

Best to lower the limits to something sensible. The rule often touted on these boards is ~50% of your annual income as debt (or available debt) so you'd need to lower your limits considerably to get the full £15k.

If you don't make regular £10k purchases then there is no need for you to have such a massive limit. Going with HP or a secured finance will negate the 50% issue to a certain extent as the debt is backed by an asset.

DCFC79

Cancel 1 of the cards, lower the limit on the other and be more realistic with what you need to borrow or just go with HP/secured finance as an alternative.

vinnyt_2

somethingcorporate wrote: »

It doesn't matter whether you have that debt or not, the fact that it is available will scare lenders. The day after they give you £15k on a loan you could blow the other £15k on the cards and have £30k debt on a £35k salary.

Best to lower the limits to something sensible. The rule often touted on these boards is ~50% of your annual income as debt (or available debt) so you'd need to lower your limits considerably to get the full £15k.

If you don't make regular £10k purchases then there is no need for you to have such a massive limit. Going with HP or a secured finance will negate the 50% issue to a certain extent as the debt is backed by an asset.

I see what you are saying but i did not ask for the limits on my credit cards when i applied for them they just gave them to me ,i thought they we just normal limits .I need the loan soon as i want to buy the car of my friend cash, by the time i lower my limits on my cards it will take 2 months are so to show on my credit file .
What if i just tell them i earn 50k a year will they check because they never checked when i applied for my credit cards , also i bank with nat west and they say on their website if i apply online they will usually give me an immediate answer and if im succesfull they credit the money next day that sounds like they will not be checking for proof of income.

sistafromanothermista

vinnyt wrote: »

I see what you are saying but i did not ask for the limits on my credit cards when i applied for them they just gave them to me ,i thought they we just normal limits .I need the loan soon as i want to buy the car of my friend cash, by the time i lower my limits on my cards it will take 2 months are so to show on my credit file .
What if i just tell them i earn 50k a year will they check because they never checked when i applied for my credit cards , also i bank with nat west and they say on their website if i apply online they will usually give me an immediate answer and if im succesfull they credit the money next day that sounds like they will not be checking for proof of income.

Which would be fraud........

jonesMUFCforever

Ask your bank if your credit score is as good as you say they will lend you the money provided you pass their affordability test.

somethingcorporate

Lying on an application would be the worst thing you can do.

If you bank with Natwest they will SEE your income going in and out of the account.

You could easily call the companies and ask for your limit to be lowered to £xk or just close one of them.

What is the rush? is there a reason you cannot wait for the files to be updated? You can try applying anyway but chances are they could be wasted applications.

Moneymash

I don't think it is a good idea to lie to your bank about your income, when your trying to get a loan from them, they can easily check.

poppasmurf_bewdley

Nat West wouldn't need proof of income as they know how much you get every month from your bank statement.