Chances?

Powka

Hi,

I wanted to ask for an opinion of someone who understands well the way loans/credit system works.

I've tried to apply for a loan. My income is very low, but LLOYDS calculator said I can afford this loan.

Here are the details.

Loan: 8000 GBP
Time: 5 years of monthly installments
My monthly income after tax: 1227 GBP
Rent: 375 (water + electricity bills)
Been with current employer: 1 year 2 months
Lived at current address: 8 months
Been living in UK (not a UK citizen): since August 2009

I bought a laptop in August 2012 with finance (BestSavvi or whatever they are called) of 1,200 GBP. Payed it all in 5 months. Now it's been 2 months since I repayed that "loan", haven't borrowed anything since. I haven't been late with my bills repayment.

I tried both Tesco Bank and Lloyds TSB loans, both declined. Is it credit or something else?

What do you think the reason might be?
Any advice how I can possibly get the loan?

Thanks for your help!

gb12345

Powka wrote: »

Hi,

I wanted to ask for an opinion of someone who understands well the way loans/credit system works.

I've tried to apply for a loan. My income is very low, but LLOYDS calculator said I can afford this loan.

Here are the details.

Loan: 8000 GBP
Time: 5 years of monthly installments
My monthly income after tax: 1227 GBP
Rent: 375 (water + electricity bills)
Been with current employer: 1 year 2 months
Lived at current address: 8 months
Been living in UK (not a UK citizen): since August 2009

I bought a laptop in August 2012 with finance (BestSavvi or whatever they are called) of 1,200 GBP. Payed it all in 5 months. Now it's been 2 months since I repayed that "loan", haven't borrowed anything since. I haven't been late with my bills repayment.

I tried both Tesco Bank and Lloyds TSB loans, both declined. Is it credit or something else?

What do you think the reason might be?
Any advice how I can possibly get the loan?

Thanks for your help!

What is your gross annual salary?
Do you have any other credit - credit card, loan, mobile contract?

Also, I assume as a non-UK citizen you are not on the register of electors, this will count against you.

Is the laptop loan showing as cleared on your credit history?

Powka

gb12345 wrote: »

What is your gross annual salary?
Do you have any other credit - credit card, loan, mobile contract?

Also, I assume as a non-UK citizen you are not on the register of electors, this will count against you.

Is the laptop loan showing as cleared on your credit history?

No -- no loans, credit cards or mobile contracts.

No, I cannot vote, as I'm not a British citizen. But I did get a loan of 1,200 GBP half a year ago, when I didn't even have any credit history and less time spent with employed, current address, etc.

I don't know where to look if the laptop is cleared. How can I accomplish this?

gb12345

Powka wrote: »

No -- no loans, credit cards or mobile contracts.

No, I cannot vote, as I'm not a British citizen. But I did get a loan of 1,200 GBP half a year ago, when I didn't even have any credit history and less time spent with employed, current address, etc.

I don't know where to look if the laptop is cleared. How can I accomplish this?

I estimate your gross salary to be about 17.5k, so that would be borderline to get an 8k loan even for someone who is ideal in every other aspect.

Add to that the fact that you are not on the register of electors and have no credit history at all (apart from one small finance deal), unfortunately you have no chance of getting a loan of that amount.

There is a big difference between a 1.2k finance deal and an 8k loan.

OneLife_OneShot

Unless you are making about 17k a year then your chances are 0.

Powka

conisme wrote: »

Unless you are making about 17k a year then your chances are 0.

Yeah, I'm making 17,500 before taxes.

Powka

gb12345 wrote: »

I estimate your gross salary to be about 17.5k, so that would be borderline to get an 8k loan even for someone who is ideal in every other aspect.

Add to that the fact that you are not on the register of electors and have no credit history at all (apart from one small finance deal), unfortunately you have no chance of getting a loan of that amount.

There is a big difference between a 1.2k finance deal and an 8k loan.

Oh I see, thanks for explaining.

How much do you think I would be able to borrow?

Also, any tip on how to know if that laptop has been cleared? I guess calling that finance company wouldn't get me too far?

gb12345

Powka wrote: »

How much do you think I would be able to borrow??

Your main problem is your lack of credit history and not being on the register of electors. You say you applied with Lloyds - are they your bank? Rather than applying online and getting turned down automatically by the computer, you could try talking to your bank - they are really your only hope as they will have details of how you run your account etc.

Powka wrote: »

Also, any tip on how to know if that laptop has been cleared? I guess calling that finance company wouldn't get me too far?

You will need to check with the credit referencing agencies noddle, equifax and experian to see what is on you credit file (Noddle is free - the other two will charge £2 each, although you may be able to sign up for a free trial of their services (make sure you cancel within the trial period though)).

fozmcfc

I'm sure I read somewhere on the forums a while back, that not being on the electoral role, means an instant no from Lloyds.

I agree with others though, try your own bank first (even if it is Lloyds) and go into your branch. They will know your finances the best after yourself.

I have a feeling though that someone earning £17.5k, would need a long completely unblemished credit history, to get anything above a £5k loan.

R_P_W

Rather than believing the LLYODS calculator to tell YOU what YOU can afford - ask your self can YOU afford it? Would seem extremely tight if you ask me

SeanG79

You don't need to be able to vote or a UK citizen to be on the electoral roll. Without 3 years traceability (this is what most high street lenders look for) on the electoral roll combined with the fact you are a foreign national you are unlikely to be offered any personal loans from any high street lenders.

Combined with this you have no active credit. You will need to build up a credit profile, register on the electoral roll then get a credit card (there are several "start up" or credit builder cards available on the market) run those smoothly before applying for any more loans.