Anyone got a loan with past payday loans on file??

busybeee1

Hi forum

Wondering if anyone has been able to get a personal loan from high street lenders ie Tesco, nationwide etc with traces of payday loans on their credit file.

Basically I have no late payments on my files ever, on electoral roll been in my job for 6 years. Just wondered if every company automatically decline you for a personal loan if you have ever taken these out.

Thanks to anyone who can let me know if they've been able to obtain one.:rotfl:

SeanG79

How recent were the PDL's and how recent were PDL searches as this will make a difference, the longer the time since the search/loan, the higher the probability of being approved. If it was fairly recently (last 6 months - a year) I would doubt you will be approved as PDL's indicate an inability to meet current financial obligations...

busybeee1

Was about 5/6 months ago so you think it would be a no then oh well shame it does that, when someone would use their credit card for emergencies then pay it off its not far off the same thing. Lesson learned I suppose the hard way !

SeanG79

Its different in the way that a credit card is "managed" debt at "reasonable" rates (interest free if settling in full at the end of the month), whereas a PDL is "unplanned" and at much higher rates, showing "desperation".

I would think it would be a no...you can try a "soft" search with the likes of Nationwide which will give you a very good indication of whether or not you are likely to be approved and will not blemish your credit profile with searches

InsideInsurance

I did a couple of PDLs for cashback and within a couple of months I did then get a personal loan from my own high street bank and 6 months later switched bank and got offered a high limited CC as part of the package.

The rest of my credit file didnt meet the norm for a person getting PDLs in that it was all up to date, £15k+ of unused credit card credit available etc

chanz4

InsideInsurance wrote: »

I did a couple of PDLs for cashback and within a couple of months I did then get a personal loan from my own high street bank and 6 months later switched bank and got offered a high limited CC as part of the package.

The rest of my credit file didnt meet the norm for a person getting PDLs in that it was all up to date, £15k+ of unused credit card credit available etc

i can also confirm this

busybeee1

Thanks for the reply guys well that's slightly good news then all hope is not gone. I actually at the time did have high credit available on 2 credit cards have since closed them. Its just due to I needed the actual cash and the fact I got it in 10 mins. Well fingers crossed then everything else stacks in my favour and thanks again for taking time to let me know

kylararlin

It will vary lender to lender but most will have a policy in place for PDLs which will be a certain amount in a certain time frame. From personal experience 1 PDL even within 6 months shouldn't affect the application too drastically if everything else on your file is well maintained

DCFC79

You could even ask a respective lender if having pdl's affects your chances of a loan.