can payday loans affect my chance of renting a new house?

scrimper88

so basically weve decided wed like to move and found a much nicer house at the same price as we are currently living in. we have filled out all the relevant forms etc and sent three months worth of bank satements and pay slips as the agents (london property investments) have asked.
over christmas i (stupidly) took out a couple of 5 month loans with lending stream and one with quickquid as i lost some hours at work and our car broke down, and knew id have extra hours back in the new year so i could start paying them off.
I have now finished repaying the loans without any hitches but obviously the repayments are showing on my statement.
Because they were taken out over christmas the agency wont see them going in on my statement, just bein paid off.....
We have never missed a months rent or paid rent late since we moved in together so will have a good referance from our current landlord but I just cant help worrying that the agency may see the PDL payments and think we are a risk and refuse to rent to us?

PS. i told them all our bills come out our joint acc and asked if they wanted to see this (to make sure we pay everything on time etc.) but they said they just wanted the ones our wages go into.

someone please reassure me!!!!!

Annisele

If you were buying a house, the payday loans might be a serious problem - mortgage lenders don't like them.

I can't tell you what your landlord will think, as each landlord will use their own criteria. But for renting, I don't think they'll be a problem.

scrimper88

I hope not.

As I said they can get a reference from our current landlord saying we always pay on time and we can provide a guarentor anyway.

Am I right in thinking no matter how bad your financial situation if you have a good guarentor they will accept?

Yorkie1

scrimper88 wrote: »

I hope not.

As I said they can get a reference from our current landlord saying we always pay on time and we can provide a guarentor anyway.

Am I right in thinking no matter how bad your financial situation if you have a good guarentor they will accept?

Again, this will be down to individual LL preference and how hot the competition is among prospective tenants for the property.

Some LLs may be fine; others may not ever want to have the hassle of pursuing a guarantor.

ognum

As a landlord I always feel bad when I reject one tenant over another but it is a buisness and a landlord will in general choose someone with a stronger financial history.

Cycrow

generally they will check your income with your employer and your previous LL to see if you have been paying on time.
usually that'll be enough.
but i guess some LL might want to do further checks

grifferz

I suspect they are only asking for your personal account statements, not your joint account, because they just want to check that your stated salary is being paid to you as regularly as you said it was.

As long as you haven't missed any payments I doubt it would go against you.

scrimper88

Thanks guys I suppose if they can see all the payments have been taken on time and none rejected it may help as it shows I can pay them back on time?