Loan application to include wageslips?

bernieb0307

I am interested in applying for a personal loan to consolidate my credit card debts. I wanted to know if I applied to Tesco or Nationwide for a loan of up to 10K would wage slips be needed to support my application?

ch3101

A lender can ask for any documentation they want.

You'll probably find that If you are paid by cash or cheque then they're more likely to ask for wage slips or an employer reference.

If you're paid straight into the bank they might just ask for a statement showing your income.

Why do you ask?

bernieb0307

I am paid directly into my bank, but my salary will increase every March so I just wondered whether my chances of getting a loan would be higher if I held off until my salary increases to avoid a wasted application. I have never missed a payment on my credit cards and have paid off a third within the past year due to a higher salary so basically I don't know whether to apply soon or hold off?

Tixy

Once you are earning a higher salary that may well improve your chance of acceptance, but only if affordability is likely to be perceived as an issue to the potential lender. That depends on what your income and existing debt level is.

In terms of a 'wasted application' there is no reason you couldn't apply now and if unsuccessful apply again after March. Or you could try somewhere like nationwide bank's soft search loan application, which would give you an indication as to whether you would be accepted.

1DayAAT

I had a loan with Tesco previously and was not asked to provide any supporting evidence - I think it depends on your overall credit rating or if they sense any red flags in your situation they might ask to see wageslips etc. I was not asked for them for Tesco and then was not asked for them for a later Sainsburys loan.

bengal-stripe

bernieb0307 wrote: »

I am interested in applying for a personal loan to consolidate my credit card debts.

Your existing debts will work against you, getting another loan.

You might have every good intention to consolidate, but whether you actually will, nobody will know with certainty. Alternatively, you pay-off the CC with the loan, but then you run up the cards again to the previous level of debt.

Hence any lender will take your application as asking for additional credit and more debt. If your income is not sufficient and your credit rating exceptionally good, you are likely to be refused.

NatalieB23

I got a loan from Natwest & they didn't require wage slips. I guess they get all the info they need from credit checks that they do.