Getting a loan been rejected with bank online

160990sl

When applied for a loan with my bank online they declined. Just wondered what the chances are if i booked a appointment in my branch would they still decline me. I would like the loan for paying off overdraft. The loan was in the region of £2000. I have not much credit history or is it cause of the over draft they would of declined me.

HappyMJ

They will still decline you. £2,000 won't get you a very good rate of interest for refinancing so personally me...I'd work at repaying the overdraft ASAP from income. That will require you to drastically cut your expenses for the next few months/year.

My question why replace an overdraft that does not require any monthly repayment (other than the commitment to credit your salary to the account) with a monthly expense? It'll cost you much more in the long run.

jonesMUFCforever

Get copies of your credit reports to see what is on there.
Are you on electoral roll?

160990sl

Thanks for the advice no i'm not on the electoral roll.

PeacefulWaters

160990sl wrote: »

Thanks for the advice no i'm not on the electoral roll.

A pretty basic part of lending money is establishing that the applicant lives where they say they live.

Your failure to be registered to vote creates an element of doubt in that assessment.

While it might not be the sole reason for being declined, it's certainly one you can remedy.

TadleyBaggie

If you can afford the loan repayments, then you should be able to work your way out of the overdraft. You need to spend less than you earn. £100 a month should see the back of the overdraft in less than 2 years.