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Chances of a loan?
Hi all,
Hoping someone who's been in a similar situation might be able to offer me some advice- I'm looking to get an unsecured loan.
The problem I have is I suspect the same problem many people have- I don't know how much I can borrow, and it seems like the only way to find out is by applying for loans- but then if I apply and don't get the loan, I reduce my credit rating further.
My income is £20,000, and the ideal amount I'd like to borrow is also £20,000. I don't currently have any other debts. Does anyone have any recent experience/general knowledge of whether this seems to be an amount that I could likely be lent? (I'm particularly interested in anyone with knowledge of Tesco loans, as the offer of a fixed rate appeals to me.)
Thanks in advance
Hoping someone who's been in a similar situation might be able to offer me some advice- I'm looking to get an unsecured loan.
The problem I have is I suspect the same problem many people have- I don't know how much I can borrow, and it seems like the only way to find out is by applying for loans- but then if I apply and don't get the loan, I reduce my credit rating further.
My income is £20,000, and the ideal amount I'd like to borrow is also £20,000. I don't currently have any other debts. Does anyone have any recent experience/general knowledge of whether this seems to be an amount that I could likely be lent? (I'm particularly interested in anyone with knowledge of Tesco loans, as the offer of a fixed rate appeals to me.)
Thanks in advance
0
Comments
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A general rule of thumb is that lenders will consider lending 50% of your yearly salary.
You'd be very unlikely to get a £20,000 loan on a salary of £20,000 from a mainstream lender."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
There are other ways to find out bar applying. Some banks let you do a soft search. You could also talk to someone at your bank."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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What do you want to borrow £20k for?0
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Are you a home owner?0
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You are extremely unlikely to get one times your annual salary.0
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Thanks all- that gives me a useful idea about what's do-able. Not what I wanted to hear, but certainly what I needed to know! ;-)
PS. The money is for home improvement. I'm not a home owner- my partner is, but she has other loans against her name. So it may prove easier for us to go through her...0
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