Will I get accepted for the loan?

chicoe

Just did Nationwide's soft search, 13.8% over 4 years, 10k loan

20 year old turning 21, earning 28k a year, employed same company over 4 years.

Planning to pay back 6k within 6 months.

All green ticks on file since 18, had 5 credit cards, cleared off 2, closed them down, sofa credit, £450 remaining, 2500 credit limit combined on 2 credit cards.

£3000 overdraft limit, which has been paid off a week ago, and closed down.

One missed payment a two months ago, in process of appealing to get it removed as promised, might have to make a complaint to get it removed as not my fault.

Only 1 missed payment two months ago, since turning 18, no other missed or late payments since i was able to get credit.

Living at home, no dependents, £120 a month rent, £100 council tax, expenses.

Kind regards

Pixie5740

Nobody on this forum will be able to tell you. The only way to find out is to apply.

Robin9

You might like to consider doing a SOA . That will identify what spare cash you actually have. On your income you should be making a good pension provision and saving into an emergency fund before borrowinhlg.

What's the purpose of the loan

PeacefulWaters

£28k, living at hone and loaded with debt?

What have you been doing with it all?

If you're able to repay £6k in a few months why not wait a few more months and just save up?

chicoe

Just applied over the phone 13.4% agreeed in principle, does that mean they've done the credit search and I've been accepted? I bank with them.

Also, the reason why I dont have savings is because i gave my mum 6k to help her fund a round the world trip of a lifetime.

Purchase is a car loan.

I only have a 1.5k debt. 3000 loan paid off late week, couple hundred pound soft credit, rest credit card debt.

clayton16749

As a previous poster said, if you will be able to pay off 6k of the 10k loan in 6 months time, why not wait till you've saved 10k and forget about the loan and the interest altogether?


If you earn 28k and still live at home at the age of 21 you're in a great position. Now is the time to save, but still have a bit of fun.

runforlife

Or just take a loan of £4K in 6 months - that way your loan/debt ratio with salary will be less should you decide to go for a mortgage any time soon

Cash_Flow

chicoe wrote: »

Just applied over the phone 13.4% agreeed in principle, does that mean they've done the credit search and I've been accepted? I bank with them.

Also, the reason why I dont have savings is because i gave my mum 6k to help her fund a round the world trip of a lifetime.

Purchase is a car loan.

I only have a 1.5k debt. 3000 loan paid off late week, couple hundred pound soft credit, rest credit card debt.

Yes they would have done the credit search, once you have signed and returned the credit agreement the funds will be released.