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Credit file is unavailable - loan soft search error
Comments
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sirweste - lenders judge your risk based on multiple factors such as previous credit behaviour and salary - a general rule of thumb is 50% of salary is a benchmark of maximum loan / available credit (not fixed but rough idea) - if you are on 40-50k you might get a 20k loan if you have little other available credit, if you are on 20k you will not get a lender giving you a 20k loan unsecured
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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somethingcorporate wrote: »How much do you earn?
If your salary is not upwards of £50k then you won't get a personal unsecured loan of £25k.
Have you looked into getting a marine mortgage?
Why state that? It's simply incorrect. NatWest's affordability calculations are based on many factors and one of them is of course income. It's perfectly possible to get a loan of that size on an income of half what you state.0 -
The average requirements are having an income of at least twice what you want to borrow. Sure, some lenders might lend you £25k when you only earn £25k, but it could be at an extortionate interest rate.Why state that? It's simply incorrect. NatWest's affordability calculations are based on many factors and one of them is of course income. It's perfectly possible to get a loan of that size on an income of half what you state.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
You reason for the loan may also cause issues. If a car, then often they csn happily take this as security and make it (slightly) easier to obtain. However a narrowboat is a far greater risk. It will never be accepted in the same way a bricks and mortar purchase will, and the risks are greater.
Have you costed a mooring, and your Canal licence? This is not cheap, and if you can get utilities provided, to make life 'normal' the costs rise again. I did this in Lancaster for 2 years, and whilst enjoyable in Summer, was hell on earth in winter - Butane freezing, constant trips to the water tap and worries over security.0 -
Surely, what you should be looking for is a boat mortgage. Not a personal loan.I can afford anything that I want.
Just so long as I don't want much.0
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