Loan/Salary Ratio

Sanjjj1189

Sedulous - that's a fair point mate, but my question is regarding the £25,000 loan not why I am doing all of this

dealer wins - what basic question have I asked?.. I got declined for a 25K loan when I feel as though I shouldn't have so just asking people's opinions as to why

SeduLOUs

Sanjjj1189 wrote: »

I got declined for a 25K loan when I feel as though I shouldn't have so just asking people's opinions as to why

Nobody knows the answer but the bank who rejected you.

It does seem like a high amount compared to annual salary, and based on your history of at least one high value recent loan it probably appears to lenders that you are not managing to cope.

ViolaLass

Sanjjj1189 wrote: »

I have had a promotion and earn £40,000 now, lets say for example I get a £25,000 loan over 5 years, I would earn £125,000 in that amount of time so why am I being declined?

It's about income per year, not income over the time of the loan.

Sanjjj1189

Sedulous - Thanks for the info mate

ViolaLass - I understand now

Thanks everyone that's answered my question without questioning my motive as its my money at the end of the day!

Fishingtime

Sanjjj1189 wrote: »

Sedulous - Thanks for the info mate

ViolaLass - I understand now


its my money at the end of the day!

I thought it was the banks money