Loan application whilst working as a temp

baled_2

Hi, I would appreciate any advice anyone can give me:

My brother has asked me if I would take out a 3K loan for him which I am seriously considering.

I bank with Lloyds and my classic account has been fine for the last 20+ years however my current job is long term temping (3 years and still ongoing) so would they automatically refuse me?

Thanks in advance.

DCFC79

baled wrote: »

Hi, I would appreciate any advice anyone can give me:

My brother has asked me if I would take out a 3K loan for him which I am seriously considering.

I bank with Lloyds and my classic account has been fine for the last 20+ years however my current job is long term temping (3 years and still ongoing) so would they automatically refuse me?

Thanks in advance.

Why can't he apply himself ?

I take it your aware of the risks eg he stops paying you the monthly payment ?

You know him better than us to determine his chances of paying you back.

jonesMUFCforever

Walk away now before he becomes your ex brother.

owlet

Think twice, there have been hundreds of threads on here, where the person who took out the loan has had to repay it in full, while the person they loaned it to has run off laughing.

Only go ahead if you can consider the loan to be yours and are happy to pay in full, whilst receiving none of the benefit. That's not to say that your brother is likely to do the dirty on you, but it's worst case scenario that needs to be thought about.

baled_2

Hi DCFC79

I am aware of the risks but I do trust him.

He also banks with Lloyds but he went bankrupt roughly 6 years ago I think and he's convinced they will automatically refuse him.

He's got himself together now but we're not sure how Lloyds would treat any application he'd make.

DCFC79

baled wrote: »

Hi DCFC79

I am aware of the risks but I do trust him.

He also banks with Lloyds but he went bankrupt roughly 6 years ago I think and he's convinced they will automatically refuse him.

He's got himself together now but we're not sure how Lloyds would treat any application he'd make.

Depends what his credit history is like, can try other lenders, nationwide do a soft search so it doesn't leave a mark on his credit file.

baled_2

DCFC79 wrote: »

Depends what his credit history is like, can try other lenders, nationwide do a soft search so it doesn't leave a mark on his credit file.

Thanks for the info!

owlet

baled wrote: »

Hi DCFC79

I am aware of the risks but I do trust him.

He also banks with Lloyds but he went bankrupt roughly 6 years ago I think and he's convinced they will automatically refuse him.

He's got himself together now but we're not sure how Lloyds would treat any application he'd make.

Has he cleaned up his credit files since his bankruptcy? If it's almost or gone 6 years he should be ok - if his credit history reads ok. There is a sticky on the Bankruptcy board about cleaning credit files & how to do it.

baled_2

owlet wrote: »

Has he cleaned up his credit files since his bankruptcy? If it's almost or gone 6 years he should be ok - if his credit history reads ok. There is a sticky on the Bankruptcy board about cleaning credit files & how to do it.

Thanks Owlet, I will take a look and check with him.