Is it ok to apply for multiple loans at once?

[Deleted User]

It's not taken into account for anything, for that matter. It's just a gimmick to keep you paying for the score and addded services.

You're the only one who will ever see it.

Gaz83

andrewjack21 wrote: »

Yes, in general, you can have up to two active personal loans at the same time. To qualify for an additional loan, you'll need to meet the current credit criteria for the additional loan and have made 12 months of successful, on-time payments on your existing Lending Club loan. We're always improving our technology, and sometimes we identify customers who are eligible for an additional loan before those 12 months and ask them to apply.

Blimey. I go a month PPRd and this poster is still here spamming away?

REKX

deaston wrote: »

Last year I lent £25k to my brother. I now could really do with £15k myself. I don't want to ask him for it as I know he can't afford to pay it back yet, so I'm happy to get a loan in the meantime.

I applied to Sainsbury's Bank whose decision has so far taken over a week and I've still not yet received any paperwork to sign.

I looked today at Zopa - same rate but with no early repayment charges (I know I'll be able to pay back the entire loan by the summer), so this seemed more suitable.

So, the question: considering I have an application open with Sainsbury's, could it do any damage also applying to Zopa?

Yes I accidentally applied for two loans at the same time from Zopa and HSBC. I received both at the same time into my account.

However I cancelled one and they took their money back.

bsms1147

deaston wrote: »

£15k over 3 years. Earnings of £168k pa, £1,250 per month mortgage. Never defaulted on credit cards etc.

It surprises me you even need to borrow the money.

deaston

bsms1147 wrote: »

It surprises me you even need to borrow the money.

It's cheaper for me to borrow it in the short term (knowing I'll pay it off early) that take additional dividends from my company.

I got the documents through from Sainsbury's this morning - 3.5%. How odd that Zopa offered me 19.9%.