Ratesetter - Documentation Request

Sydney2London

I have applied for a Ratesetter loan last week, and received an email requesting a bank statement. I understand this is part of due diligence as a lender, but I was just wondering as to the main purpose behind requesting a bank statement of only 30 days? Does this request indicate that I have passed the initial credit checks and assessments and this is now confirming my income?

Have many people reached this stage and then been declined the loan?

[Deleted User]

Looks to me that they are looking at affordability, 30 days say a lot about your income and outgoings

SeanG79

The 30 days will show your salary being paid in, which will confirm what you have said on your application.

Also it will have your address details so it helps in their compliance processes.

Usually when asked for this information they lender is looking to approve the facility.

Dino58

Did you succeed in getting the loan?
I'm interested in applying through ratesetter too.
Thnx

StopIt

Dino58 wrote: »

Did you succeed in getting the loan?
I'm interested in applying through ratesetter too.
Thnx

This thread was nearly a year old, I think the chances of getting a reply would be low.


Your chances depend on your financial circumstances and loan required balanced against the risk profile of the lender. Have you used the MSE loan calculator? What is your credit history like? You may be better starting your own thread.