Loan approval. 2 years of UK history

Etamina

Hi,
I came in UK 2 years ago (based on my first bank account ) and I wonder if it would make any sense to apply for a 5K loan. From what I understand, most banks have a 3 years history threshold rule. My circumstances: EU, Non-UK citizen, 37K annual salary, a 2 years old debit account, 2 credit cards. One is 4 months old and another one 2. I used it for day to day shopping and at the end of the month I repay in full. I was thinking to apply through Lloyds Bank, where my main account resides, but whenever I use their loan calculator, I get a 29.7% APR which, I think I read somewhere here on this forums, is a signal that there is a big chance to be refused!?

[Deleted User]

Etamina wrote: »

I wonder if it would make any sense to apply for a 5K loan.

Not if you can make do without one.

Etamina

I can wait and save the money along 8-12 months period, but I would like to access them sooner and do that dental work.

Arleen

Very little and short credit history, under 3 years address and looking for very small loan (which are usually the highest risk ones), not likely to happen. On 37k a year you can tighten your belt on spendings and save up that amount in less than 12 months.

Mulder00

I applied for a personal loan after being in the UK for only 6 months and it was approved without an issue (in fact, I was surprised how quickly the money just got put into my current account), however, from the day I arrived in the UK, I made a concerted effort to build up a (good) credit record. 29.7% seems high! I seem to remember that loan was around 5%. (I applied through HSBC where my current account was held at the time and used one of their offers, so that probably made a difference - I doubt I would have got it elsewhere).