Personal loan option of 30K

rockall81

Hi,

I am looking to get a personal loan of 30K for consolidation of my other debts (car loan 8k) refurbish kitchen and house, garden etc.

I am not sure whether i can apply for this sort of a loan ?

I cant remortgage as i have recently switched to 5 year deal and there are penalties for changing the current or mortgage or switching it.

Apart from car loan and mortgage i dont have any other loans.

I am on contract employment. Just want to get views from this forum before applying.

I do have a account with First Direct (new account) and HSBC (more than 5 years).

[Deleted User]

Not enough information to say.

It will depend on your credit history and income, as well as existing debts.

There's only a couple of lenders will will got to 30k on an unsecured loan.

rockall81

ok so can i apply twice for 2 loans of 15k or go with one bank for 30K?

[Deleted User]

Either. Both routes would be subject to the same checks around risk and affordability. A second application becomes even more marginal.

bengalknights

Probably better off trying via your own banks pre approved limits to see if available

rockall81

what you mean pre approved limits?

ReadingTim

I would hazard a guess and say that it's a certain amount up to which the bank would be happy to lend to you based on what they already know about you - the amount that comes in and goes out of your account every month, plus the way in which you manage your account generally.

The main question relates to affordability. Given you want to borrow a fairly large amount, you're going to be needing to earn a fairly large amount - probably at least £60k. otherwise, forget it. So, how much do you earn?

Clive_Woody

ReadingTim wrote: »

I would hazard a guess and say that it's a certain amount up to which the bank would be happy to lend to you based on what they already know about you - the amount that comes in and goes out of your account every month, plus the way in which you manage your account generally.

The main question relates to affordability. Given you want to borrow a fairly large amount, you're going to be needing to earn a fairly large amount - probably at least £60k. otherwise, forget it. So, how much do you earn?

Quite possibly needs to be higher than £60k as the OP already has a car loan of £8k and they have no way of being sure that would be paid back so he could be looking at total debt of £38k. Going with the popular theory of needing to earn at least twice this to get loans then £76k salary might be needed....and even then the APRs may be very off putting.

sheff6107

Max personal loan is 25k.

You can of course get a partner/wife/husband to also apply for another £25k themselves.

zippygeorgeandben

Have you thought about whether the eventual costs of all these refurbishments might be more than you think? A contingency plan just in case this happens. It does happen!

rockall81

Roughly i take out 60k a year in dividend and salary and do pay tax on the same.