Personal Loan for a foreign citizen

grreg

I have used the loan eligibility feature in the credit club and it says that I have some 95% and 90% chances of getting a personal loan - so that is encouraging.

However, my wife and I are both Australian nationals living in the UK on temporary visas. (We have been here for about 6 years).

Will our nationality and residency status have an impact on how likely a personal loan will be approved?

Also we have our own business - so I guess we are self-employed. Again will that have an impact on a lenders assessment?

Thanks in advance

Ben8282

Confused as to what sort of temporary visa allows a 6 year stay and self-employment. I would imagine you are entitled to apply for indefinite leave to remain by now anyway?

grreg

Ben8282 thanks for your reply - if you really are curious it's a Tier 1 Entrepreneur visa. We have renewed it several times which has given us 6 years of temporary residency.

We are not yet eligible for ILR due to circumstances - but I don't need help with immigration I am practically an expert on that topic (unfortunately).

If anyone can give me any indication if our immigration and self-employed status might will impact lenders assessment of a loan application

sourcrates

There is no way of knowing the answer to your question, as all lenders have differing lending criteria, your immigration status/self employment, may or may not play a part in their decision making process.

You will only get opinion from a forum like this, as no one can give a definitive answer.

All you can do is apply and see what happens.

AstroTurtle

I'm pretty sure most loan applications will state the requirements as Living in the UK for 3-5 years & Hold a UK bank account & UK Residence.

redpete

If i was a lender i would consider self-employment as a risk factor when looking for a stable income, 6 years as a reasonable history but not great, and residency status as a risk factor in being able to get my money back if things go wrong. But I'm not a lender and there might be some who dont share that view.

[Deleted User]

Why not discuss a CC with your UK bank?