Getting a Loan with no Visa

Txerja

Hello folks ,

In order to consolidate some debts and pay for education, my wife would need to get a loan.

She is a Mexican national currently allowed to be in the country till Feb 2021 holding an EEA-national family dependent visa. She is currently working, making good money and with a decent credit score; the issue we foresee is that lenders would reject her because the visa is not covering the full extension of the loan (3-4 years). Of course, her intention is to apply to "Settle Status" in 14 months (after 5 years she arrived to the UK)

Do you guys know which lenders are not asking for visas covering the full extension of the loan? This would be a small loan (12-14K) to repay in 3-4 years.

Please do not hesitate to contact me if you need additional details or further information.

Kind regards, thanking you in advance

AndyPix

Welcome to MSE


12-14k is not a small loan ..

Txerja wrote: »

the issue we foresee is that lenders would reject her because the visa is not covering the full extension of the loan (3-4 years

That's the issue I forsee too

-taff

Tell her to go to the debt free wannabe board because consolidation loans don't work
[in general].

foxy-stoat

I think you need to forget about consolidating the debt and just look to finance the education - how much would you need for that?

Txerja

AndyPix wrote: »

Welcome to MSE


12-14k is not a small loan ..





That's the issue I forsee too

Hello AndyPix,

Thank you very much for your response. Hmmmm, I commonly see that loans are varying from 3k to 25k so that is the reason because I originally considered it small. Anyway, it is down to the lender.... :rotfl:

Any lenders you could think of?

Kind regards, thanks in advance

DCFC79

Could she not have the aim to clear as much debt as possible, apply for the settle status and then apply for the loan.

Depite her score being decent only she can see it, lenders see her history.

Txerja

-taff wrote: »

Tell her to go to the debt free wannabe board because consolidation loans don't work
[in general].

Hi taff,

Thank you very much for your reply. Of course, we will have a look into the board. However, I think consolidating the debt is what better works for her as we would reduce monthly amounts and interests; it is a very studied and weighted decision...

Is there any lender you could think of?

Kind regards, thanks in advance

Txerja

foxy-stoat wrote: »

I think you need to forget about consolidating the debt and just look to finance the education - how much would you need for that?

Hello foxy-stoat,

Thank you very much for your response. Education would be around 10k but we are looking to pay for debts no more than £300/monthly. If we do not consolidate, it would be £300 + £250 (current). Additionally, interests are very high in her (American) education.... and we would like to slash them by gettin a loan (3 to 6% is quite acceptable for us)

Any lender you could think of?

Kind regards, thanks in advance

MallyGirl

even if someone was prepared to lend to you it is unlikely to be at 3 to 6% APR.

Txerja

DCFC79 wrote: »

Could she not have the aim to clear as much debt as possible, apply for the settle status and then apply for the loan.

Depite her score being decent only she can see it, lenders see her history.

Hello DCFC79,

Thank you very much for your response. I understand what you mean but we are looking to significantly reduce the amount of interests she is paying as well as the monthly payments. We are looking to consolidate and, before applying, we would like to have the greatest amount of information as she is not a UK citizen.

The main problem I see with quotations is that they do not have the citizenship status into account. I mean, we go through MSE eligibility tool; with her credit score and numbers, she would be accepted in 95% of the listed loans. However, at the time of submitting papers, she will be asked for a visa till let's say April 2024, which she has not.

Is there any lender you could think of?

Kind regards, thanks in advance

Txerja

MallyGirl wrote: »

even if someone was prepared to lend to you it is unlikely to be at 3 to 6% APR.

Hello MallyGirl,

Thanks for your reply. Those are the most common numbers I can see in the quotations.

Is there any lender you could think of?

Kind regards, thanks in advance