bank denied loan for unknown reason help needed

meer53

The same criteria will be used in branch as was used over the phone so I wouldn't bother going there. Try a different provider or rethink your choice of car if you can't afford the insurance without taking out a loan.

thyfartismurder

meer53 wrote: »

The same criteria will be used in branch as was used over the phone so I wouldn't bother going there. Try a different provider or rethink your choice of car if you can't afford the insurance without taking out a loan.

:rotfl::rotfl::rotfl:
thanks but no thanks on that last point

ill try a different provider

BoGoF

It's not there 'poop' that needs sorting, it's yours.

Bottom line is they don't want to lend to you. The loan you have just paid off will not reflect on your credit file for a good few weeks. Have you taken on more credit since last year?

thyfartismurder

On trying another bank....
the online loan calculator on my bank which i used before trying to apply said i am "very likely" to be accepted for the loan but it was denied anyway.
there are lots of loans on the credit club page saying 100/95/90% likely is that the same deal? or are those figures accurate?

a further point, some of you have said the lower amount of the loan increases risk, would i be better getting a larger loan and paying it off straight away eg: my car insurance is £1200, if i got a loan for £2000 and i could pay it back straight away and be fine paying the higher monthly payments until its paid off + the interest rate would be lower

BoGoF

thyfartismurder wrote: »

On trying another bank....
the online loan calculator on my bank which i used before trying to apply said i am "very likely" to be accepted for the loan but it was denied anyway.
there are lots of loans on the credit club page saying 100/95/90% likely is that the same deal? or are those figures accurate?

a further point, some of you have said the lower amount of the loan increases risk, would i be better getting a larger loan and paying it off straight away eg: my car insurance is £1200, if i got a loan for £2000 and i could pay it back straight away and be fine paying the higher monthly payments until its paid off + the interest rate would be lower

Before you go launching into more applications and hard credit searches.......how much do you earn and how much other debt to you have. Do you use an overdraft?

Smellyonion

Why not go for a credit card for such a small amount over a relatively short period. They are usually less difficult to attain than a loan.

Clive_Woody

thyfartismurder wrote: »

On trying another bank....
the online loan calculator on my bank which i used before trying to apply said i am "very likely" to be accepted for the loan but it was denied anyway.
there are lots of loans on the credit club page saying 100/95/90% likely is that the same deal? or are those figures accurate?

a further point, some of you have said the lower amount of the loan increases risk, would i be better getting a larger loan and paying it off straight away eg: my car insurance is £1200, if i got a loan for £2000 and i could pay it back straight away and be fine paying the higher monthly payments until its paid off + the interest rate would be lower

Depends on what else is also on your credit file (other loans, overdraft, phone contract, other credit agreements) compared with what you are earning.

Often higher loan amounts come with lower APRs, but that is dependent on the credit history of the borrower...and in many cases, as you have found out, sometimes they will decline to lend at all (or only at an eye watering APR).

Clive_Woody

Smellyonion wrote: »

Why not go for a credit card for such a small amount over a relatively short period. They are usually less difficult to attain than a loan.

I think he said payment is due in a week, so possibly not enough time to get a new credit card sent to him.

thyfartismurder

Clive_Woody wrote: »

I think he said payment is due in a week, so possibly not enough time to get a new credit card sent to him.

yes if idve known this was going to be an issue i wouldve paid off my previous loan months ago to make sure my credit history was clean but i thought with all the " do you know youre eligible to borrow more" emails they keep sending me i'd be fine

thyfartismurder

BoGoF wrote: »

Before you go launching into more applications and hard credit searches.......how much do you earn and how much other debt to you have. Do you use an overdraft?

after tax and pension i take home 1498.5 a month,
I have no overdraft or credit card the only time I've been overdrawn was when i was still on a children's account 5 years ago (i was told the children's account shouldn't affect your credit history)
at the time of the original loan i had a £50 a month phone contract, which as now ended
I now have a 6 months 0% interest retail finance for £50 a month until jan (I didnt want to wait until next payday to finish a project id been woriking of for 8 months)

I live at home so as far as the bank is concerned I dont pay rent (i was told paying rent to parents doesnt count by bank employees)
I am currently saving to buy a house which is why i dont have £1200 savings spare to spend on insurance