What is considered as a dependent on a loan application?

bigpappa

My wife and myself both work and we have two children both under 5. She works part time. 

I have never applied for a loan before, so what do I need? My Wage slips, tax returns?

Is it best to apply online or via the phone?

Hasbeen

bigpappa said:

My wife and myself both work and we have two children both under 5. She works part time. 

I have never applied for a loan before, so what do I need? My Wage slips, tax returns?

Is it best to apply online or via the phone?

Well a dependent is someone who is depending on you to pay money etc to provide for them, as in 2 children.

I would apply on line. They will check your credit report and decide IF giving you a loan what interest rate to apply.

Nothing else is needed at that stage, they might ask for additional details later depending on company supplying loan.

Why do you need a loan? And what provider are you considering?

sourcrates

A dependant is someone you are financially responcible for, so your children for instance, its not a very good time to be borrowing money, given the current climate, do you really need to borrow, what is it that cannot wait for your savings to catch up ?

bigpappa

Hasbeen said:

bigpappa said:

My wife and myself both work and we have two children both under 5. She works part time. 

I have never applied for a loan before, so what do I need? My Wage slips, tax returns?

Is it best to apply online or via the phone?

Well a dependent is someone who is depending on you to pay money etc to provide for them, as in 2 children.

I would apply on line. They will check your credit report and decide IF giving you a loan what interest rate to apply.

Nothing else is needed at that stage, they might ask for additional details later depending on company supplying loan.

Why do you need a loan? And what provider are you considering?

I need a loan to finally get some home improvements completed, new bathroom, kitchen and flooring. I am lucky that I have a stable and secure job even in this climate.

Do I need to provide costings or just the loan amount I am interested in.

Looking at Post Office as going to be about 20k and I have a credit card with them and they have a decent rate of 3.2%.

bigpappa

sourcrates said:

A dependant is someone you are financially responcible for, so your children for instance, its not a very good time to be borrowing money, given the current climate, do you really need to borrow, what is it that cannot wait for your savings to catch up ?

I understand your concern about timing but currently calling around tradesman and they are more free now than last year when I wanted to do this -some were booked up for months - wanting quite a bit of work done I simply could not have the house a work in progress for 3 plus months.

Hasbeen

bigpappa said:

Hasbeen said:

bigpappa said:

My wife and myself both work and we have two children both under 5. She works part time. 

I have never applied for a loan before, so what do I need? My Wage slips, tax returns?

Is it best to apply online or via the phone?

Well a dependent is someone who is depending on you to pay money etc to provide for them, as in 2 children.

I would apply on line. They will check your credit report and decide IF giving you a loan what interest rate to apply.

Nothing else is needed at that stage, they might ask for additional details later depending on company supplying loan.

Why do you need a loan? And what provider are you considering?

Looking at Post Office as going to be about 20k and I have a credit card with them and they have a decent rate of 3.2%.

No they along with others always state rates from as per Post Office:

"Low Rates From"

"3.1% APR Representative (Fixed) on loans from £15,001 – £25,000

Your personal rate will depend on the loan amount, the loan terms and your personal circumstances."

You will not know rate you will be offered until you apply.

Fourm has had many posters complaining they applied for a loan at say 3.1% and were then offered a rate considerably more.

You do not need any costings. Supply reason for loan, home improvements? Then see what % rate  will be offered.

[Deleted User]

The advertised rate (e.g 3.1%apr) only has to be given to 51% of successful applications, put another way 49% of successful applications will pay more than 3.1%

Grumpy_chap

Sometimes, for home improvements, a mortgage extension is a possibility.  It may, or may not, be a good option, or any option, for you.  Still worth bearing in mind.

PaulW922

If you go online to a provider such as Experian Credit Expert they will do a 'soft check' on your credit records and the match up to lenders likely to accept you. You do not need to provide details of the work to be done or wage slips - certainly not at this stage anyway. 

bigpappa

PaulW922 said:

If you go online to a provider such as Experian Credit Expert they will do a 'soft check' on your credit records and the match up to lenders likely to accept you. You do not need to provide details of the work to be done or wage slips - certainly not at this stage anyway. 

Is the experian credit checker better than the Moneysaving expert one?

Fighter1986

In my experience the best way to find out who's most likely to give you a loan and at what rate, is the Moneysupermarket tool.

They have a wider choice of lenders than other aggregator tools and my OH was offered a better deal there than anywhere else. 

Additionally, holding a credit card with Post Office doesn't necessarily increase your chance of a loan with them - their credit cards are provided via Capital One and their loans are provided via Bank of Ireland. 

See how you get on with the money super market loan eligibility checker