Unsecured personal loan chances

georgebal313

Hi all. 

Going to need an unsecured loan of £15k for home improvements. 

Checking my mobile app (Bank of Scotland), I’m good for a £20k loan over 7yrs with an interest of 13.9

my question before I pull the trigger and apply is, how likely am I to be approved, and do I believe the amount the app claims I can borrow (all my financial dealings, except mortgage is with Bank of Scotland)

I’m full time employed, unaffected by COVID, 1 dependant, no childcare costs, “fair” experian score. 

Has anyone else applied via the app and got approved? 

Thanks

DrEskimo

Are you that desperate to do the work all straight away that you're willing to donate the bank £11,000 of your money?

It will cost you £370/month, so you could have nearly all the money by just putting that aside for the next 3yrs.

Can you wait 12months or so, save around £5k and then use 0% credit cards to borrow a bit more (say £5k) and then save the rest to finalise it?

When is your mortgage due renewal? Can you borrow a bit more at renewal?

georgebal313

It is a bit urgent I’m afraid. The cost pcm is £270, which is no problem for me, and I can always opt for early repayment 

DrEskimo

georgebal313 said:

It is a bit urgent I’m afraid. The cost pcm is £270, which is no problem for me, and I can always opt for early repayment 

Sorry I thought you were going for £20k, but you just mean you can get up to £20k. £15k will cost around £280/month and cost you about £8,500 in interest.

Do you need all of it right away? What exactly is it for?

Borrowing at 13.9% for such a large amount over such a long period is incredibly expensive. There are much cheaper options. Do you have any savings at all?

Yahoo_Mail

You're in the middle of a mortgage application and you're applying for a loan?  Well done.

georgebal313

Planning to apply After the mortgage actually, which is precisely the reason why I won’t have any savings left and why I need to be careful not to damage my credit score further

[Deleted User]

Your score"s of no concern. Lenders will assess you for risk, which will be higher given your circumstances.

Try an application a couple of months after you've completed, but if declined, leave it a few months before trying again.

macman

You don't have a credit score. It's a fictitious number that lenders can't even see. You have a credit history.

DCFC79

S advised get the mortgage done and dusted then look at a loan.

cymruchris

What kind of works are urgent? Are there any short term (a year or two) measures you could put in place to 'get by' while saving up the capital so that you could save yourself several thousand pounds? Is the roof going to fall in? Or the walls fall down? If that's the kind of house, I wonder why you might be buying it not having any savings on standby for such events?