Loan Advice needed

[Deleted User]

Deleted_User said:

Adams18 said:

sparelogin said:

You're unlikely to get a decent rate loan given your current interest bearing debt.

Try an eligibility checker for a BT offer. At least try to get the latest purchase to 0%.

Lenders don't see your made up Experian score but will assess you on your history, commitments and income. £20k is going to need a decent income as well as a clean history 

what would you consider a decent income for a 20k loan?

I see this a lot on the forum, when someone mentions a 20k+ loan, reader get antsy and enquire whether you are earning 100k or more a year.

Most people don't earn very high salaries, so surely lenders want to make 20k loans accessible to the majority and not just the top 5-10 per cent of earners.

In the region of 30-40k and above.

No lenders want to make 20k loans available to people without the affordability to at them back.

Why do you believe they would?

And why are you antsy and wanting to know if they earn 100k or more?

Because of how forum posters have reacted to myself and to others wanting a 20k+ loan, despite earning reasonably high salaries like 60k+.

It doesn't seem to go down well at all, and I've read several threads (naturally, as it pertains to my situation) and borrowing seems to be discouraged often on here even when personal loans serve a very practical purpose over saving up or selling things to raise cash.

I was just curious of what you thought was a decent income to warrant 20k+ borrowing.

[Deleted User]

That's all very interesting, but you didn't answer either of my questions, despite me answering yours.

Why is that?

[Deleted User]

Deleted_User said:

Adams18 said:

sparelogin said:

You're unlikely to get a decent rate loan given your current interest bearing debt.

Try an eligibility checker for a BT offer. At least try to get the latest purchase to 0%.

Lenders don't see your made up Experian score but will assess you on your history, commitments and income. £20k is going to need a decent income as well as a clean history 

what would you consider a decent income for a 20k loan?

I see this a lot on the forum, when someone mentions a 20k+ loan, reader get antsy and enquire whether you are earning 100k or more a year.

Most people don't earn very high salaries, so surely lenders want to make 20k loans accessible to the majority and not just the top 5-10 per cent of earners.

In the region of 30-40k and above.

No lenders want to make 20k loans available to people without the affordability to at them back.

Why do you believe they would?

And why are you antsy and wanting to know if they earn 100k or more?

I didnt say lenders should make 20k loans available to people who cant afford it. And i dont believe they would.

and i am not antsy about those making 100k and above

What i was saying is that naturally in the case a lenders offering a range of products on the market they would want the products available to a large audience rather than a select few.

and only a select few earn over 60k salaries, yet those earning that that have come to the forum to complain when they dont get a loan are still being questioned by forum posters as to why they need a 25k loan when they should just “save up” on such a high salary or that their affordability is likely too low.

And that makes me wonder how much you would need to earn for some posters on here to say “yeah thats good enough for a 20k+” loan... 


Hence im just referencing  “100k?” As being enough for these poster

 i was curious what level of income posters here consider as high enough for 20k+ loans on here which raises some alarms because of the loan size.

personally i work out debt to income ratio differently, i look at monthly income versus the monthly debt repayment and if that ratio is below 35 per cent you’re good considering other expenditures are reasonable.

and this is the model ive seen other lenders use.

Yet forum posters talk about yearly income and then divide it by the loan amount which i find impractical.

Batesy1976

Adams18 said:

Deleted_User said:

Adams18 said:

sparelogin said:

You're unlikely to get a decent rate loan given your current interest bearing debt.

Try an eligibility checker for a BT offer. At least try to get the latest purchase to 0%.

Lenders don't see your made up Experian score but will assess you on your history, commitments and income. £20k is going to need a decent income as well as a clean history 

what would you consider a decent income for a 20k loan?

I see this a lot on the forum, when someone mentions a 20k+ loan, reader get antsy and enquire whether you are earning 100k or more a year.

Most people don't earn very high salaries, so surely lenders want to make 20k loans accessible to the majority and not just the top 5-10 per cent of earners.

In the region of 30-40k and above.

No lenders want to make 20k loans available to people without the affordability to at them back.

Why do you believe they would?

And why are you antsy and wanting to know if they earn 100k or more?

personally i work out debt to income ratio differently, i look at monthly income versus the monthly debt repayment and if that ratio is below 35 per cent you’re good considering other expenditures are reasonable.

Do you lend money?