Struggling to get a loan at a good rate

[Deleted User]

@Adams18 if you want people to give you meaningful advice it would help if you weren’t reliant on posters hunting through your posting history to give some context to the thread otherwise you will keep getting people telling you to apply for a mortgage even when that doesn’t appear to be an option due to the odd way the property is owned. 

This thread and the one about rapid updates to the CRA give the impression that you aren’t particularly financially savvy when it comes to borrowing money otherwise you would actually have applied for a loan by now and no a “soft” application  is not the same as a “hard” application. If they were the same then some people who “pass” the soft application wouldn’t then fail the hard application and vice versa. 

I was out on the first page but I felt compelled to post again when after 8 pages of telling everyone once again that you’re right, they’re wrong and you can’t get a loan despite all this “research” you’ve done it turns out you haven’t yet applied for a single loan. 

kimwp

Lover_of_Lycra said:

@Adams18 if you want people to give you meaningful advice it would help if you weren’t reliant on posters hunting through your posting history to give some context to the thread otherwise you will keep getting people telling you to apply for a mortgage even when that doesn’t appear to be an option due to the odd way the property is owned. 

I agree, also lack of information about the amount that you currently save gave people the impression that you are spending all of your 70k income and had no savings, hence a lot of advice about simply saving the 25k. 

[Deleted User]

Lover_of_Lycra said:

@Adams18 if you want people to give you meaningful advice it would help if you weren’t reliant on posters hunting through your posting history to give some context to the thread otherwise you will keep getting people telling you to apply for a mortgage even when that doesn’t appear to be an option due to the odd way the property is owned. 

This thread and the one about rapid updates to the CRA give the impression that you aren’t particularly financially savvy when it comes to borrowing money otherwise you would actually have applied for a loan by now and no a “soft” application  is not the same as a “hard” application. If they were the same then some people who “pass” the soft application wouldn’t then fail the hard application and vice versa. 

I was out on the first page but I felt compelled to post again when after 8 pages of telling everyone once again that you’re right, they’re wrong and you can’t get a loan despite all this “research” you’ve done it turns out you haven’t yet applied for a single loan. 

I didn't believe that I really had to provide that context. The only context that was needed from my point of view was my situation as a borrower.

It really should be irrelevant regarding the house, the mortgage or my personal circumstances, just as when lenders take it on faith that you will spend your loan according to the reason you put on your application.

Thus I kept things very simple, by giving an idea of my credit profile, fraud checks, and financial standing, job stability.

Just another guy wanted a 25K loan because I have already thought about all other venues before I arrived at the loan option.

I stand by that the soft search has it's place in todays society and market for obvious reasons, hence the reason the eligibility checkers were invented in the first place.

Just trying to be safe given the taboo surrounding hard searches, and how my situation is so important and sensitive that I need to go about it the right away.

I can't afford to make several hard searches to see what I can get only to find that I've caused a red flag where I now have to wait 6 months before applying again. I simply cannot afford that situation, my back up plans are to sell my car, borrow from friends and family.

So clearly I want to put myself in the BEST POSSIBLE SITUATION as a borrower, just like when you apply for a job some people spend one day on their CV others spend two weeks.

I am the two weeks guy, I like to prepare properly and I just will not apologise for that but appreciate everyone else's point of view and their opinions.

[Deleted User]

kimwp said:

Lover_of_Lycra said:

@Adams18 if you want people to give you meaningful advice it would help if you weren’t reliant on posters hunting through your posting history to give some context to the thread otherwise you will keep getting people telling you to apply for a mortgage even when that doesn’t appear to be an option due to the odd way the property is owned. 

I agree, also lack of information about the amount that you currently save gave people the impression that you are spending all of your 70k income and had no savings, hence a lot of advice about simply saving the 25k. 

kimwp said:

Lover_of_Lycra said:

@Adams18 if you want people to give you meaningful advice it would help if you weren’t reliant on posters hunting through your posting history to give some context to the thread otherwise you will keep getting people telling you to apply for a mortgage even when that doesn’t appear to be an option due to the odd way the property is owned. 

I agree, also lack of information about the amount that you currently save gave people the impression that you are spending all of your 70k income and had no savings, hence a lot of advice about simply saving the 25k. 

I agree in part about maybe making myself clearer on my savings...

But I am just a guy who needs a 25K loan, why the Spanish inquisition as to why, it's just a product that's available on the market for anyone to apply for? I mentioned my disposable income several times, and how I can afford the loan every month.

[Deleted User]

So basically I am not a financially savvy person because:

1. I have not applied for a loan, rather I have done preapproval checks to check the likelihood of my being accepted before applying fully.

2. And because I decided to a rapid update after paying a large chunk of my credit card, in a bid to update my credit file quickly before applying to a loan.

This make me unsavvy? Lol okay, then I will remain unsavvy until I die. I have no issues with the way I approached anything in this regard, and I sleep easy at night time knowing I have not gone out there and merely applied to every loan I can, running up a tab of hard inquiries without even checking my credit file first and making the necessary updates before applying to a loan.

@Lover_of_Lycra I was never ever reliant on anyone going through any of my post history for the purposes of this thread. That is gaslighting on your part. I came to discuss the level of information and detail pertinent to the application of a loan by a borrower and what the lender themselves would be seeing.

BrassicWoman

When you apply for a loan, you need to give a reason.

Different reasons have different risk profiles.

That's why it is relevant; if you are not honest about the reason, then it's a fraudulent application.

You can't get reliable advice on half of a story. 

[Deleted User]

BrassicWoman said:

When you apply for a loan, you need to give a reason.

Different reasons have different risk profiles.

That's why it is relevant; if you are not honest about the reason, then it's a fraudulent application.

You can't get reliable advice on half of a story. 

And I gave a reason, and according to the lender that is a valid reason. They only give you a preselected list of reason to choose from, they don't give you a text box to write your entire life story.

I have applied for loans before and got a loan before for my car, not my first rodeo.

I got 15K loan at 2.9% over a year ago.

kimwp

Adams18 said:

kimwp said:

Lover_of_Lycra said:

@Adams18 if you want people to give you meaningful advice it would help if you weren’t reliant on posters hunting through your posting history to give some context to the thread otherwise you will keep getting people telling you to apply for a mortgage even when that doesn’t appear to be an option due to the odd way the property is owned. 

I agree, also lack of information about the amount that you currently save gave people the impression that you are spending all of your 70k income and had no savings, hence a lot of advice about simply saving the 25k. 

kimwp said:

Lover_of_Lycra said:

@Adams18 if you want people to give you meaningful advice it would help if you weren’t reliant on posters hunting through your posting history to give some context to the thread otherwise you will keep getting people telling you to apply for a mortgage even when that doesn’t appear to be an option due to the odd way the property is owned. 

I agree, also lack of information about the amount that you currently save gave people the impression that you are spending all of your 70k income and had no savings, hence a lot of advice about simply saving the 25k. 

I agree in part about maybe making myself clearer on my savings...

But I am just a guy who needs a 25K loan, why the Spanish inquisition as to why, it's just a product that's available on the market for anyone to apply for? I mentioned my disposable income several times, and how I can afford the loan every month.

The "Spanish inquisition" as to why is because your circumstances (financial situation and purpose for the loan) make a big difference as to what the possible solutions are.

For example, when you presented yourself simply as someone on 70k who needs 25k - because most people who present as that are people who live to or over their income and decide that they want to eg buy another car or consolidate existing loans, the likely solution was to cut back on expenditure - which more detail on your part would have shown was not going to help. Similar applies to what the loan is for - different solutions will apply.

BrassicWoman

Adams18 said:

And I gave a reason, and according to the lender that is a valid reason. They only give you a preselected list of reason to choose from, they don't give you a text box to write your entire life story.

And was it a truthful reason?

backinbusiness

I am the two weeks guy, I like to prepare properly and I just will not apologise for that but appreciate everyone else's point of view and their opinions.

I fear you are referring to the length / time this thread will run . . .