Loan for £50,000

breaking_free

Well if the poster above would give some specific details of how he got the loans it might help the OP. Care to elaborate?

enthusiasticsaver

You have an average salary of which a third is already committed to your mortgage and personal loan repayments on an unsecured basis are likely to cost you another third of your salary leaving you roughly £800 a month for everything else. I think you are unlikely to get that much. Can you reduce the amount needed? Why do you need that much?

[Deleted User]

breaking_free said:

Well if the poster above would give some specific details of how he got the loans it might help the OP. Care to elaborate?

@Lianne143

Cleared large chunk of existing credit
card debt to bring utilisation below 25%

Applied for a loan

applied for a second loan

applied for a credit card zero per cent

applied for a second card zero per cent

Made all applications within two weeks kept an on credit file

signed up to the following tools to check my credit data with all three major Credit Reference Agencies  which are Transunion (formerly callcredit), Experian and Equifax

Tools: 

CreditKarma (transunion), Experian website, Equifax website, CheckMyFile.com (provides consolidated view of all three credit files), MSE club credit (uses transunion data) for examining my credit history and getting extra tips on areas i can improve.



Go through files with a comb checking for red flags on your credit file, things like electoral register matter for proof of residency and CheckMyfile.com has fraud checks built in for CIFAS

many of these have free trials like creditexpert from Experian.

bear in mind most online credit eligibility checkers (pre approval checks)  are done using an engine designed by a company called HDDecisions which is owned by Experian and runs a soft check on your credit file by looking at your Experian credit data.

so Experian account for checking your credit history is the best place to start.

made sure all applications were consistent in areas where it mattered like job role, exact date moved into address, blah blah incase someone was
cross referencing

Used eligibility checkers and comparison sites religiously prior to full applications to get an indication like moneysupermarket, MSE comparison, MSE club credit (sign up free) comparison tool gives slightly different results to the standard MSE comparison.

id advise getting two or three small loans

two credit card money transfer to make up the 50k 

do the apps close together but always wait till the money clears in your account first

there is no “best time of day” to do an app, just do it once youve secured each credit facility.

avoid doing
it over
phone always do it online.

always use the eligibility’s checkers to get an idea of the landscape and who you are most likely to get a loan with, sometimes you get guaranteed rates based on succesful application

for the current climate I can vouch for Tesco Credit Card, Tesco Loans, MBNA, TSB, Nationwide, Sainsburys, M&S bank.

try your own bank first and see what they can give you? Online banking facility might have a loan checker for you.

the other banks are have become more stringent on lending in the past few weeks like Virgin and bank of ireland who are represented by AA and Post Office as brokers.

and remember the difference between a credit broker and an underwriter so
you dont apply for the same loan with the same lender twice for example Post Office and AA are loans are brokers underwritten by bank of ireland. MBNA by LLoyds bank etc.


Dont be afraid to call up random lenders and speak to an advisor to go through your credit file asking for their assistance and opinion on how healthy your file looks and if they wouldnt lend to you then why?


sign up to creditexpert with experian it really really helps at
times like this when you are fishing for loans as it gives useful tips on where to improve with your credit file and frequent updates on credit check activity

Dont be afraid to appeal a loan decision if you get rejected and ask for a reason why

some lenders/applications ask for net income rather than gross income the latter of which works in your favour more keep that in mind.

[Deleted User]

19% Loan from Barclays

20k loan at 3.1% from somewhere that was a "lifeline"

You wanted 25k to pay off an 80k mortgage and yet you borrowed 50k on top of existing debts (12.5k loan and 3k credit card) etc

You save 66% of your declared disposable income which equates to 2000 a month (about 3800 from 4300 monthly minus the student loan and car finance) so could easily take on the mortgage

Even if we take these figures as legitimate, you claim to earn nearly twice the OP salary so of course the situation is different - OP is on about £39k and you say £70k+ so what you can borrow is irrelevant to what they can borrow due to lower income.

[Deleted User]

Deleted_User said:

19% Loan from Barclays

20k loan at 3.1% from somewhere that was a "lifeline"

You wanted 25k to pay off an 80k mortgage and yet you borrowed 50k on top of existing debts (12.5k loan and 3k credit card) etc

You save 66% of your declared disposable income which equates to 2000 a month (about 3800 from 4300 monthly minus the student loan and car finance) so could easily take on the mortgage

Even if we take these figures as legitimate, you claim to earn nearly twice the OP salary so of course the situation is different - OP is on about £39k and you say £70k+ so what you can borrow is irrelevant to what they can borrow due to lower income.

Yeah of course everyones, circumstances are different not just salary or disposable income.

many many factors at
play.

the point is, throughout my life ive had people tel me something cant be done or i wont achieve it.

im merely giving the op advice on how i navigated the market at present and how i was told by the forum id struggle to get anything at all at even a half decent interest rate but went on to break expectations set by the forum in a way no one would ever have predicted.

Everything in life just needs determination and will and an approach putting in your best effort.

There are loads of options out there in terms of lenders and credit facilities. 

And it is not as linear as making a high salary gets you a loan because there is the marketing aspect some lenders use to get you into debt/credit rather than just looking at affordability.

kimwp

Adams18 said:

breaking_free said:

Well if the poster above would give some specific details of how he got the loans it might help the OP. Care to elaborate?

@Lianne143

Cleared large chunk of existing credit
card debt to bring utilisation below 25%

Applied for a loan

applied for a second loan

applied for a credit card zero per cent

applied for a second card zero per cent

Made all applications within two weeks kept an on credit file

signed up to the following tools to check my credit data with all three major Credit Reference Agencies  which are Transunion (formerly callcredit), Experian and Equifax

Tools: 

CreditKarma (transunion), Experian website, Equifax website, CheckMyFile.com (provides consolidated view of all three credit files), MSE club credit (uses transunion data) for examining my credit history and getting extra tips on areas i can improve.



Go through files with a comb checking for red flags on your credit file, things like electoral register matter for proof of residency and CheckMyfile.com has fraud checks built in for CIFAS

many of these have free trials like creditexpert from Experian.

bear in mind most online credit eligibility checkers (pre approval checks)  are done using an engine designed by a company called HDDecisions which is owned by Experian and runs a soft check on your credit file by looking at your Experian credit data.

so Experian account for checking your credit history is the best place to start.

made sure all applications were consistent in areas where it mattered like job role, exact date moved into address, blah blah incase someone was
cross referencing

Used eligibility checkers and comparison sites religiously prior to full applications to get an indication like moneysupermarket, MSE comparison, MSE club credit (sign up free) comparison tool gives slightly different results to the standard MSE comparison.

id advise getting two or three small loans

two credit card money transfer to make up the 50k 

do the apps close together but always wait till the money clears in your account first

there is no “best time of day” to do an app, just do it once youve secured each credit facility.

avoid doing
it over
phone always do it online.

always use the eligibility’s checkers to get an idea of the landscape and who you are most likely to get a loan with, sometimes you get guaranteed rates based on succesful application

for the current climate I can vouch for Tesco Credit Card, Tesco Loans, MBNA, TSB, Nationwide, Sainsburys, M&S bank.

try your own bank first and see what they can give you? Online banking facility might have a loan checker for you.

the other banks are have become more stringent on lending in the past few weeks like Virgin and bank of ireland who are represented by AA and Post Office as brokers.

and remember the difference between a credit broker and an underwriter so
you dont apply for the same loan with the same lender twice for example Post Office and AA are loans are brokers underwritten by bank of ireland. MBNA by LLoyds bank etc.


Dont be afraid to call up random lenders and speak to an advisor to go through your credit file asking for their assistance and opinion on how healthy your file looks and if they wouldnt lend to you then why?


sign up to creditexpert with experian it really really helps at
times like this when you are fishing for loans as it gives useful tips on where to improve with your credit file and frequent updates on credit check activity

Dont be afraid to appeal a loan decision if you get rejected and ask for a reason why

some lenders/applications ask for net income rather than gross income the latter of which works in your favour more keep that in mind.

Thank you for sharing @Adams18. When you applied for those loans, did you declare the other loans and credit cards that you applied for in that two weeks?

ad1927

Adams18 said:

Another pointless response that has nothing to do with the topic!

waste of space

I am interested in how you achieved this, you haven't given any details like, for example, income, how much was borrowed, what the terms were for each loan.  This would, I think, be helpful to the OP, and is certainly helpful to me as I am also looking for a loan that is unsecured.  Help us out with some figures.

Sncjw

ad1927 said:

Adams18 said:

Another pointless response that has nothing to do with the topic!

waste of space

I am interested in how you achieved this, you haven't given any details like, for example, income, how much was borrowed, what the terms were for each loan.  This would, I think, be helpful to the OP, and is certainly helpful to me as I am also looking for a loan that is unsecured.  Help us out with some figures.

Well he did say he applied but he didn't acruallt at first. Took alot of digging and he actually done soft searchs. He kept saying he was rejected even though it was a soft search on elegibikty checkers. Over 100 comments later he actually applied for two lendefs. 

FaceHead

If the OP could provide their mortgage amount, rate, term etc.  and the value of the property it would be helpful to determine if they have a chance of more secured borrowing. 

There's no chances of getting unsecured borrowing of more than salary - although you might get close to 1x over a period of time with loans and cards, which creates a bit of a timebomb when the 0% periods expire. 

Based on the 816pcm figure, the OP has already borrowed in the region of 4.5x salary. Unless it was some time ago and there is the opportunity to remortgage and extend the term, there's little chance of more secured borrowing. 

BrassicWoman

Adams18 said:

I got well over 50K unsecured, and I have no home/equity. Break up the amount into smaller loans/Money Transfer Credit Card.

And don't listen to posters who say you can't achieve something, where there is a will there is a way.

When asked what he put as his loan reason, Adams18 did not reply. Leaving us to draw our own conclusions.

His salary is 70k.