Personal Loan

Maxmycat

I applied for a personal load through my Bank- which was refused, no explanation. I appealed and also contacted all he credit/loan companies at the same time, and my credit rating is good.
After receiving the response to my appeal, it had mentioned that the bank didn't think it was in my interest for the loan to be accepted, IE my monthly income V my outgoings.  This is ridiculous as I have no mortgage or rent to pay, and my outgoings are very low.  I can comfortably manage a personal loan.  I eventually got to talk with someone at the Bank.  It was not very forthcoming, and hinted that maybe I should apply for a lower amount (eg £15,000)  How long a period do I have to wait until I re-apply, and also will this effect my credit rating.?

[Deleted User]

You could apply now - but choose another lender. If declined, leave it a couple of months.

The search will appear on your credit files, which lenders will take into account. A search or two isn't a problem on a well managed file, but could be problematic if you're higher risk.  Your CRA credit rating plays no part in lending decisions.

Maxmycat

Many thanks.  I will give this serious thought. Thank you.

Sncjw

So what amount did you apply for and what is your income? 

mcpitman

If you have no mortgage and rent to pay and outgoings are low, then it would suggest you asked for too much in comparison to your wages/salary.

Also based on the low outgoings, how much do you have in savings?

aoleks

why do you even apply directly with one lender? get a quote on a comparison site using your details, to see what the chances are (roughly) and take it from there.

also, what do you need more than £15000 for if you still live with your parents? if it's a car you're after, buy brand new for that money, finance goes through just like that.

or maybe hold your horses and don't borrow anything...