The Forum is currently experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Unemployed loan with Santander

Lostsoul13
Lostsoul13 Posts: 50 Forumite
Second Anniversary 10 Posts
I just applied for a loan online with Santander I’m unemployed but on disability benefits and have good credit history. Will I be accepted? Or do all banks refuse on unemployment??

any one had any luck?

Comments

  • It depends on how they assess your income and affordability.
  • Lostsoul13
    Lostsoul13 Posts: 50 Forumite
    Second Anniversary 10 Posts
    So there’s a chance I could get it considered I got 90% left over at the end of the month?? 

    It’s no hard rule if you’re unemployed you won’t get it? 
  • ForumUser7
    ForumUser7 Posts: 2,413 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 29 July 2023 at 12:38AM
    So there’s a chance I could get it considered I got 90% left over at the end of the month?? 

    It’s no hard rule if you’re unemployed you won’t get it? 
    "Eligibility

    You’re eligible if you’re 21 or over and live in the UK permanently, you have a regular yearly income of £7,500+, you can make your repayments by Direct Debit, and you haven’t been declared bankrupt, had a CCJ or an IVA within the last 6 years. All credit is subject to status and credit checks. You must have a regular yearly income of £20,000+ to apply for loans of £20,000 and above."

    As above, it depends on how they assess your status. But from the public facing eligibility criteria on the loan section of the Santander website, it appears there is no hard rule that if you are unemployed you won't get it as long as your income is above their parameters. You may wish to contact them directly to ask what they consider as income (some places allow investment interest but not cash savings interest for example). https://www.santander.co.uk/personal/loans

    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • Hi Lost Soul, I hope you’re well.

    Did you manage to get this loan as I’m in the exact same position and want to enquire with real people before I go ahead. 56 years of age, disability, permanently out of work.

    any advice greatly appreciated please x
  • sourcrates
    sourcrates Posts: 31,364 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    cav688 said:
    Hi Lost Soul, I hope you’re well.

    Did you manage to get this loan as I’m in the exact same position and want to enquire with real people before I go ahead. 56 years of age, disability, permanently out of work.

    any advice greatly appreciated please x
    This thread is a year old, its best to start your own new thread if you want advice.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.5K Banking & Borrowing
  • 252.9K Reduce Debt & Boost Income
  • 453.3K Spending & Discounts
  • 243.5K Work, Benefits & Business
  • 598.2K Mortgages, Homes & Bills
  • 176.7K Life & Family
  • 256.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.