Black Horse Finance - Unsecured Loan

HD840

I have applied to them for an unsecured loan, and they have accepted in principle after a credit check but want to see me for more information.
Anyone had dealings with them and what sort of additional stuff to the online application form do they need.

Is it a review of income possibly, and if so then how do they calculate your disposale income to gauge whether to loan you money.

Advice would be appreciated.

queen_of_leon

welcome to the site HD840,

had no dealings with black horse as such but have had loans from lloyds in the past. i was banking with them at the time tho so they already knew how much money went through my account and this is probably what they want to know from you. just make sure you have all the info with you, eg bank statements, details of other credit payments you make and other expenses you have. this is the only way they can measure what your disposable income is. it's also a good idea to take plenty of ID and proof of your address etc.

it's a good sign that you've been 'accepted in principle' so try not to stress. good luck and let us know how u get on : )

HD840

Thanks Queen.

When they calculate disposable income do you know what amounts or percentages against total income they are looking for.

Dylanwing

They did that with me too. It was just a face-to-face chat, and it was just to fill in the blanks in their records, and so that they could check if Protection Insurance was needed - And yes, they were very good and did not push at all once they knew I was a Civil Servant. They then went through the figures, and suggested I take a larger loan, because the repayments would be similar, but with a much lower APR. And I was offered coffee!
Very impressed!

queen_of_leon

i don't know if they look for "% against total income"...they just really want to make sure u have enough to cover your payments to them.

as dylanwing says, it's more a face-to-face chat than an analysis of your personal accounts.

what i would suggest to anyone before taking a loan is to ensure you check the 'total amount payable' as APRs can appear reasonable but it's only later u realise how much you're actually paying back!...and don't be pressured into PPI!! (read MSE tips if you haven't done already)

spendaholic

I just had a meeting with Black Horse to discuss a loan previously agreed in principle. The advertised rate was 6.9%. They confirmed everything I'd already told them, just wanted to see a form of ID and maybe my payslips if we went ahead, then went away for 15 minutes. When they came back, they could still let me have the loan ... for 19.9%! :eek: What an absolute rip off. She also had the gall to say: "The advertised rates are to pull people in." Well yes, honey, I think we all realise that.

So, it will probably be a harmless enough meeting, but don't be surprised if they go for the throat on the interest rate. 20%? That's higher than most credit cards.