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    • Rugby23
    • By Rugby23 17th Aug 19, 12:59 PM
    • 6Posts
    • 0Thanks
    Rugby23
    Abit of advice before loan application
    • #1
    • 17th Aug 19, 12:59 PM
    Abit of advice before loan application 17th Aug 19 at 12:59 PM
    Hi,

    I am wanting to get a loan of 5,000 for 24 month,
    I have just recently changed jobs would this affected my application, I have gone from weekly to monthly pay so shall I wait until I get 3 month wages before I apply, i have no probation period with my new job as I have evidence showing this
Page 1
    • DCFC79
    • By DCFC79 17th Aug 19, 7:02 PM
    • 34,894 Posts
    • 22,087 Thanks
    DCFC79
    • #2
    • 17th Aug 19, 7:02 PM
    • #2
    • 17th Aug 19, 7:02 PM
    Hi,

    I am wanting to get a loan of 5,000 for 24 month,
    I have just recently changed jobs would this affected my application, I have gone from weekly to monthly pay so shall I wait until I get 3 month wages before I apply, i have no probation period with my new job as I have evidence showing this
    Originally posted by Rugby23

    Whats the purpose ?


    You might find you get a better rate if you apply for 7500.
    • YorkshireBoy
    • By YorkshireBoy 17th Aug 19, 7:19 PM
    • 30,864 Posts
    • 18,885 Thanks
    YorkshireBoy
    • #3
    • 17th Aug 19, 7:19 PM
    • #3
    • 17th Aug 19, 7:19 PM
    Hi,

    I am wanting to get a loan of 5,000 for 24 month,
    I have just recently changed jobs would this affected my application, I have gone from weekly to monthly pay so shall I wait until I get 3 month wages before I apply, i have no probation period with my new job as I have evidence showing this
    Originally posted by Rugby23
    Yes, the lender's risk assessment will take "time in job" into consideration. Waiting 3 months might work. 6 months would be better. 12 months better still. However, everyone changes employer at some point, so if "time with bank", "time at address", and other 'stability' factors are OK then maybe it won't matter? Obviously affordability is assessed totally separately to these factors.

    The only way to find out is to apply. If you're not happy with the APR on the first application then make another, but just one, elsewhere and see if it's a better rate.

    Probably best if you approach your bank first, the one that used to receive your income weekly and now receives it monthly, as they know you best.

    With regard to the suggestion above to go for 7,500 (to get a better APR), then only do this if you're disciplined enough to immediately repay 2,500 of it. It's 30 years or more since I had a loan, so someone with more recent experience will tell you if repaying 2,500 will reduce the monthly payments going forward or simply reduce the term (maybe you have a choice?).
    • SPOWER
    • By SPOWER 17th Aug 19, 8:48 PM
    • 66 Posts
    • 28 Thanks
    SPOWER
    • #4
    • 17th Aug 19, 8:48 PM
    • #4
    • 17th Aug 19, 8:48 PM
    Hi, I worked at Equifax when it was at South Avenue. The slogan was get the facts with Equifax. I would change the answers you give.
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