Why am I being turned down?

Nasqueron · 9 January 2019 at 1:32PM

Hogues wrote: »

Not so. The guarantee is just a personal one against a business overdraft facility venture which I'm a 50% shareholder of.

So as I said, you would be liable for it if it fails, so having the money to cover that is a good idea.

foxy-stoat · 9 January 2019 at 1:48PM

Stop any more applications, take the money that you would have to pay for the £10,000 loan (say £300) and start saving for 6 months.

After 6 months you will have £1800 in the bank/savings account and apply for a loan of £8,200. If you havent then you couldnt of afforded the loan and dodged a bullet.

If you still get a rejection after the 6 months then wait another 6 months, continuing saving the £300 a month....you will have £3600 so only need a loan of £6400.

Keep doing this until you have £10,000 saved or get the loan you need.

Paul_DNAP · 9 January 2019 at 2:39PM

I think already having a £6.5k loan with your name attached to it will be certainly a factor, if the person/company you've acted as guarantor for flakes out then you are left having a total of 16.5k debit to be serviced which is a lot compared to your salary.

Bermonia · 9 January 2019 at 4:39PM

Affordability is likely playing a factor, given your existing commitments and the fact you’re proposing to borrow £10k over 2 yrs - although may not have come up yet but Visa is also likely to be a problem as from what I recall most lenders will not lend past six months prior to your current visa expiration.

Why am I being turned down?

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