Personal Loan Questions&Advice Needed.

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  • meer53
    meer53 Posts: 10,217 Forumite
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    zayrus25 wrote: »
    Thats the thing which im unsure of, i lived in uk for 1and a half years, but the adress itself that im at, which every single legal document, is in itself way older than 3 years. But i doubt that really counts like that doesent it?

    It doesn't matter how old your address is. it's how long you have lived there. Some houses in the UK are over 500 years old, how do you think that would work then ?
  • zayrus25
    zayrus25 Posts: 8 Forumite
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    AndyPix wrote: »
    OP I think you should give up this balmy idea.


    You don't get a loan as an emergency fund, that's just crazy !!
    Concentrate on increasing your income, and save up for what you want
    Alright. Balmy idea aborted. Can i know the answer to my third question regarding temporary employment /agency undetermined working vs full time unlimited contract and how does that affect your chances at a loan for future information and to settle the dispute between me and my friend?
  • boo_star
    boo_star Posts: 3,202 Forumite
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    :cool:
    zayrus25 wrote: »
    Alright. Balmy idea aborted. Can i know the answer to my third question regarding temporary employment /agency undetermined working vs full time unlimited contract and how does that affect your chances at a loan for future information and to settle the dispute between me and my friend?

    Unlikely to make any difference.

    I got a mortgage, several credit cards, and current accounts as a self employed contractor. Other than the mortgage provider wanting to see my SA302 rather than payslips there's no difference in my experience.
  • Nebulous2
    Nebulous2 Posts: 5,116 Forumite
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    zayrus25 wrote: »
    Alright. Balmy idea aborted. Can i know the answer to my third question regarding temporary employment /agency undetermined working vs full time unlimited contract and how does that affect your chances at a loan for future information and to settle the dispute between me and my friend?

    Lenders like stability. They like a long time at the same address, same employer, on the ER etc. They prefer full time employed status over irregular non-guaranteed income. How much difference each of these factors makes is a closely guarded secret and will vary from lender to lender and from borrower to borrower.

    They also want to lend money and are operating in a competitive market, so they will try to win your business if they think you will repay. You show that by repaying earlier and current debts.
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
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    zayrus25 wrote: »
    Alright. Balmy idea aborted. Can i know the answer to my third question regarding temporary employment /agency undetermined working vs full time unlimited contract and how does that affect your chances at a loan for future information and to settle the dispute between me and my friend?
    No-one can really answer it for sure, because each lender will have their own, different, lending criteria, and those criteria aren't made public.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • Terry_Towelling
    Terry_Towelling Posts: 2,279 Forumite
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    Try to see yourself as the money lender.

    So, imagine I come to you and say, 'Can you lend me £10K, please? I don't have a secure income; I've not been here long and I may move away from the address I have just given you. I also plan to get a proper, contracted job (if I can) - oh and I promise to pay you back too.'

    Would you lend to me on that basis?

    As your friend has allegedly said, you have no job security whatsoever working through an agency. If you work for a company directly and do so for more than 2 years, you gain rights as an employee and it becomes more difficult for them to sack you without a proper reason. A lender might then see you as a lower risk - but that still doesn't mean they will lend to you.

    As a matter of interest, who is your credit card provider and what limit did they give you?
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