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jessicaandmo | How long should i wait before applying for a loan agin after just trying and being unable to get one? |
been turned down for a loan, how long should i wait till i try again i only need £9,900 |
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PG1626
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Unless you have fixed the problem that caused you to get denied there is no real reason to apply again. |
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cuddles_gb
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Sounds like you have a credit problem. Either get it investigated, or go to one of those companies that will give you a loan no matter what. |
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djfear123
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You should probably give it around 6 months and make sure you have clean credit....dont' take just any loan either, some rates are killers! |
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hunter2
 |
It works like this.
If you have enough money so that you don''t need to borrow the money. Then you will get the loan. Only people who aren't in a financial problem can borrow money.
The main reason is this, If you were good at managing money you wouldn't need a loan. Borrowing money when you can't manage money is an incorrect way to solve the need for money problem and finance companies know this.
Work on living with the income you have or earning more money.
To apply more than once for a loan that has been turned down is generally going to reduce your credit standing. So each time you apply it gets harder to get the loan.
Alter your income and expense picture so that you are in a stronger position to pay back the money. Then you will get approved for a loan. |
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dean
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make regular deposits that clearly show your bank mngr that if you had got the loan you could easily afford the repayments 3mths apply again |
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Rats
|
Before you make any other applications for a loan, check your credit history. The letter that the loan provider should give you their details. It is worth looking at why you were turned down because every time you apply for credit (loans, mobile phone contracts, credit cards) it will be recorded on your credit history.
It is worth considering whether your credit is affected by someone you live with (a relative or spouse with a bad credit rating at your address could be incorrectly shown on your record). If this happens you can apply to the company and ask for the record to be adjusted. If they refuse, you can complain to the financial services Ombudsman. You can also make notes on your file such as explaining why you missed a payment (bereavement, hospitalisation etc.).
Most importantly DO NOT make further applications until you have taken these steps, try to make sure you make payments regularly for direct debits and other credit you may already have and ensure that the details about you are correct.
If all this seems ok, try approaching your own bank. They have a better idea of your credit history and how you manage your account. Their interest rates may not be as good as some companies but they may be more likely to offer you credit. |
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Janice 10
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The question is:WHY were you turned down? Ask you loan officer what they would recommend, it is anywhere from three months to six month, in the mean time clear up any outstanding debt you have, pay all your bills on time, that is what loan companies will look at. Best Wishes and Happy New Year. |
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angie
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I work in a hight street bank and we always tell customer who have been declined for any product that requires a credit search to wait 3 months before re applying. |
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Phoenix-79
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All depends on why you have been turned down. |
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hans2
 |
all depends how long youve had regular money going into your account. i was having £500 a week going into my account for a year before i got offered a £3000 loan. |
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BigWashSr
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If your status has not changed.. I would wait until it changes.. The history is on your credit file. Most loan companies will follow suit with the previous company.. Good luck.. |
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Catwhiskers
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You will have to wait until you are earning enough to be able to pay the money back.
The only way you will get turned down for a loan is if you are already a bad credit risk or you cant prove that you can pay the money back.
Plus "only" £9'900 is quite a lot of money to have to pay back and could take years, they obviously dont think you are safe to get a loan so you will have to change whatever it is that makes them think that. |
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MISSY G
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don't wait just keep on trying someone will give it to you. |
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