I have no debt, only my student loan which is being paid and is not in arrears. Why am I being declined a loan

Question

I was nearly fooled into Yes loans but have gone with best4loans instead. I found out they are a con too. So now I'm applying with black horse, but I'm baffled why I'm not being given a laon. I've ordered my Experian Credit report and am waiting to see what could be the problem?

Answer 1

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Answer 2

No one company describe why they reject loan, you can try with other lender and can get loans

http://www.nocreditcheckloansuk.co.uk

Answer 3

You most likely don't have much of a credit history.

This means that if you were to be approved for a loan, the interest would be very high. Unfortunately, student loans don't effect your credit rating (unless you fail to repay), so even though you're paying that back, it would have no baring on your credit.

Best advice is to get a credit card and pay it off each month.

Within 3-6 months, you should have a decent credit rating.

Answer 4

Try your local banks or credit unions, particularly credit unions.  They are member owned and usually have lower rates than banks.  For the most part, the online lenders are outrageously overpriced and just in it for the money they can get from you.  

Quicken Loans is probably okay, since it's part of the Intuit family, but I can't think of any others that I'd even consider.

Answer 5

Do not touch YESLOANS with a barge pole. They are a brokers, not a loan company. In April, I applied for a loan, being mistaken it was loan company. All I had was debt management companies ringing me at home, on my mobile and at work, offering debt counselling/management.  They had quite aggressive selling techniques of making you doubt yourself . I wrote them a nasty letter threatening the small claims court to get my fee back. All I wanted the money for was to pay for course fees. I kept getting pre-accepted loan offers at quotes for 40+APR rates. They can scan your credit file upto 8 times,  wrecking your credit file. Every scan damages it.  If you can, you are better off sticking to your bank. I waited a few months and reapplied with the bank, but my credit file has truely not recovered as I was offered 17.3 from a bank who offer rates as low as 6%. I told the bank that the fees were rediculous - a payment protection for a £14000 loan was more than double the loan amount. Thus having to repay back £36.000 The have since given me a more realistic figure when I threatened to shop round (you can call their bluff). With the credit crunch, getting a loan is harder as they are being more strict; a higher score gets you accepted. Things that will increase your acceptance are being on the electoral role, being at a stable address (make sure all addresses are correct on your credit file), having a stable job and they do test your expenditure; to see if you can afford the repayments. The possibility of having a loan already will put some creditors off; it can be seen as a risk to them. Ensure you pay your bills on time too. I think banks will try to s***w you out of your money if they can. You are the consumer and you have rights.

http://www.moneysavingexpert.com/

Addition: Nina M is correct in saying apply to the bank. They will have a good idea in how you manage credit; how many bank charges you get and so on. Do not accept loan offers on here from Loan Sharks. That is VERY dangerous territory. You are open to the risk of fraud too.

Answer 6

you can have the best credit in the world but with no job how are you going to pay the loan.they do not just look at your credit also how much you get in wages

Answer 7

".....I have no debt". "only my student loan"

According to me that is debt, isn't it.

The reason that you will have a low credit rating is because you don't have a regular income.

Go back to Black Horse and ask if they can tell you why they have declined your application.  Explain the position and they may reconsider.

HTH

Answer 8

you need to have a good credit history

you need  A-A-A CREDIT RATE

YOU CAN DO THIS by establishing a secure --personal loan from 3 different bank for the amount of $1000 for  12-24 months. for  $100-$50 payment  every month

you will be happy after 6-9 months.

your credit will improve very fast, with these 3 loans.

Answer 9

Probably b/c you don't have much of a credit history if all you have are student loans

Answer 10

It might not even be because you have bad credit - your credit could be excellent and you're still refused! This is because they realise they won't make much money out of you!

Sucks doesn't it.

Answer 11

Cause if you not borrowed before you have no credit record at all,  good or bad..  No record,, no loan.. Do you have a bank account?   your best bet is a bank loan from your regular bankers.

Answer 12

The criteria that  a lot of these loan companies are going by now makes it very tough to get a loan nowadays due tho the current real estate crisis that we as a country are going through. You could have been denied due to various reasons such as. Not enough credit history, having a outstanding loan which can cause your debt to income ratio to be too high, too many inquiries, credit score may not be high enough.

Answer 13

YOu probably havent got much of a credit history.  Your better of getting a loan through the bank.

Answer 14

probably because you may not have regular garanteed income coming in. it was in papers a lot a few months back it was going to get harder for ppl to get loans/mortgages and credit cards , esp after the nothern rock thing thats when it was in papers.

Answer 15

It's probably your address that has a problem from a previous tenant. Alternatively with your student loans debt they might not think you are a viable candidate for a loan (especially with the 'credit crunch'

Answer 16

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