Loan Advice

[Homeslice]

I've been unemployed for 4 months, and prior to that I was unemployed, off on and on for about 5 months.

I should point out that I was employed by the same company for nearly 6 years.

My issue is, I'm in debt, by around £800, I also owe money on a previous bank loan aswell as money to family totaling around £800. All in all I owe around £3,000.

I'm planning on applying for a loan for the sum of £3k telling the absolute truth. (If they granted me this loan I could pay off all my debt/arrears and only owe £70-£80 month for 5 years). My issue is, do loan manager care? Or do they just type your circumstances into a computer and ultimately rely on a credit check?... As far as a credit checks go's, I doubt I would be granted a loan. But it's in everyone's interest that I clear the slate clean using the £3k loan (with Barclays) rather than pay over £300/month for the next 18 months.

So do I tell the truth, do I lie or does it matter?

 

[helmuc]

Go and tell the truth.

Good luck,
Helmuts


Sent from my iPhone using Tapatalk

 

[Homeslice]

Go and tell the truth.

Good luck,
Helmuts


Sent from my iPhone using Tapatalk

I plan on doing do, and I hold my hands up to the fact that for around 4 years I was VERY careless with my savings/finance (up until I lost my job). But will I be sat infront of someone who actually has a say, or will it ultimately come down to a credit report?

 

[cheaper accountant]

Your credit report is key to securing any new credit. The vast majority of lenders will pay close attention to your credit report and if you have bad credit you are very likely to be turned down.

 

[alice_p]

Yes, of course your credit report is significant when applying for a loan. If you have poor credit then there are loans specifically marketed at people who have bad credit.. i.e.'bad credit loans' but these will have a much higher APR, etc. Have a look here http://www.money.co.uk/loans/bad-credit-loans.htm but be wise to your decision, I'm not suggesting you go for a bad credit loan!