Loan for newcomers

[houman1979]

Hi,

Do you know is it possible for new migrants (such as Tier 1 and Tier 2 visa holder) to obtain personal loans in the UK? Is there any credit institute or bank which offers such thing?

Regards

 

[telemax]

I'm British and have returned after 5 years abroad in Canada, it's taken 1 year for me to become creditworthy again. If this is anything to go on, it will take you a while.

 

[houman1979]

Thank you for your answer. Actully, I thought that there may be loan providers which offer such things with higher interest rate.

By the way, could you please guide me how can I improve my credit rating? I should only wait, credit my salary in my bank account and pay the bills (currently I do not pay any bills as all of them are included in the rent), or I could do something to improve it better and faster?

Regards

 

[KDMINX]

You need to get some for of credit showing on your credit file.

The easiest way is to get a contract mobile phone in your name. You might have to put a couple of hundred up as a gurantee though. Also try one of the "impared credit" credit cards. Use it every month and pay the full ballence every month.

It'll take time though.


I remember Chris Evans being turned down for a M&S card. He might have had £100m in the bank but he'd never borrowed any money so had zero credit rating!