Hi all

I am looking for a loan, for £4000

Ok

Natwest turned me down because I needed to have an income of £550+ a month.

I dont.


I have an income of £400 a month.


So my question is, are there any banks that will give me the £4000 with a monthly income of £400?


Thanks

Anyone?

Have you spoken to the other banks? I remember I once needed some banking advice and I made an appointment with each of the high street banks and told them what I was looking for and took away all sorts of info until I got what I wanted. The point is, though, that it made a huge difference speaking to people at the bank face to face rather than going online or making a phone call.

And have you considered *gasp* lying?! Seriously, I was actually given that advice once when I applied for something years ago at the Halifax Building Society, I think it was a credit card but I can't remember, and I went in to my branch to find out whether or not it had been approved. The guy behind the counter told me that my application had been refused and I was very disappointed, so then he told me not to worry about it because even most members of Halifax staff were turned down and that they all lied on their applications !! He said it was because a computer did the number crunching and that applications were chucked out by the system without considering all the facts. I've never forgotten that, I was gobsmacked when he revealed that to me.

So think about it, there are ways and means ...

I think a problem isn't your income, but the loan amount - a lot of banks will not loan under £5,000, or else get awkward about it.

So I should ask to borrow more?

Speak to An Adviser

With minimal monthly income, how will you be able to live and repay the loan? This will be the main concern of the lender.

Anything over £3000 is usually asking too much. You could always try any of the subprime lenders.

Here's the acid test for you:

Find out what the payments are on the loan you want

Start putting that amount away each month in a savings account and see how you cope financially. After 6 months you will have a good idea as to whether or not you could afford the loan in the first place

If you have managed to put away that much each month then you can afford the loan but now you need to borrow less.

If you have failed to put that much away you have had a lucky escape.

Debt is really easy to get into and notoriously difficult to get out of. Think long and hard before signing on the dotted line.

Hi, friend you can take a help of any financial adviser they suggest you better.

Try applying for an unsecured loan. Welcome loans do unsecured loans for people with bad credit to. Thy do <a £25,000

Why oh why post "hiiiiiii" in multiple posts? Are you REALLY that bored?

You need to remember that a lot of lending institutions had their knuckles rapped because of their irresponsible lending. This means most of these institutions have tightened uo their lending criteria. Have you considered applying for a loan in joint names with one of your parents? This may strengthen your chances of getting a loan.

The monthly income is low but there should be numerous banks that will be happy to lend, I would ask for more than £4k though, banks will not see themselves making any money by selling £4k to you. As a last option I have heard that the Government can issue certain loans for those on low incomes.

That might be worth looking into.

With income that low how are you going to be able to afford to live each month and meet the monthly loan repayments?

I agree, that's a really important question.

You can ask form good reputed loan company