I applied for a loan of €8000 over 30 months recently which I was approved for. I cancelled the application and applied for a loan of €10,000 over 36 months three weeks later, which I was refused for. I can't really fathom why.
I earn approx €1000 net each week. I have €45,000 in savings. A car with no finance owing on it worth €15 - 20,000.
I owe €3000 on my credit card which will be cleared when the 0% interest offer expires in March. I have a small outstanding loan with less than €1500 to be paid.
I stated all of this information on the application form.
The only reason I can think of being refused would be because I transfer €500 to my Northern Rock savings account as soon as my wages enter my account. I pay some money into my credit card and leave enough money to cover direct debits then I withdraw whatever is remaining to cover me for the rest of the week for food, diesel and socialising. Essentially within 24 hours of my wages entering there is rarely more than €50 left in the account for the rest of the week.
More often than not I may have to buy something at work each week, which I will put on my laser card because I have a 0% interest overdraft up to €1500. I am fully reimbursed for what I spend the following pay day, but on the weeks I do this I could be anywhere from €50 to €1000 overdrawn until I am paid the next week. The overdraft is always cleared within the week. Is this the most likely cause of being turned down for the loan?
Another issue is I stated my net weekly wage as being €1000 but most weeks I get paid over €2000 which is the money I spent during work being paid back along with my wages. From examining my bank statement would the bank class this vast difference between stated income and actual income as a lie I told on the application form thus voiding the application?
I earn approx €1000 net each week. I have €45,000 in savings. A car with no finance owing on it worth €15 - 20,000.
I owe €3000 on my credit card which will be cleared when the 0% interest offer expires in March. I have a small outstanding loan with less than €1500 to be paid.
I stated all of this information on the application form.
The only reason I can think of being refused would be because I transfer €500 to my Northern Rock savings account as soon as my wages enter my account. I pay some money into my credit card and leave enough money to cover direct debits then I withdraw whatever is remaining to cover me for the rest of the week for food, diesel and socialising. Essentially within 24 hours of my wages entering there is rarely more than €50 left in the account for the rest of the week.
More often than not I may have to buy something at work each week, which I will put on my laser card because I have a 0% interest overdraft up to €1500. I am fully reimbursed for what I spend the following pay day, but on the weeks I do this I could be anywhere from €50 to €1000 overdrawn until I am paid the next week. The overdraft is always cleared within the week. Is this the most likely cause of being turned down for the loan?
Another issue is I stated my net weekly wage as being €1000 but most weeks I get paid over €2000 which is the money I spent during work being paid back along with my wages. From examining my bank statement would the bank class this vast difference between stated income and actual income as a lie I told on the application form thus voiding the application?