permanent employee, 15k loan

B

blue08

Guest
I need to borrow around €15,000 but don't want to apply unless I can be sure of approval.
I have been in permanent employment for the past 2 months, salary €35k and could easily repay the loan, I have no outgoings to worry about apart from rent.

What might go against me is that prior to this I have not had a regular income, I did contract work and had also taken significant time out due to illness and a year ago I returned from being away travelling, so my account has usually been close to empty or overdrawn and I have no savings.
My question is, is it enough to be in permanent employment when a lender is evaluating your status, or does a certain time period of several months or years have to elapse before they will trust you with a loan?

I have never borrowed before, so there is no track record to go on. I ran up some credit card debt around 8 years ago when a student.

Thanks in advance for any comments or advice.
 
Ok maybe above wasn't very clear.

Basically I want to know how long I should wait before applying for a personal loan; would it be a waste of my time applying for the loan after 2 months in my job?
I really want to borrow asap.
I do know that my job is secure in the long term, but because of the recession I am wondering if a bank would see it that way. Maybe they would only consider lending to someone who has been in permanent employment for at least a year.

Anyone know?
 
The best thing to do perhaps is to check with a bank.
However, that is a large loan compared to your salary (43% of your annual ?Gross?Net salary).
If this was to be for 'lifestyle' spending eg a car (and I do not know if it is, or not), perhaps would be better to hold off, given the current economic climate.
ie a loan this big doesn't seem like a great idea.
Nicola
PS you can't be sure of approval before applying anyway, so this is a nul point.
Also, credit card debt of 8 years ago should be off your credit rating now
 
If you apply through your bank, approval will be done on an automated credit score basis, your account would propbably want to be operating well for more than 2 months, I would give it at least six with your salary mandated to the account. When you say you weere overdrawn, was this with a formally agreed overdaft limit?
 
Quest said:
If you apply through your bank, approval will be done on an automated credit score basis, your account would propbably want to be operating well for more than 2 months, I would give it at least six with your salary mandated to the account. When you say you weere overdrawn, was this with a formally agreed overdaft limit?
Click to expand...

I have an overdraft of 1k since late 2006, and yes it was formally agreed(I didn't know there was any other type of overdraft..).
Because I have the overdraft with them, I am going to try to get the loan from elsewhere, tesco, rabodirect etc.
Yeah I'd be worried about an automated credit score, I wasn't aware of that, I probably wouldn't fare well based on raw figures like average monthly income for example.

I agree with you that it would be better to wait 6 months, I am just exploring what is possible and I want to borrow the money as soon as I can.
 
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