Banks restrict lending to existing customers Financial Times
14.12.09
More people are applying for loans but fewer are securing one, according to new research by moneysupermarket.com .
The comparison website said that the more cautious lending strategy being employed by banks was making it increasingly hard for consumers to get personal loans. It said figures from the British Bankers’ Association showed that borrowing through personal loans had dropped by 28 per cent this year.
However, it added that searches for loans made through its website were actually 20 per cent higher, suggesting the fall in lending is being driven by a lack of supply and not a lack of demand.
Although the financial crisis has somewhat eased over the past couple of months, the figures appear to show that personal lending remains tight. Customers are now left with a fewer choice of lending providers.
Of those banks that are lending three-quarters of these are restricting personal loans to existing customers, the research shows.
Seven out of the top nine banks that are most active in the personal loan market will only advance money to people who already hold products with them, typically current account customers.
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Personal Loan?
Jun 23, 2007 by forplay802 | Posted in Personal Finance
looking for a personal loan to an Autralian resident. Looking to consolidate debts, and am prepared to make weekly, repayments. Any advice or offers appreciated. Not looking for small loans...
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donna2mph_K | Jun 23, 2007
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
Succes | Jun 23, 2007
How can you go about getting a personal loan from a bank? What collateral do you usually need?
Mar 17, 2007 by Mike D! | Posted in Personal Finance
I will probably need to replace my car soon, but I don't know that I want a traditional car loan because it would require having more insurance, and thus be rather expensive for me. (It'd be about double for me, as I don't have a spotless driving record). I was wondering if instead I could get a personal loan from the bank, say in the neighborhood of $3-5K and use that for a car thus saving me a bunch of money by not needing collision coverage if I could pay for the car in cash.
Now the questions ... is this possible, or is there usually some stipulation that you can't use a personal loan for a car? What sort of collateral do you usually need for a personal loan? If you have good credit, can you get one w/out collateral? Any info would be greatly appreciated! Thanks!
I don't know what state you live in, but in Florida you are required to have collision insurance for at least $10,000, even if you own your car. As to personal loans, yes, if you have good credit, you can usually get one with no collateral. Just explain to the bank that you want the money to purchase a new car, and arrange a repayment schedule based on your current income. Most banks will do that.
WhiteWolf359 | Mar 17, 2007
Apply for a personal loan at your bank. For the amount you are considering, you could get the loan with no collateral, as long as you have the ability to pay the loan payments.
I have a $20,000 line of credit at my bank. All I had to do was ask for it.
regerugged | Mar 17, 2007
Some banks do give small loans of about $2000-$3000 and it helps if you have an account (s) with the bank.
If your credit is good, the bank will consider giving you more money and for sure if you own your home and don't owe major amounts of money to others, you'll probably get the money.
Yellow Tail | Mar 17, 2007
A personal loan is an un-secured/non-collateralized loan. Your approval is based soley on your credit history and abilty to repay, i.e. steady source of income (which they will want to verify).
In my state, with the Bank I work for, you apply, get approved and, as soon as the docs are generated (usually only a day or so), you sign and receive a check same day.
As far as your stipulation question, this is a personal loan and, as long as you're approved, the Bank generally does not want or need to know the purpose.
jrzeegrl71 | Mar 17, 2007
I would stay away from any kind of vehicle and personal loans. Auto loans are usually for 5-7 years and personal loans are shorter. But with personal loans you will pay a higher interest rate. Start saving what you think would be a car payment now, collect interest on your savings and then buy a car with straight cash. A 20, 000 loan for auto should cost about 24, 000 after intesrt at 6%. So you really paid 24, 000 for your car. Try selling things you don't use to get your car fund going, add what your blue book value for your current car and see how much more you need to save. Put aside a $1000 for a deductable and save even more on car insure with full coverage. I insured two vehicles w/ full coverage in KY for $700 because I set aside the deductable in savings. I would stay away from using collateral because if a bank won't loan you they money you shouldn't be borrowing it to begin with. Visit a personal finance plan site like dave ramsey.com and don't go into debt in the first place so you have money to save for what you want. Yes if you have good credit you won't need collateral. But writting a budget and saving for what you want will get much further then taking out loans will. Always conduct yourself with integrity and money will find it's way to you.
All hard work brings a profit, but mere talk leads only to
poverty.
Proverbs 14:23, New International Version
Stephen | Mar 17, 2007
If I consolidate my student loan with a personal loan can I still write off the interest?
May 15, 2008 by MLE | Posted in United States
I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?
Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you'll be left with a non-deductible personal loan.
bostonianinmo | May 15, 2008
How do I get a personal loan with bad credit?
Jan 10, 2007 by Pehsha P | Posted in Credit
I am looking for a personal loan, but my credit is not good. I don't want a payday loan but that is all I find on the internet when I type in personal loans for people with bad credit. Do you know any lender who will give loans to people with bad credit? I don't really care to much about the interest rate. I just would like the loan to pay off some stuff and get some new things I need around my house. But I don't own a home, so I can get a home loan.
prosper.com They give loans to just about anybody, you just have to sell your story.
roger v | Jan 10, 2007
Hmm I doubt it, maybe with a co-signer u can
going_crazy82 | Jan 10, 2007
there is places some local banks do. u pay higher interest then somebody else would. look in the phone book and start calling some places and u would be surprised on how many places gives loans to ppl with bad credit. just tell them pretty much ur credit sucks but they will decide that. there is help stop looking on the computer.
wishstar28 | Jan 10, 2007
payday loans are all toy an get but whatch out for them they will rip you off
autism_mom43 | Jan 10, 2007
How does the personal loan from banks such as Bank of America or Citibank work?
Aug 16, 2007 by BeBeAdY | Posted in Personal Finance
I just received an offer to apply for a personal loan for up to 35,000 with Bank of America and for up to 5,000 with citibank. I actually need no more than 7,500. The interest rate is between 9,97 and 27,88 based on credit worthyness. I will like to know how it works. I'm hesitating between that and applying for a credit card. My credit score is fair (650). A friend advised me to go for the loan because it's a guaranteed fixed interest. But since I've never done it b4 I will appreciate some more advice. Thanks Much.
Go for the personal loan because it gives you in addition to the fixed interest rate a specified amount of time to pay off your debt. Credit cards, as we all know will only require minimum payment and it can take you as long as 20 years to get out of a 7,500 credit card debt. And also, with the credit card if you only pay the minimum, your card will stay maxed out for a long period of time and that wouldn't be good for your credit score. With the loan you pay a fixed price every month for 2,3,4 or 5 years and that's it. But b4 you do any of that, make sure that you are braced to make all future payments on time, b'coz taking the money right now is the easiest part of all. So look into your finances, your job and any alternatives in case some things don't work as you plan. Draw a plan B and if possible a plan C before you go asking for money. Good luck
Diva | Aug 16, 2007
Loans and credit card are quite similar. It really depends on your credit history and your employment status. No company will give you money if you don't have a job. Loans and credit card interest can be fixed or variable. This is something that you need to talk to the bank about. Don't apply for a credit card if the interest is not fixed. The only difference is that a loan will require you to pay off at a certain amount of time. This is how the bank calculates your monthly payments. As for credit cards, you can pay off anytime you want but you'll need to make minimum payments. Since you are only making minimum payments, you can end up never paying off this debt. However, you can negotiate on the interest rate in the future if your credit history improves.
Mrs Apple | Aug 16, 2007
How do you obtain a personal loan from a bank?
Jun 28, 2007 by juicy | Posted in Personal Finance
I need a personal loan to pay off my bills and basically just get caught up financially, and is considering going to a bank and asking for a personal loan for the first time. Other than student loans, car loans, and check-n-go stores, I've never went into a bank to ask for money because I didn't think I would qualify. Now I need to know what the whole loan process would require from me.
Prosper.com is a good option. Click the link below for a quick way to get there. If you sign up, I can probably help you with other details as well.
zcommodore | Jun 28, 2007
The only people that can answer this is your bank
Go talk to them
CEO of Sovereign Consolidated | Jun 28, 2007
You never will know if you don't apply. If you belong to a credit union try there first. Try not to go for the "big" name banks, they have no people skills
just me | Jun 28, 2007
Go to Prosper.com and sign up to borrow money, fill all the stuff out, and they'll tell you approx where your credit stands. They'll also tell you at what rate you can borrow money from the lenders on their site, which are regular people just like you and me. Once you know all this, you can figure out if you qualify at a bank. Check out bankrate.com to see.....bank rates.
If you decide to go to a bank they'll definitely want to confirm your employment and income, maybe see your taxes from last year. Contact references, and definitely run a credit check.
E Redd | Jun 28, 2007
Is a loss from a personal loan the same tax category as a loss from stock investments?
May 20, 2008 by Jan R | Posted in United States
I loaned a friend some money several years ago to help start a business, and the business failed and I was not repaid for the loan. I also, the same year, had losses from other investments (in the stock market). My understanding is that I can only deduct $3000 in investment losses for that year. Is the personal loan in the same category as the other investments -- in other words, does it count as part of the $3000 limit? Or is there a way I can claim that loss separately? Thanks!
You cannot claim the loss separately.
You must prove you had a non-business bad debt (actual loan agreement, not some iffy thing as in if he made money, he'd pay you back; show you tried to get repaid; why it's worthless, etc).
v b | May 20, 2008
How do I go about getting a personal loan when I have no credit?
Jan 29, 2007 by Aimee M | Posted in Personal Finance
I am 18, just getting prepared to go to college, and I have no credit whatsoever. I don't need student loans because my dad pays for my school. However, my boyfriend and I live together and we just bought $1500 worth of furniture from his brother. Now, we were supposed to stick to a payment plan since we don't have a huge income, but they want the money now. My boyfriend is just going through bankruptcy so he cannot get a loan of any sort. How can I go about getting a personal loan to pay them off? We are both employed so I am not worried about paying it off, I am clueless as to how to even get the loan if I can. Any and all help would be appreciated. Thanks!
Ok since you dont have credit you can either apply for a small school loan and take the money directly which is in a way fraud but you are in school and school loans cant be denied to any one unless they have retched credit.
Your other option is that you will need a cosigner that has good credit and that a bank would approve so pretty much they have to have credit and be able to cover the payment amount in case you should become unable to pay the amount and go to a credit union they typically approve easier over a major bank branch so good luck with your loan
sexy b | Jan 29, 2007
Can personal loan interest be tax deductible if you use the loan to buy property?
Sep 06, 2008 by gabyrig | Posted in United States
If you get a conventional mortgage, your interest is tax deductible. If I take out a personal loan to buy my primary residence, can I deduct interest from that personal loan when I file my taxes?
Thanks.
No, you cannot deduct it, at least not for a personal residence. To be deductible the property must secure the payment of the loan. A personal loan fails that test as there is no security other than your signature on a personal loan.
Now, if you're buying the property for investment purposes the rules change. You are allowed to deduct interest on a loan for an investment, limited to the profit that you make on the investment. If it's a buy and hold purchase, you may deduct the interest paid when you sell the property fora profit, limited to the profit that you made. This is one of those cases in the Tax Code where an expense is carried to future years as opposed to being used in the year that the expense was incurred.
bostonianinmo | Sep 06, 2008
How much is the interest rate for Personal Loan and Car loan in Dubai banks?
Feb 11, 2008 by sandeep n | Posted in United Arab Emirates
How much is the interest rate for Personal Loan and Car loan in Dubai banks?
What is the maximum available tenure for expats?
Personal loan about 15-18 %
car loan 3-4 %
tafi75 | Feb 12, 2008
Loans Tips - Collection Process on Personal Loans
by Marcel Mahrer
Personal loans have been accessible for an accumulation of uses. Most people who acquire them have any goal of repaying them as summarized in conditions of a loan. However, we all know which hold up can have skeleton for us which talk about from what we prognosticate for ourselves. There have been additionally people out there who siphon a hold up from any monetary apparatus available, with positively no goal of repaying funds.
There have been most courses of movement lenders can take in a bid to pick up delinquent personal loans. If we find yourself in an incident where we can’t compensate off your personal loan, it is in your most appropriate seductiveness to hit a lender immediately. They have been some-more peaceful to work with us than to spin us in to collections. Being honest about your incident will benefit them try all an accessible options with you. In a little case, we can correct a loan to have reduced payments or even jump over a couple of payments though it causing a disastrous stroke upon your credit report.
The collection process for apiece lender is different. It is an area you should familiarize yourself with prior to accepting the terms of the loan. If you obtained a individualized loan using the assistance of collateral attached to the individualized loan or a co-signer than you in a dire situation that requires your attention to cure it as quickly as possible.
Most creditors don’t caring who repays a loan, as prolonged as a supports get paid. Therefore, they have any goal of land a co-signer probable for a change due upon a loan when a borrower is in default. A creditor might still enterprise to aspire to authorised movement opposite a borrower. This can be finished by receiving a borrower to court. However, due to a time as good as price concerned they will expected usually select to aspire to a co-signer for a funds. If a co-signer refuses to pay, afterwards a creditor is expected to take both a borrower as good as co-signer to justice or send a comment to a pick up agency.
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Washington PostpaidContent.org - Liberty Media To Offer $250M Loan To 'Rescue Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Karmazin edged out?
IT Examiner ProMOS, a Taiwan maker of the dynamic random-access memory chips that are widely used in personal computers, had been struggling to meet a possible Taiex closes flat amid fears over bad loans
Personal borrowing levels post rise Personal loan interest rates are still in double digits even after the Reserve Bank of Australia eased monetary policy again in December,
Washington PostpaidContent.org - Liberty Media To Offer $250M Loan To 'Rescue Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Karmazin edged out?
IT Examiner ProMOS, a Taiwan maker of the dynamic random-access memory chips that are widely used in personal computers, had been struggling to meet a possible Taiex closes flat amid fears over bad loans
