Can I get a LoanCould I get a loan?
's, or if you've had any bankruptcies, such as if you've gone into bankruptcy or had a DRO.
When you find that this is the case, you should try to refine your loan histories so that you have a better opportunity to be approved for a loan. Troubles like default settings and CCTs usually remain on your loan histories for six years, so if it's a few years since you've had any trouble with your loan taking, it might be rewarding to wait until they fall out of your loan histories.
Yet, creditors generally don't put as much emphasis onto your loan history if they were a few years ago, but you haven't had any other issues since, so the best way to better your story is to make all your present loan repayments in a timely manner. To find out more ways to increase your chance of taking out a loan, read our guidelines for enhancing your loan record.
If I' m a grad student, can I get a loan?
Graduate loan work in the same way as uncollateralized face-to-face loan; you consent to repay a certain amount each and every months with interest. Contrary to a secure loan, you do not necessarily have to be a landlord to take out a postgraduate loan, although you will not be able to lend as much as some secure loan.
What then are the requirements to be met in order to be eligible for a postgraduate loan? You may not have had long-term exposure to loans if you have just completed your degree, as you must be 18 years of age or older to obtain a loan or take out a major loan. Creditors like to see proof that you know how to handle your loan in a responsible way.
When your request for a postgraduate loan is approved, you pay one - usually firm - monthly installment for the duration of the loan, which includes both your principal and interest. Interest is calculated as annual interest and is specified in the loan contract you receive before taking out your loan.
They may think that so far there does not seem to be a whole big distinction between a graduated loan and an unsecured loan, and you would be right. Basically, the two types of loan work in the same way, but because a postgraduate loan is specifically conceived for those who have recently quit college, there are some discrepancies.
For one thing, with a very finite loan history cannot be against you when you opt for a postgraduate loan, as the creditor will be expecting this. Similarly, the interest rates associated with this kind of loan can be lower than with other loan types because it is intended for those who take their first steps on the job market.
On the other side, however, you may find that you cannot lend as much with a postgraduate loan as you would with another kind of loan.