Does anyone know how loan eligibility works?

Sun 22 Jan, 2017 03:30 pm
I know there's other factors at play, but does anyone know how the part works in relation to your income?

Like, say the minimum annual salary for getting the loan was £20k, are you more likely to get the loan if you earn £24k? Or is it just a cap, and as long as you earn over £20K you're fine?

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Sun 22 Jan, 2017 04:47 pm
It's your debt-to-income ratio & credit report that counts.

It doesn't matter if you are a millionaire if you can't pay a loan off on time.
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Sun 22 Jan, 2017 05:05 pm
@The Pentacle Queen,
They generally look at your credit score (the past record of how you pay off debt) and you income (which is your present ability to pay off debt). The more you make (all else being equal) the more likely you'll get a loan.
Sun 22 Jan, 2017 05:09 pm
Except my credit score dropped over fifty points. Why? I canceled my American Express card and thus had fewer open lines of credit. Somehow, that means I was paying 95 dollars a year for a great score.
Sun 22 Jan, 2017 10:55 pm
Yeah. That sucks.
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