max loan term = contract length?

[SueEllen]

Cheers.
So yeah, there'll be more to the story as to why they don't want to give him that loan...it won't be about (just) about the contract length.

Agreed - more like a poor internal bank score.

Also some banks are only willing to lend amounts under 20k to you when they know that either you can pay it off in full or have a property they can put a charge on if you default.

[northernladuk]

Agreed - more like a poor internal bank score.

Also some banks are only willing to lend amounts under 20k to you when they know that either you can pay it off in full or have a property they can put a charge on if you default.

I think she meant more to this story about the OP than he is telling us, like the 10K outstanding loan he suddenly drops in to convo half way though etc... Not everything is always the banks fault.

[SueEllen]

I think she meant more to this story about the OP than he is telling us, like the 10K outstanding loan he suddenly drops in to convo half way though etc... Not everything is always the banks fault.

Having an unpaid off loan already is likely to give you a poor internal bank score if your income and/or savings aren't enough to cover it and you have other debts.

[northernladuk]

Having an unpaid off loan already is likely to give you a poor internal bank score if your income and/or savings aren't enough to cover it and you have other debts.

Really?

[Martin@AS Financial]

You have a couple of options here - educate the bank manager (good luck with that)
or
Go to a specialist advisor. ContractorFinancials and AS Financials (Martin is a fairly helpful chap) are both quite helpful.

Thank you Rasputin Dude - that is very kind of you.

[northernladuk]

I put down my income (company income) not my salary.

Come on Sandy. I want this know if you are committing fraud or just mixed the terms up..... or just making it up.

[SandyD]

Rest assured am doing everything legal. Go and find someone else to bully. <mod snip: no need for that I think.>

[formant]

I think she meant more to this story about the OP than he is telling us, like the 10K outstanding loan he suddenly drops in to convo half way though etc... Not everything is always the banks fault.

Well, both really.

Having an existing 10k loan and needing more credit despite the income he's quoting is just bound to look a bit ... off.

Also, wouldn't one normally try to borrow more on the existing loan, rather than trying to get a second one with the same lender?