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Thread: loan question

  
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    LIAM-SXI's Avatar
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    loan question

    i am looking to get a small loan for £2500 with Barclay's
    but was wondering how long it usually takes for it to go into your account.
    and should i have any problems getting it being 18 or not?
    thanks in advance!
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    About a week for it to go into your account, or some banks will offer a service for about £30 where you have the money within 24hours of signing the agreement.
    Shouldn't have an issue at 18 as long as your in full time employment and don't have a bad credit history.

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    As far as getting the funds, you should have them within a few days of their decision. As far as being able to borrow that amount, will depend on your circumstances. It's a relatively small amount, so if you dont already have credit, you shouldnt have too much difficulty in getting it.

    I've got a feeling after reading a newsletter at work that in some cases they will transfer the money to you withing 24hours, but don't hold me to that. Worth asking though.
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    if you bank with barclays, you can go in and speak to a personal banker.

    they will see if they can give you one there and then and print the papers to sign. Once you sign they put the money in your account there and then.

    did it about 2 months ago

    be aware of the interest rate though! because you only want 2500 you will have a high interest rate
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    What he said^^^^ It might be worth borrowing a little extra if you get it at a lower rate and then just paying it back off the loan reducing the capital before interest is charged on it.
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    my mate took out a loan today for 4grand with halifax and he'll have the money sat in his account tommorow.

    he's paying it back over a year @ 350ish a month

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    Depends on the bank how soon you get the money. If you bank with the bank then once they approve the loan and you have signed the papers it will be in your account within 24 hours. If you do not bank with the bank then you get a choice of a same day chaps payment which costs £30 ish or so or the standard method which can take up to 4 days.

    Whether you get the loan and the interest rate depends on your circumstances, me regardless of the amount I borrow I always get the lowest rate but then again it is because of a company perk and the account I have.

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    instantly....

    i work for barclays (im a personal banker) so aslong as you have "limits" for that amount then will take about 5mins to set up and money will be there straight away,
    will take a little longer for them to read all the FSA and payment protection stuff we have to do by law, so allow 20 mins,


    EDIT: being 18 tho, depends on how well you have run your account, if you've been overdrawn alot, (including over your overdraft or up to your overdraft alot) then its unlikely, but if you;ve managed your account well i cant see why not, we litterally have a screen on your account called limits which lists everything we can offer you, if its on that screen its no prob at all, if its not we can run through a full application but tbh its 95% chance it will decline,
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    oh crap i am overdrawn by a few quid every onth and dont have an over draft atm as i was told i couldnt have one, but then i had a young persons account and last week i have just recieved my new card is that an upgraded account or not?
    if i cant will my mam be able to get the loan and the direct debits come out of my account or not?
    thanks guys!
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    Quote Originally Posted by LIAM-SXI
    oh crap i am overdrawn by a few quid every onth and dont have an over draft atm as i was told i couldnt have one, but then i had a young persons account and last week i have just recieved my new card is that an upgraded account or not?
    if i cant will my mam be able to get the loan and the direct debits come out of my account or not?
    thanks guys!
    if you've been overdrawn without a limit then tbh there no hope of it being agreed, a bank cant lend you anything unless its sure you can afford it, and if your going overdrawn you obviously dont have any spare money, therefore you cant afford a loan, therefore a bank cant give it to you (its illegal if they do....unless they can prove you can afford it)

    um, if you get got a new card doesnt mean your account have been upgraded,
    you'll still have a YPA (im assumeing you have a visa electron) not full Visa card?
    you would need to have a Barclays Bank Account (BBA to get a loan in the majority of cases, which is just the normal over 18's account) so first step would be go and ask about that,

    basicallya YPA is just a kids account with a different name to make it sound better, and you keep until your 19 so you can get a little history, to apply for the full BBA they would do a proper credit search and see if it lets you have it, if it does then they could see about a loan etc.

    as for getting your mum to do it, that wouldnt be a prob, they would need to set up the direct debit from her account but then can soon change that, either by transferring it to yours or by cancelling it and setting up a standard order from your account to the loan account,

    if you have online banking go to that and on the left to "preapproved" offers, that will tell you what you can have, up to the same levels (if not a little more basic) as we can see,

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