Personal loans

[suetonius]

Hi,

I have been trying to get a personal loan but I have been declined twice, once by Comonwealth Bank and again by GE Money.

I have never borrowed money in my life, but I need the money to pay for my Korean wife's partner visa application and a bit of money for us to set up house in Australia.

My wife's tourist visa is running out and I have had to spend a load of money on her airline ticket, private health insurance and getting a new rental flat.

I earn $50k per year (including bonuses and overtime, my actual base rate is $35k per year) and I have no debt. I even got hold of my Veda file to show that I have no debt.

I can understand being rejected by Commonwealth because they are a major bank, but GE money rejecting me seems odd because arn't they basically a place of last resort?

I am permanent full time and I have worked at the job since January 2012. Before this job though I was churing through crappy telemarketing and Door to door sales roles that lasted no more than two months.

Could it be because I have moved around a lot? I have also been drifting around at sharehouses for the last decade and I have worked in Korea overseas for one year.

Despite this I keep on failing credit checks.

Any suggestions? I hear that Citi Bank are easier for unsecured loans?

How about getting overdrafts from a couple of banks?

 

[00Stinger]

If GE money knocked you back, you are in trouble. They usually loan to anyone, however it comes at big interest repayments.

How much are you borrowing?
Do you have a phone, electricity, Foxtel ext accounts?

 

[bruceharmes]

how much does a wife's partner visa application cost ? sure you want a loan for that ??

 

[Visions]

Did the OP ask why they were rejected?

If I had to hazard a guess, I would say it was due to not being able to service due to the low base rate. Unless consistent over the working period, lenders won't use overtime or bonuses in their calculations. If this was the case, with $35K as your base salary, combined with higher living expenses due to being married, rent, and the proposed loan repayments, I dare say they saw you as not being able to afford the monthly repayments.

 

[JuddsABlue]

Only being permanetly employed for 8-12 months isnt a good thing either, and yeah you're base wage is too low, things like overtime etc arent considered plus you have no assests if you lose your job etc

I applied for a personal loan once through ANZ and was rejected despite meeting the computers criterea. They told me some bullshit etc but really I was a lot like you, working full time with no debt but a low base wage that was supplemented by over time but they dont like lending to those types of people. Guess theyve had bad experiences in the past

 

[Kynge of Begrem]

If GE money knocked you back, you are in trouble.

This.