Peer 2 Peer Lending Options (Private Individuals)

FoxRidersCo

Sanity is not statistical
Hope things improve for you soon. Dental shit is horrible to suffer through.
It's my fault for neglecting my teeth in my youth (Teen Years - My 30's)

Smoking, Drugs, Excess Coffee Intake, Steroid Use, Eating Junk Food, Not Brushing Regularly, Infrequent dentist visits etc etc...
 

Squidfayce

Eats Squid
Thought I'd jump back in here and share an interesting experience from today.

I recently paid out a 40k loan which id had for the last 3 years. No issues, no defaults, paid on time every time etc. Today I am arguably better off financially from work, assets and disposable income (because the 40k is paid down) by a significant margin from 3 years ago..

I applied for a 12k loan with the same lender I just paid out 40k to so i could get a solar system installed that was large enough to cover my electricity usage completely where the repayments were to be less than my monthly bill (~200 bucks for the next 5 years). Putting me in an even mor epositive position.

Declined lol.

I went to their branch to talk it through. did their calcs again, same result. Decline. Didn't even make it to credit check because it didn't meet their internal credit criteria.

Interesting times.
 

Oddjob

Merry fucking Xmas to you assholes
Thought I'd jump back in here and share an interesting experience from today.

I recently paid out a 40k loan which id had for the last 3 years. No issues, no defaults, paid on time every time etc. Today I am arguably better off financially from work, assets and disposable income (because the 40k is paid down) by a significant margin from 3 years ago..

I applied for a 12k loan with the same lender I just paid out 40k to so i could get a solar system installed that was large enough to cover my electricity usage completely where the repayments were to be less than my monthly bill (~200 bucks for the next 5 years). Putting me in an even mor epositive position.

Declined lol.

I went to their branch to talk it through. did their calcs again, same result. Decline. Didn't even make it to credit check because it didn't meet their internal credit criteria.

Interesting times.
Why are you applying for a personal loan?

Most efficient form of debt is home loan. You would be better off looking at refinancing or making noises in that direction to increase debt ceiling or improve interest rate. Combine with offset account and you have a huge and flexible line of credit.

Sent from my M2012K11AG using Tapatalk
 

Squidfayce

Eats Squid
Why are you applying for a personal loan?

Most efficient form of debt is home loan. You would be better off looking at refinancing or making noises in that direction to increase debt ceiling or improve interest rate. Combine with offset account and you have a huge and flexible line of credit.

Sent from my M2012K11AG using Tapatalk
yes, but also no. Im fixed at 1.9% untill 2024. I cant top up without refinancing into current market rates and paying break costs on top of that.
 

Squidfayce

Eats Squid
also the cheapest actual way right now is to get any loan and balance transfer to a card product with Zero interest for X years, cut up the card and treat it like a PL, at the cost of enquiries and credit score impact however. Still gotta get the loan first lol.
 

Halo1

Likes Bikes and Dirt
Thought I'd jump back in here and share an interesting experience from today.

I recently paid out a 40k loan which id had for the last 3 years. No issues, no defaults, paid on time every time etc. Today I am arguably better off financially from work, assets and disposable income (because the 40k is paid down) by a significant margin from 3 years ago..

I applied for a 12k loan with the same lender I just paid out 40k to so i could get a solar system installed that was large enough to cover my electricity usage completely where the repayments were to be less than my monthly bill (~200 bucks for the next 5 years). Putting me in an even mor epositive position.

Declined lol.

I went to their branch to talk it through. did their calcs again, same result. Decline. Didn't even make it to credit check because it didn't meet their internal credit criteria.

Interesting times.
They must have read your post here ..lol

Have finance requirements tightened or do the banks just think there is more risk now in small loans?
 

Squidfayce

Eats Squid
They must have read your post here ..lol

Have finance requirements tightened or do the banks just think there is more risk now in small loans?
Finance requirements seem to be tightened and I suspect this lenders credit policy doesn't split joint liabilities while accepting split expenses against those liabilities, making the debt to income ratio worse.
 
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