bank loan

[stephen2504]

why cant i get a bank loan at low rate of interest for example 5.7 percent even though ihave no credit cards no bank loans and all my bills are paid on time ive been in a full time job for 6 year and earn 17000 a year who actually does get 5.7 percent they always come back to me and say you can have a bank loan at 7.4 percent

[trulli]

Are you on the electoral register at your current address? You need to get a copy of your credit file from equifax and experian (and maybe call credit) and check all the information is correct.

[Postdog]

Just a tip, if you are careful with money, get a credit card anyway. You don't have to use it (not to any excess anyway) but it'll help with future needs.

Just one other thing, I didn't quite understand in your post. Have you applied for a loan at 5.7%? - if so it may be that the lender has a scale of rates depending on what you borrow, and the 5.7 rate only applies if you are borrowing a lot more than you are asking.

[kazza12345]

well, as you have no loans or credit cards, they have no history on which to go - it's not that you have bad credit just no credit history. I would advise getting a credit card - perhaps with your bank, as they are easier for first timers, and put say your food shopping on it but pay it off each month ,,, that way you wont have to pay anything, and you can prove that you have a history of paying stuff back. It's quite common for that to happen to people with no credit history