Loan requirements questions?

[spikeztruss]

I have been accepted for a loan which now requires me to produce:
1. Bank statement (2months)
2. Wage slips (2 months)
3.Rental contract.

My question is,1. how will it affect me is that bank statement doesnt reflect my monthly wage in as it is use for my outgoing bills and it is still a student account. 2. My rental contract is a half a year kind of contract although i have been staying there almost 2 years. or What should i expect.My loan company is london scottish bank.
Any explainations is appreciated.

[CheekyChops]

I read this question earlier, but due to the lack of any other responses, will attempt to answer.

1. In asking for your bank statements, the lenders are not looking so much to see your salary paid in, more to see that you run the account in a satisafctory manner. Like to see that it's kept within any overdraft facility, no unpaid cheque/direct debits, that kind of thing.

2. Your rental contract will at the very least include the name and address of your landlord, so the lenders could contact him or her and verify your address and also check whether you pay the rent on time (evidence of a regular payer!)

And your wage slips will just confirm fhe income that you gave at the time you applied for the loan.

[Oneeyedvic]

One thing they might (and note the word might) query is: where is your wages being paid into? If it were me, I would suspect that you have another bank account that you were not telling us about and ask to see those statements. If you are being paid monthly, there are not alot of companies who pay cash, and even then, I would expect a similar amount to be deposited in your account at the time of your wage slip.

But then I am a suspicious type ;-)

The wage slips (so long as they tie win with what you said you earnt on your application) and your rental contract are not a problem (to me at least).

[erimus1]

You have already been offered the loan - as soon as you accept this, it is a binding contract in which they are not able to renage on. The only reason that they want this documentation is to prove who you are and where you live.

[Oneeyedvic]

You probably have been offered the loan SUBJECT TO certain conditions whihc will include terms like "Sight and satisfaction of..."

We do this all the time (commercial finance) as it gives someone a positive spin rather than a maybe.

[spikeztruss]

oneeyedvic:
You do work for a finance company ...
Thanks for the advice..but i guess i am not going ahead with them because i heard bad reviews about them.
i guess having a poor credit at hand isnt that nice....