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My bank will not give me a loan of 20k

 to consolidate my finances even though they know it will make my monthly out goings less the reason they will not give me a loan is my joint account exceds the OD limit each month the reason I go over is genrally down to there own charges. I have tried loans elsewhere but wonder if I should try moving the lot to another bank and starting again. any ideas who maybe able to help  


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btmatt There is a dedicated Discussion Board for Dealing with Debt on the sister site - Motley Fool. They have experts there who should be able to help. [url=http://boards.fool.co.uk/Messages.asp?bid=50079]http://boards.fool.co.uk/Messages.asp?bid=50079[/url] Mike

I'd consider changing my bank account to another provider if they're not being helpful. If they want your business they should be working hard to help you manage your finances more effectively. I'm sure you can acquire a loan there are lenders that will give you funds but the APR may be higher than the typical rates available on the open market. If your expectation is to secure a loan at 7.9% its probably going to be tough you'd need to have a near perfect credit report. Having said that the lenders will never reveal to consumers what the acceptance criteria is for the product you are applying for it really is a lottery, so to presume you won't be accepted for a market leading loan is purely an assumption. Its probably worth checking your credit report to make sure its as clean as it can be. If its clean maybe apply for a loan with a mid-APR rate 10% - 15% APR or take a punt and apply for a market leader they are oblidged to offer the typical rate to +60% of applicants.....so you never know. Alternatively read some of the articles on lovemoney.com our experts should be able to give you a steer on how best to move forward. Good luck.

It's pretty hard to get 20k unsecured loans nowadays, pribably changing banks won't make much of a difference. And going for a loan with a high interest rate might be a bad decision anyway. The advice to post on TMF's Dealing With Debt board here http://boards.fool.co.uk/Messages.asp?bid=50079 is sensible. There you will be asked to post a Statement of Affairs and people will be able to say if consolidation looks like a feasible and sensible option for you. manzanilla

Your bank is being responsible. THEIR overdraft charges are caused by YOU breaking the T&Cs of your account. Obviously you would not give a loan to someone who is having a hard time managing a current account. Consolidation loans do not work in 90%+ of cases hence their popularity has wained now that credit isnt widely available. I agree check the dealing with debt section on fool.co.uk steer clear of consolidation and look at every aspect of your finances in detail

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