[AlbertoDelMuerto]

So here's the deal, I'm willing to take out a loan from a UK Bank, but I don't have a job right now. As far as I am aware, most banks aren't gonna help me out because I'm an unemployed international student.
I'm gonna go ahead and tell them that I'm self-employed, but how can I prove this to them? I am gonna tell them that I design websites and stuff, but in reality I don't. I remember applying for a loan once before, and got turned down for some reason.

[Menace]

I wouldn't lend you money, so why would a bank? (nothing personal)

[evilhei]

You are willing to take a out a loan? Maybe you have misunderstood the meaning of the term loan? If you dont have any income, how would you pay back the loan?

[AlbertoDelMuerto]

It's only matter of time till I start earning again

[Jbk]

If you're not even a UK national and have no proven income... Good luck getting one tbh.

[Bad Hussar]

Sorry to burst your bubble, but considering your circumstances as described you have no chance of getting a loan from an established bank/finance company. You represent an unbelievably high risk of default. Interest rate would have to be a couple 100% per annum to compensate for the risk of you simply absconding after you complete your studies, or even before then.

Consider trying to get a loan in your home country where you probably have some sort of financial history. Also, maybe your parents or other relatives can sign a surety there.

But best of all don't get a loan at all. What do you want to use the money for? Living costs? Bad idea. Luxury items/living? Even worse idea? To start a business? Not a bad idea, but will be tough as a non-resident. For tuition fees? Might be possible to get some sort of grant. I'm guessing you are a non-British EU National studying in London/UK. Aren't there some EU programs facilitating inter-country studying?

[el mechanico]

Set up a bogus corporation and get a credit card terminal then have your friends run their cards and give them the cash back then take a loan against your future "sales"

I know a million ways to scam cash but have no need to do them. How many do you want to hear?

Your welcome

[Mujeriego]

El mechanico- I'd like to hear these other scams.

[jimukr104]

lol. you are willing???Like they are forcing you to do it and you are relenting to do them a favor and take one. I don't even think the mafia would give you a loan if you have no collateral or home base they can reach you to break your legs.

[Matt3B]

(05-06-2013 08:35 AM)AlbertoDelMuerto Wrote:  

So here's the deal, I'm willing to take out a loan from a UK Bank, but I don't have a job right now. As far as I am aware, most banks aren't gonna help me out because I'm an unemployed international student.
I'm gonna go ahead and tell them that I'm self-employed, but how can I prove this to them? I am gonna tell them that I design websites and stuff, but in reality I don't. I remember applying for a loan once before, and got turned down for some reason.

When you take out a loan, the bank will ask you for your employment details and address history. I did it in 2009 with Halifax and I'd been unemployed for 3 months and needed the cash to move to Dubai.

I took out a £2,500 loan and said I needed it for a car. When it came down to the details of where I was employed, I gave them the name of a company I'd recently interviewed with and turned down. They granted me the loan so they obviously didn't check with them if my information was legit. I'm not sure what my credit was like at the time but I remember I was paying off a credit card but that didn't seem to affect things.

Have you been in a job in the past 6 months or so? If so, just give them the details to the bank when they ask or find the address of a big company's HR department and give it to them. See how that goes.

Do you have a UK driving license? I imagine this will help you in your cause, as well as at least 3 years UK address history. If not, they're very unlikely to do so because someone with a foreign passport can just go back to their home country without paying the debt off.

[AlbertoDelMuerto]

MattC, I've only been here for 9 months now and I have a California driver's permit only. You're quite right about the address history, all the banks ask for that kinda shit. I'm currently with Santander and I don't even have OD here. I might just open up an account with RBS or Nationwide, I've heard even international students can get OD facilities at those two banks.

ElMech, that seems like a plan!

BadHussar, I'm not from the EU, I'm from California. I was working in the UK for the last 3 months, but I quit my job so that I can pass my exams. My credit rating is quite bad back home, more so than here. Here in the UK, so far I haven't missed a direct debit, and I have a credit score of 800. I recently got a pay monthly Iphone 5, I don't believe I would have gotten that if I had bad credit scores. All I need is to forge some papers and show them that I was self-employed and I get paid off every time I complete a job. It's not like I'm gonna ask for a lot of money, no more than 3k. As for the APR, I was told that no matter what the amount is, initially I'd have to pay them 180 pounds and the APR would be 30%, that was 3 months ago when I asked for a 2k loan, but didn't provide them with any employment evidence.

[Matt3B]

The thing with overdrafts mate is that you might be paying interest on them. When I was a student, I was given a £1000 overdraft interest free for as long as I was a student. I have two current accounts with my bank now that the student account is no more, and if I go into my overdraft they charge me £1 a day.

I'd look into getting a student current account if I was you rather than a loan. They may only start you off with £500 overdraft limits, but it's better than nothing and you can try it with a few different banks. Besides, if you're planning on leaving the country eventually and not returning, I wouldn't worry much about paying them off.

ElMech, I'd love to hear about these scams too moreso out of curiosity. I'd probably be inclined to try a couple out if I thought it were possible and didn't require too much outlay.

[el mechanico]

Alberto how much do you want? You're american?? Why don't you get a student loan here?

I might make a thread on hustles

[AlbertoDelMuerto]

(05-06-2013 07:05 PM)el mechanico Wrote:  

Alberto how much do you want? You're american?? Why don't you get a student loan here?

I might make a thread on hustles

I donno if I can take out multiple student loans. I already took out one before coming to the UK. I wasn't born in the states, but I'm a US citizen now. I don't want much, like I said before 3000 pounds, that's roughly $5000. Have you ever scammed a bank without getting into trouble? It's not that I am going to scam a bank, I am kinda curious.

[jordypip23]

I love you man. You're a straight hustler. The thing is, if you ever get cash via loans & borrowed capital, you better have some sort of long-term plan to pay that shit off or you'll be digging yourself into a deeper hole.

(05-06-2013 11:38 AM)el mechanico Wrote:  

Set up a bogus corporation and get a credit card terminal then have your friends run their cards and give them the cash back then take a loan against your future "sales"

I know a million ways to scam cash but have no need to do them. How many do you want to hear?

Your welcome

[painter]

Borrowing the $ from a legit source could be a problem, especially the way banks are holding onto the money right now. I got denied a $5000 loan a few months back and I have a shitload of assets and a mortgage.

Emech is on the right track here: buy goods on credit and resell them for cash. Furniture, motorcycles, four wheelers, whatever you can buy with zero to little money down then sell it for cash. If you don't care about your credit for the next seven years then don't pay it back, there's not much a creditor can do to you if you have no assets.

Or don't pay, let the bills go into collections and wait until you can settle the debts for a fraction of the cost. This will save you money but your credit will suffer and bill collectors will try and hound you IF they can find you.

I would only do this if I didn't care about my credit and knew it would be hard for bill collectors to find me...

[el mechanico]

I want Alberto to get his money. Although I don't know how shit works in the UK..

[Gator_McKlusky]

Get a damn job at a gas station and earn your money like a real man. Hell, get two jobs. Credit is bad. Credit makes you a slave. Kids today have no damn work ethic.

[Sanblz33]

This is impossible to do legally.

[jordypip23]

el mechanico for president

(05-07-2013 11:46 AM)el mechanico Wrote:  

I want Alberto to get his money. Although I don't know how shit works in the UK..

[Mentavious]

Alberto. You can take out multiple loans. A government and private loan for instance.

[bojangles]

I don't think you have any chance of getting a loan here, man I can't even get fucking a loan and I've been employed for 10 years and have no debts.

[michelin]

(05-07-2013 11:46 AM)el mechanico Wrote:  

I want Alberto to get his money. Although I don't know how shit works in the UK..

The typical El mech ™ solution coming to your place.

[AlbertoDelMuerto]

One question, does it affect your credit score if you apply for a loan and get turned down? Because as I said before, around 3 months ago I applied for a small loan as well and didn't get it.

CThunder86, I'll probably apply for a student loan from Wells Fargo, but not whilst I'm in the UK.

[Bad Hussar]

(05-09-2013 01:43 PM)AlbertoDelMuerto Wrote:  

One question, does it affect your credit score if you apply for a loan and get turned down? Because as I said before, around 3 months ago I applied for a small loan as well and didn't get it.

CThunder86, I'll probably apply for a student loan from Wells Fargo, but not whilst I'm in the UK.

Yes it does. I'm not sure whether your credit report reports that the loan was denied, but it does report the number of times the report itself has been "pulled", and when. A series of credit report requests, without any new credit appearing almost always means denied credit. One rare exception is when potential employers run a credit check (For what it's worth I think this should be illegal for all non-security clearance related jobs)

PS: Just occurred to me. Companies must pay to get someones credit report. The bank that denied you credit didn't necessarily pull your credit report. They may have concluded after just reviewing the application that they didn't want to incur the cost. In that case nothing would appear on your credit report.