can i apply for more than one loan on line or does it reduce my chances ?

Answer 1

they know what you had for breakfast, i would advise against getting a quick loan especially of the net. they offer a good deal but in reality they will screw you, and a lot of them have mates on the oustside being fed your bank details possibly.

Answer 2

as each application affects your credit rating slightly (not ususally a problem unless you do apply for loans or credit cartds very regularly) then you are reducing your chance of a loan. My advice is to try some of the less well know lenders, like Tescos or Sainsburys bank as they are keen to get the business and you won't have to pay through the nose to get the loan, plus you can apply online

Answer 3

when you apply for credit, it reduces your credit rating...whether or not if you get the loan or not.. the more you do in a day the more it reduces, reason being is because the creditors will believe you will not be able to keep up with the repayments.

Its best to do it once every 3 to 6 months.

Answer 4

You can apply multiple times but it does reduce your chances.

We all have credit scores which are checked each time you apply for credit which reduces your score by a few points after each check is completed. Every time you apply for credit the Lender will usually check your credit score with either Experian of Equifax (Credit Agencies) and if your score does not meet their requirments you will be refused.

As most Lenders use Equifax or Experian if you get turned down by one you stand a good chance of turned down by another as they all work on the same basis (and after each check your credit score reduces)

You may want to re-consider the amount or the term you want to borrow.

Answer 5

Each inquiry could reduce your credit score up to five points. If you are applying for multiple loans within a six month period, yes it will make it more difficult to be approved on later applications.

Mortgage and auto loan quotes work differently though. All such inquiries made within a 45 day period are generally counted as only one inquiry. They will all be listed on your credit report, but they will be grouped together and counted as one.

Answer 6

Yes you can apply for more than one loan online but each time you make an application, there's a record on your credit file to show that you've applied for credit. When other creditors look at it, they may be worried that you're applying for too much credit, and can conclude that you're in financial difficulty.

Answer 7

It may reduce your chances as the various will creditors will see all of the recent inquiries on your credit report and be wary of lending you money. A large number of inquiries in a short time frame will also reduce your credit score, which will negatively impact your chances of obtaining credit and could increase the price you pay for the credit.

Answer 8

Each time one of the loan companies does a credit reference search, it will all be documented, so they will all know you are applying for multiple loans, may not be so good in the long term...

Answer 9

Only apply every 3 months if you have to. The more things you apply for the more it goes against your credit scoring.

The same if you are declined lending, don't go for another straight away.

Answer 10

The best thing to do is to apply through a referral service, such as http://www.lendingtree.com/. They only pull one credit report, and you will be able to choose the bank that interests you most.