Credit rating must be reasonable for unsecured loans
Consumers applying for unsecured loans should have a "reasonable" credit rating if their application is to be successful, an expert states.
Andy
Hammerton of Co-operative Bank comments on the availability of career development loans, which fund courses designed to improve an individuals employability.
While training may be expected to increase an employees salary, the spokesperson warns that previous credit history will be taken into account by the lender.
"We wouldnt accept them just because its a career development loan - they still have to be credit scored," he explains.
"If somebodys
been a poor credit risk previously, just because theyre taking a course doesnt necessarily mean theyre going to be a sound credit risk in the future."
The loans carry a fixed rate of interest, with the Learning and Skills Council covering interest repayments for the duration of the course.
Source: http://www.knowyourmoney.co.uk/loans/loan-news-18219367/
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