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HSBC Personal Loan - Taking out a new one after repayment

4
Found 21st Sep 2011
Took out a 12 month £2500 HSBC Personal Loan last year, last installment coming out the end of this month.

Once that has been paid off can I 'instantly' apply for a new loan and is it more likely I will get accepted than if I was taking out a loan from them for the first time?

Never missed any payments on this loan
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4 Comments
Yes you will have built up a better credit score. The new load will depend on current circumstances as in employment status and pay. Also, factor in, the banks unwillingness to loan in general.
You may want to give them time to update your records with the credit reference agencies, to say your previous loan is now "settled". This can take a few weeks.

Your chances of a new loan depend on current circumstances and whether the bank have changed their lending criteria. You don't say if you want to borrow the same amount over the same term again.
I would imagine HSBC will be on the phone very shortly to offer you a new loan, assuming your credit hasn't got worse over last year
well i had a £2,000 loan from rbs over 12 months and when i had paid it off i asked for another but the policies had changed and it then went off the amount that went through your account each month.
so they wouldnt allow me to have another.
then 6 months later when i had more going through it they allowed me a loan of £17,000.
so it all depends on the banks policies.
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