Does gambling affect my loan application?
When applying for a loan, you generally need to provide recent bank statements. There’s a number of things lenders will be looking for in your transactions, including signs of gambling. If you’re looking for a winning loan application, here’s all you need to know about the odds of an approval with gambling transactions.
Why do lenders worry about gambling?
aren’t scouring through your bank statements to make judgements on your
spending habits. Lenders assess applications in terms of borrowing risk –which
is your ability and likelihood to make repayments. So you can have that gourmet
lunch everyday, just as long as you have enough disposable income to support it.
Gambling transactions aren’t a problem in terms of morals, but they are a red flag to lenders. Gambling and betting suggests you may be a riskier customer.
What are the odds of a loan approval?
If you’ve got gambling transactions in your last 90 days bank statements, you’ll be wondering if you should take a gamble at a loan application. The odd gambling or betting transaction of small amounts aren’t likely to affect your approval chances, but anything significant or regular isn’t likely to get across the line. There’s no clear cut answer on exactly how much will influence a loan approval, since we look at your whole application for a lending decision.
When is a loan approval a safe bet?
If you’re looking to get any kind of finance approved, your best bet is to stay away from any gambling or betting.There are of course other lending criteria to satisfy, such as affordability, and a stable income.
Does gambling impact my credit score?
Gambling itself doesn’t directly affect your credit score. However, irresponsible gambling is a safe bet way to negatively impact your credit:
– When gambling has resulted in multiple declined loan applications
– When gambling causes you to fall into overdraft
– When credit is required for continued gambling
– When gambling means you haven’t been able to meet other payments