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haxor
haxor Posts: 55 Forumite
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in Loans
Hi,

I've just applied for a loan with admiral.

Unfortunately the APR is almost 4 times the one i was hoping to get.

I've made the application and got approved - where do I stand now? i don't want the loan at this APR.

Should I apply with another company?

Many thanks

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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    If you don't want the loan at that rate, yes.

    Use an eligibility checker to make sure you're not randomly applying to unsuitable lenders.
  • haxor
    haxor Posts: 55 Forumite
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    Good morning Zx81,

    I've used the Loans Eligibility Calculator on this website - I suppose i'm going to try with Sainsbury's , would you recommend to wait before i apply for another lender ?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Do another application now, then I would leave it for a month or two. Further applications are likely to worsen anything you are offered.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    Remember your credit history will play a part in whats offered and maybe the offer from Admiral is the best you can get.
  • haxor
    haxor Posts: 55 Forumite
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    I've applied for tesco bank - a similar APR was offered , so I suppose i need to improve my credit history before applying again :sad:

    I will try again in few months
  • John-K_3
    John-K_3 Posts: 681 Forumite
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    Use the gap to save each month the amount that you would have been paying back on the loan. It!!!8217;ll get you used to the cuts that the loan would mean you have to make anyway, reduce the amount that you can borrow, and maybe make to check whether you want to buy whatever it was you were going to buy. Handing over your own money for something tends to feel very different to just signing for a loan.
  • cooltt
    cooltt Posts: 852 Forumite
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    I would make further multiple applications to see if you can get the interest rate to around 40%
  • haxor
    haxor Posts: 55 Forumite
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    That!!!8217;s very helpful mate
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    cooltt wrote: »
    I would make further multiple applications to see if you can get the interest rate to around 40%

    Haxor dont follow this advice, do it at your peril, it will make you look desperate.
    haxor wrote: »
    That!!!8217;s very helpful mate
  • haxor
    haxor Posts: 55 Forumite
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    DCFC79 wrote: »
    Haxor dont follow this advice, do it at your peril, it will make you look desperate.

    Morning DCFC79,

    Yes i know :D i was just being sarcastic
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