Personal Loans: how easy is it to get accepted

MSE_Martin · 21 March 2004 at 3:55PM

Have you applied for a loan? !Did you get the best rate or a worse rate? !Please report your experiences here. !Also do remember some indication of whether you've ever had previous credit problems and rough salary level will help others. !(remember though if you are signed in as a guest, your e-mail will be visible so do not put too much personal info in if you're not registered).

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Click here for full information on cheap personal loans, including best buys.

pingu · 21 March 2004 at 6:01PM

hi
i was looking for a nearly new car and applied for northern rock loan of £10,000 on the net it took them over 2 weeks to approve they sent me the forms and wanted my last 3 wage slips.
while i was waiting for them i decided to go for a brand new car so i didn't sign the forms.

on 25/01/04 i ordered the new car and was given 8 weeks delivery time i was going to buy it on PCP finance but while waiting for the car i decided to go for the loan.

on monday i got told that car will be here on friday i went to my own bank RBS for a loan of £12,000 unsecured and got told that i could have the money in the account within few hours so on tuesday i signed and money was in bank in the evening.

i know their rate of 8%apr is not the cheapest but there was no problem getting the money quick.

i worked it out that roughly i will be paying about £240. more over 4 years compare to cheapest loan advertised.

i have a good credit history and and earn £18,000+ pa.

i know i would have had no problem getting the loan from somewhere else but i needed the money quickly and don't think i would have got the money so quick somwhere else.

my bank did a credit check as well which i was surprised.

by the way the car delivery was delayed till this thursday

System · 23 March 2004 at 5:46PM

hi,
I recommended this site to my friends.. they applied for the co-op loan to clear their cards...
the advertised 5.9%????
forget it! they were offered 9.8% on the paperwork when it came through. Meant a £15k loan over 7 years would rack up an incredible £12k including insurance....
They have good credit and were a bit disgusted.
Does anyone get these advertised rates anyway???

pingu · 23 March 2004 at 6:11PM

hi
i was offered the advertised rate of 6%apr from northern rock on a loan of 10k.

System · 23 March 2004 at 11:43PM

Applied for coop loan advertised at 5.9% when the paper work came through the post to sign interest rate was 14.347%

yeovilmac · 24 March 2004 at 1:00AM

Hi all

Borrowed £3,000 from Welcome Financial Services in September. Repayments were £197 a month - I thought flippin heck, thats £4,800 over two years. Needed the money so agreed. Got home only to find it was a three year loan and I would be repaying £7,200.

Ouch...

smart-saver · 24 March 2004 at 2:20AM

Hi, I aplied for an egg loan for £7000 for a new car, also aplied for the card at the same time. they gave me an instant decision for the card but rang me the next day about the loan and said it was fine. all of a sudden i was 18 with £8,500 in debt! (plus what i had on my barclaycard £1250.)

about 6 months later i applied to top up my loan to pay off my egg card and and they gave me that as well. Which included a lower apr (6.9%) as existing customer!

I was not on the electoral role, had moved house (back in with my parents after a year away) 1year earlier and had missed 1 payment on my barclaycard 3 months earlier. Also I had applied for about 15 different things in the previous 6 months! At the time i didnt know about credit scoring or how applying effects your score.

For some reason they didnt seem to mind.

My anual income was around 12000

thankfully i am much better controlled with my money now!

rogerdarts · 24 March 2004 at 10:52AM

I have just taken a Co-Operative bank loan for £5000 to finance a new car.

Applied on line, forms 2 days later, signed and returned last Wed 17-03-04. Money in bank account Friday 19th.

Total cost of repayments over 2 years = £5332. at fixed rate with no insurance. And the first payment is not until May 04.

I think thats a good deal !

Rogerdarts

System · 31 March 2004 at 12:31AM

Great service from CoOp Bank - It took just a couple of days before I received my loan offer in the post. Slight glitch in getting the money through to my bank (caused by me inputting the wrong account number!!!) ::)

svmitche · 31 March 2004 at 6:22PM

I am a customer of Cahoot so switched my 8.9% flexi loan of £7000 to the 5.9% fixed rate loan, but I was actually offered a rate of 6.9%. Not what I had hoped, but at least it's less than the flexi and I stand a chance of paying it off!

System · 8 April 2004 at 1:20PM

coop loan no problem getting it
good credit history
24k pa
home owner
didnt want insurance
and so was disapointed with 10.6 % 1000.00 over 7 years
i got better at barclays

do they ever give the advertised rate or do they just enjoy mucking everybody around

Personal Loans: how easy is it to get accepted

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