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  • FIRST POST
    • essex.cyclist
    • By essex.cyclist 5th Oct 16, 12:20 PM
    • 58Posts
    • 14Thanks
    essex.cyclist
    What do banks consider a large loan?
    • #1
    • 5th Oct 16, 12:20 PM
    What do banks consider a large loan? 5th Oct 16 at 12:20 PM
    Hi all


    Looking at a £10k loan but could probably reduce that a little if needs be, maybe down to £7.5 / 8k.


    Is this sort of difference of an relevance to the bank?


    Do they consider £10k as a big loan to try and be approved for?


    Thanks
Page 3
    • JimmyTheWig
    • By JimmyTheWig 11th Oct 16, 9:50 AM
    • 11,462 Posts
    • 11,141 Thanks
    JimmyTheWig
    This isn't a forum for entertainment. It's to help people in need.
    Originally posted by essex.cyclist
    And from what you've written, it looked like you were in need.
    The thing is, what you are writing makes you sound like so many other people on here in the past who have then got into difficulties from having that frame of mind.
    You may well be different from them, that's true. We don't know you. But I think it would be somewhat amiss of people to read what sounds like someone about to get themselves into further trouble and stay silent without giving opinions.
    • takman
    • By takman 11th Oct 16, 10:01 AM
    • 1,526 Posts
    • 1,164 Thanks
    takman
    "If everyone just gave polite and professional replies directly answering any questions they were asked without any debate then this forum would be very boring."


    This is a remarkable thing to say.


    This isn't a forum for entertainment. It's to help people in need.


    It wouldn't be boring, if everyone gave polite and professional replies - it would be useful, mature and enjoyable.


    You made a mistake. Time to acknowledge it and move on, and hopefully change the way you approach things in future.
    Originally posted by essex.cyclist
    Actually this forum is for entertainment, I get entertainment by reading other people's opinions on subjects, learning new money saving tips, giving my opinions and knowledge when I feel it's appropriate.

    I definetly won't be changing my replying style just because you don't like it!. I'm happy to make some assumptions based on your financial situation and give my input. Even if I'm wrong in my assumptions it doesn't bother me in the slightest. I may have made some erroneous statements in my posts but the general theme of them still stands.

    I have given you my opinion of the best way to handle the situation and pay the least interest so it's up to you if you want to follow it or not.

    Also don't forget there is nothing wrong with thinking you have poor money management and need to improve because it means your more likely to think about what your doing and research financial products before committing. The worst attitude to have is to think your perfect at managing money because your more likely to think you know it all and jump into taking out unsuitable products. Just like alot of people did with PPI!.
    • muhandis
    • By muhandis 11th Oct 16, 11:22 AM
    • 204 Posts
    • 81 Thanks
    muhandis
    Also don't forget there is nothing wrong with thinking you have poor writing skills and need to improve because it means you're more likely to think about what you're writing and make sure you're not being rude/obnoxious/impolite before commenting. The worst attitude to have is to think you're perfect at conveying your opinion because you're more likely to think you know it all and keep commenting even when the OP has made it crystal clear that he thinks your writing style is very poor and discounts your opinion. Just like a lot of people do on these these threads!

    There, I've brought some balance

    Also don't forget there is nothing wrong with thinking you have poor money management and need to improve because it means your more likely to think about what your doing and research financial products before committing. The worst attitude to have is to think your perfect at managing money because your more likely to think you know it all and jump into taking out unsuitable products. Just like alot of people did with PPI!.
    Originally posted by takman
    Last edited by muhandis; 11-10-2016 at 11:36 AM.
    • takman
    • By takman 11th Oct 16, 12:57 PM
    • 1,526 Posts
    • 1,164 Thanks
    takman
    Also don't forget there is nothing wrong with thinking you have poor writing skills and need to improve because it means you're more likely to think about what you're writing and make sure you're not being rude/obnoxious/impolite before commenting. The worst attitude to have is to think you're perfect at conveying your opinion because you're more likely to think you know it all and keep commenting even when the OP has made it crystal clear that he thinks your writing style is very poor and discounts your opinion. Just like a lot of people do on these these threads!

    There, I've brought some balance
    Originally posted by muhandis
    Exactly there is always room for improvement and that's why we post on this forum so our opinions what we think we know can be judged by other people!. If the OP wants to dismiss my opinion on the best thing to do in their situation because they don't like my writing style then that's up to them!. But I would much prefer to discuss every aspect of my posts and not just the tone they are written in.

    But I do like to write in a style that strongly states my opinion in a clear way and doesn't beat about the bush. This may come across as rude and arrogant but I still like it because it is very effective at starting a debate just like has happened in this thread.
    • muhandis
    • By muhandis 11th Oct 16, 1:25 PM
    • 204 Posts
    • 81 Thanks
    muhandis
    Exactly my point. There is always a way to convey your opinion without labelling/judging (wrongly) the person who has asked for an opinion based on little/no knowledge of the whole picture. And also knowing when to move on if someone clearly attaches no value to what you're saying and repeatedly states the same.

    You might like to "start a debate" and come across as "rude and arrogant" but the OP (on this thread) has clearly said what he is looking for and that's not it.

    But I would much prefer to discuss every aspect of my posts and not just the tone they are written in.

    But I do like to write in a style that strongly states my opinion in a clear way and doesn't beat about the bush. This may come across as rude and arrogant but I still like it because it is very effective at starting a debate just like has happened in this thread.
    Originally posted by takman
    Last edited by muhandis; 11-10-2016 at 1:27 PM.
    • takman
    • By takman 11th Oct 16, 2:16 PM
    • 1,526 Posts
    • 1,164 Thanks
    takman
    Exactly my point. There is always a way to convey your opinion without labelling/judging (wrongly) the person who has asked for an opinion based on little/no knowledge of the whole picture. And also knowing when to move on if someone clearly attaches no value to what you're saying and repeatedly states the same.

    You might like to "start a debate" and come across as "rude and arrogant" but the OP (on this thread) has clearly said what he is looking for and that's not it.
    Originally posted by muhandis
    I like to debate about money saving ideas but not so much about the best use of the English language. I don't like to come across as rude and arrogance I said I like to present my opinions in a clear and concise way which I find to be most effective. It being interpreted as rude and arrogant is simply a flaw of that particular type of writing style and not what I'm purposely trying to convey. But I'm not surprised you misunderstand what I'm saying because I do have a "very poor writing style" on these forums unfortunately .

    But one thing I often do on here is continue to reply to people who quote my posts if I have something to say. So the OP may attach no value to what I'm saying but if they want to reply directly to me then they shouldn't be surprised if I reply back!.

    The OP may disagree that they have poor money management skills but from the information they have provided I still conclude that they do. Some of the key indicators are:
    -Wanting a loan for 10k when they could do with 7.5k
    -Looking to apply for a loan now when the money isn't required till next year.
    -Not exploring other cheaper methods of borrowing before thinking about a loan (such as 0% money transfer cards)

    But the first point is a big one. You should never borrow more money than you need because your just paying unnecessary interest on the extra amount. So the initial question they asked rings alarm bells because it doesn't matter how much a "large loan" is because you should only borrow what you need, so just apply for that.

    But if the OP chooses to ignore me then that's fine because like I said earlier they are the ones who are effected by this and not me.
    • muhandis
    • By muhandis 11th Oct 16, 2:38 PM
    • 204 Posts
    • 81 Thanks
    muhandis
    "I don't like to come across as rude and arrogance"

    Happy to hear that, I was worried.

    "in a clear and concise way which I find to be most effective"

    Maybe you really do think that. Clearly not for the OP who created this thread though.

    "I do have a "very poor writing style" on these forums unfortunately ."

    I'm glad you agree.

    "from the information they have provided I still conclude that they do"

    That's YOUR opinion based on YOUR interpretation of what little he has said and YOUR imagination filling in the blanks. And he has said that your assumptions are wrong and probably still concludes that you're being ignorant.

    "But if the OP chooses to ignore me..."

    There's no 'if' here, he has repeatedly said that your opinion is of no value to him.

    I like to debate about money saving ideas but not so much about the best use of the English language. I don't like to come across as rude and arrogance I said I like to present my opinions in a clear and concise way which I find to be most effective. It being interpreted as rude and arrogant is simply a flaw of that particular type of writing style and not what I'm purposely trying to convey. But I'm not surprised you misunderstand what I'm saying because I do have a "very poor writing style" on these forums unfortunately .

    But one thing I often do on here is continue to reply to people who quote my posts if I have something to say. So the OP may attach no value to what I'm saying but if they want to reply directly to me then they shouldn't be surprised if I reply back!.

    The OP may disagree that they have poor money management skills but from the information they have provided I still conclude that they do. Some of the key indicators are:
    -Wanting a loan for 10k when they could do with 7.5k
    -Looking to apply for a loan now when the money isn't required till next year.
    -Not exploring other cheaper methods of borrowing before thinking about a loan (such as 0% money transfer cards)

    But the first point is a big one. You should never borrow more money than you need because your just paying unnecessary interest on the extra amount. So the initial question they asked rings alarm bells because it doesn't matter how much a "large loan" is because you should only borrow what you need, so just apply for that.

    But if the OP chooses to ignore me then that's fine because like I said earlier they are the ones who are effected by this and not me.
    Originally posted by takman
    Last edited by muhandis; 11-10-2016 at 2:46 PM.
    • -taff
    • By -taff 11th Oct 16, 3:38 PM
    • 6,458 Posts
    • 3,731 Thanks
    -taff
    • essex.cyclist
    • By essex.cyclist 11th Oct 16, 5:12 PM
    • 58 Posts
    • 14 Thanks
    essex.cyclist
    And from what you've written, it looked like you were in need.
    The thing is, what you are writing makes you sound like so many other people on here in the past who have then got into difficulties from having that frame of mind.
    You may well be different from them, that's true. We don't know you. But I think it would be somewhat amiss of people to read what sounds like someone about to get themselves into further trouble and stay silent without giving opinions.
    Originally posted by JimmyTheWig


    I understand and agree - but if that were the case, all they need do is ask.
    • essex.cyclist
    • By essex.cyclist 11th Oct 16, 5:13 PM
    • 58 Posts
    • 14 Thanks
    essex.cyclist
    Actually this forum is for entertainment, I get entertainment by reading other people's opinions on subjects, learning new money saving tips, giving my opinions and knowledge when I feel it's appropriate.

    I definetly won't be changing my replying style just because you don't like it!. I'm happy to make some assumptions based on your financial situation and give my input. Even if I'm wrong in my assumptions it doesn't bother me in the slightest. I may have made some erroneous statements in my posts but the general theme of them still stands.

    I have given you my opinion of the best way to handle the situation and pay the least interest so it's up to you if you want to follow it or not.

    Also don't forget there is nothing wrong with thinking you have poor money management and need to improve because it means your more likely to think about what your doing and research financial products before committing. The worst attitude to have is to think your perfect at managing money because your more likely to think you know it all and jump into taking out unsuitable products. Just like alot of people did with PPI!.
    Originally posted by takman

    If you are entertained by judging people based on ignorant assumptions then that says more about you than I ever could.


    One day, I hope, you'll grow up a little.


    People who do need assistance on here don't need the likes of you, that's for sure.
    • essex.cyclist
    • By essex.cyclist 11th Oct 16, 5:16 PM
    • 58 Posts
    • 14 Thanks
    essex.cyclist
    I like to debate about money saving ideas but not so much about the best use of the English language. I don't like to come across as rude and arrogance I said I like to present my opinions in a clear and concise way which I find to be most effective. It being interpreted as rude and arrogant is simply a flaw of that particular type of writing style and not what I'm purposely trying to convey. But I'm not surprised you misunderstand what I'm saying because I do have a "very poor writing style" on these forums unfortunately .

    But one thing I often do on here is continue to reply to people who quote my posts if I have something to say. So the OP may attach no value to what I'm saying but if they want to reply directly to me then they shouldn't be surprised if I reply back!.

    The OP may disagree that they have poor money management skills but from the information they have provided I still conclude that they do. Some of the key indicators are:
    -Wanting a loan for 10k when they could do with 7.5k
    -Looking to apply for a loan now when the money isn't required till next year.
    -Not exploring other cheaper methods of borrowing before thinking about a loan (such as 0% money transfer cards)

    But the first point is a big one. You should never borrow more money than you need because your just paying unnecessary interest on the extra amount. So the initial question they asked rings alarm bells because it doesn't matter how much a "large loan" is because you should only borrow what you need, so just apply for that.

    But if the OP chooses to ignore me then that's fine because like I said earlier they are the ones who are effected by this and not me.
    Originally posted by takman


    On the previous page you will find a post, aimed at you, where I say this:


    "I've not managed my money well this year but that is a short term issue on my part and not part of a wider problem."


    As I say, time for you to step back and actually read what people are writing - you'll look less ignorant that way.
    • MrsTinks
    • By MrsTinks 11th Oct 16, 5:17 PM
    • 14,561 Posts
    • 22,027 Thanks
    MrsTinks
    Originally posted by -taff
    Best. Post. Ever.


    Totally stealing this
    DFW Nerd #025
    SPC member #561
    Sept 2016 - £10811 Oct £10166 to clear Cleared Since Sept 16:£645 6% repaid Declutter 25 items in November target: 0/25 Make £10 extra a day in November: £57/£150
    • Thrugelmir
    • By Thrugelmir 11th Oct 16, 5:21 PM
    • 51,234 Posts
    • 43,013 Thanks
    Thrugelmir
    Best. Post. Ever.


    Totally stealing this
    Originally posted by MrsTinks
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • takman
    • By takman 11th Oct 16, 8:24 PM
    • 1,526 Posts
    • 1,164 Thanks
    takman
    On the previous page you will find a post, aimed at you, where I say this:


    "I've not managed my money well this year but that is a short term issue on my part and not part of a wider problem."


    As I say, time for you to step back and actually read what people are writing - you'll look less ignorant that way.
    Originally posted by essex.cyclist
    But your not reading my posts thoroughly and replying to the points I am making. Your just intent on discussing how ignorant I am and how wrong I am about you, which could be considered ignorant in itself.

    The two points I would be interested in your reply about that is related to your original question:

    1. The comments I made about how you said you wanted a 10k loan but could cope with 7.5k. Its always best to borrow only what you need so borrowing 10k when you only need 7.5k then you are paying unnecessary interest.

    2. Why not look for a loan next year instead of now because they don't need the money back until next spring so the amount you can save in that time will mean you can borrow less.

    3. Have you considered a 0% money transfer cards instead of a loan to save interest. But obviously not until next year when they need the money back.

    You have ignored all these points I have made on this thread and chosen to reply to other parts of my posts. Your the one who is then calling me ignorant
    • essex.cyclist
    • By essex.cyclist 12th Oct 16, 10:12 AM
    • 58 Posts
    • 14 Thanks
    essex.cyclist
    But your not reading my posts thoroughly and replying to the points I am making. Your just intent on discussing how ignorant I am and how wrong I am about you, which could be considered ignorant in itself.

    The two points I would be interested in your reply about that is related to your original question:

    1. The comments I made about how you said you wanted a 10k loan but could cope with 7.5k. Its always best to borrow only what you need so borrowing 10k when you only need 7.5k then you are paying unnecessary interest.

    2. Why not look for a loan next year instead of now because they don't need the money back until next spring so the amount you can save in that time will mean you can borrow less.

    3. Have you considered a 0% money transfer cards instead of a loan to save interest. But obviously not until next year when they need the money back.

    You have ignored all these points I have made on this thread and chosen to reply to other parts of my posts. Your the one who is then calling me ignorant
    Originally posted by takman


    You're right, I am ignoring those parts of your posts.


    Based on your ignorance, I have decided that I have no wish to receive financial advice from you.


    Besides which, I have now made my decision and acted on it, thanks to the advice of decent members of this forum.
    • Jibeddy
    • By Jibeddy 12th Oct 16, 3:15 PM
    • 31 Posts
    • 8 Thanks
    Jibeddy
    As much as the plot continues to thicken, have you applied for the loan? Did you go for the full 10k or a smaller amount? Were you successful/get the advertised rate?
    • redux
    • By redux 12th Oct 16, 4:09 PM
    • 15,558 Posts
    • 18,362 Thanks
    redux
    But your not reading my posts thoroughly and replying to the points I am making. Your just intent on discussing how ignorant I am and how wrong I am about you, which could be considered ignorant in itself.

    The two points I would be interested in your reply about that is related to your original question:

    1. The comments I made about how you said you wanted a 10k loan but could cope with 7.5k. Its always best to borrow only what you need so borrowing 10k when you only need 7.5k then you are paying unnecessary interest.

    2. Why not look for a loan next year instead of now because they don't need the money back until next spring so the amount you can save in that time will mean you can borrow less.

    3. Have you considered a 0% money transfer cards instead of a loan to save interest. But obviously not until next year when they need the money back.

    You have ignored all these points I have made on this thread and chosen to reply to other parts of my posts. Your the one who is then calling me ignorant
    Originally posted by takman
    But those points aren't necessarily as pragmatic as you insist they are.

    Some loan offers have noticeably better interest rates on slightly larger loans. At some places there may be rate band threshold(s) at £5k or £7k5 or £10k.

    So it may well be worthwhile at one place to borrow £10k, and pay some of it back very quickly, and this might actually work out cheaper than starting with a loan for £7k5.

    Money transfer cards may or may not be suitable for this, depending on the likely timespan, and whether there is a fee. It might be worth considering doing part as loan part on this.

    As for the attitude, it is fair enough for people with relevant experience to caution against consolidating then just continuing to run up more general spending on the cleared cards.

    However if someone replies that this has been considered, but they are fairly confident of not doing so, partly for overall financial position, and these are expense amounts that probably come around just once in a while rather than repetitive day to day stuff gradually getting on top all the time, then perhaps it is time for critics to say fair enough, I've said my piece once, maybe valid maybe not. It does not need saying another half a dozen times, with escalating tedium and unpleasantness.
    Last edited by redux; 12-10-2016 at 4:13 PM.
    • takman
    • By takman 12th Oct 16, 4:25 PM
    • 1,526 Posts
    • 1,164 Thanks
    takman
    But those points aren't necessarily as pragmatic as you insist they are.

    Some loan offers have noticeably better interest rates on slightly larger loans. At some places there may be rate band threshold(s) at £5k or £7k5 or £10k.

    So it may well be worthwhile at one place to borrow £10k, and pay some of it back very quickly, and this might actually work out cheaper than starting with a loan for £7k5.

    Money transfer cards may or may not be suitable for this, depending on the likely timespan, and whether there is a fee. It might be worth considering doing part as loan part on this.
    Originally posted by redux
    I considered the change in loan rates at different thresholds and it seems that between 7.5k and 20k you get the cheapest rate (currently 3.1%) so that's why I said not to go below 7.5k.

    Your right about money transfers cards but I still think it's worth considering because you usually can save some money compared to a loan.
    • takman
    • By takman 12th Oct 16, 4:29 PM
    • 1,526 Posts
    • 1,164 Thanks
    takman
    You're right, I am ignoring those parts of your posts.


    Based on your ignorance, I have decided that I have no wish to receive financial advice from you.


    Besides which, I have now made my decision and acted on it, thanks to the advice of decent members of this forum.
    Originally posted by essex.cyclist
    Ignoring potentially useful advice from someone just because you don't like them?. That has to be the very definition of ignorant doesn't it?.

    Fair enough that you have made your choice but I personally always consider what someone has to say no matter how much I dislike them. Maybe you should drop your preconceptions and open your mind to new ideas and you never know you might learn something useful!.
    • essex.cyclist
    • By essex.cyclist 12th Oct 16, 5:13 PM
    • 58 Posts
    • 14 Thanks
    essex.cyclist
    As much as the plot continues to thicken, have you applied for the loan? Did you go for the full 10k or a smaller amount? Were you successful/get the advertised rate?
    Originally posted by Jibeddy


    Yes, yes and yes!
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