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  • FIRST POST
    • Former MSE Wendy
    • By Former MSE Wendy 16th Apr 08, 11:52 AM
    • 868Posts
    • 1,782Thanks
    Former MSE Wendy
    Cheap Loans: How to get your lowest possible rate Discussion Area
    • #1
    • 16th Apr 08, 11:52 AM
    Cheap Loans: How to get your lowest possible rate Discussion Area 16th Apr 08 at 11:52 AM

    This thread is to specifically to discuss the content of the

    Cheap Personal Loans: How to get your lowest possible rate article

    To discuss or ask a question about this article: click reply
    Last edited by MSE Andrea; 20-05-2014 at 6:33 PM.
Page 1
  • Twisted Jester
    • #2
    • 4th Jun 08, 12:25 PM
    • #2
    • 4th Jun 08, 12:25 PM
    Hi,

    I currently have a loan with Northern Rock and wanted to extend it in order to upgrade my car due to needing something bigger for a new arrival without increasing my monthly outgoings too much, obviously Northern Rock are no longer offering loans and so I will need to change to another company.

    What I'm wondering is whether I am likely to experience any problems with my application due to the amount I already have borrowed even though I intend to settle it with the new loan or should I just look at a separate loan for the amount of money I need.

    A separate loan would be affordable due to another outgoing ending shortly but would prefer to keep this extra cash for any future needs of the little one if possible.

    I know it's relative but according to Experian I have 999 out of 1000 credit score so I assume this is at least a reasonable indicator that my credit rating is generally good.

    Any help appreciated

    Jamie
  • gasanii
    • #3
    • 1st Jul 08, 12:42 PM
    I would like some help
    • #3
    • 1st Jul 08, 12:42 PM
    I am in my 60's I have a secure loan of 12000 for 25 years. I am paying £99.34 per month. I have paid one year.
    Can I swich?
    I would like some advice. I know I will not be paying early.
  • ersao
    • #4
    • 11th Aug 08, 9:36 AM
    getting a loan
    • #4
    • 11th Aug 08, 9:36 AM
    I've been turned down for a loan by several companies. I think this is partly due to the credit crunch, partly my income. I'm looking to borrow to invest in a family business. Following the advice on this website I'm going to try my own bank and a credit union next, but don't hold out much hope. I'm also thinking of trying to find small investors. Any advice?
  • Faanaraj
    • #5
    • 12th Aug 08, 10:13 AM
    • #5
    • 12th Aug 08, 10:13 AM
    If you want to apply for a cheap online loan then you can always go to allaboutloans.co.uk, an online loan arrangers.

    It has worked and helped me a lot hope it helps you too
  • Nona
    • #6
    • 21st Aug 08, 7:55 AM
    Barclays are having a laugh!
    • #6
    • 21st Aug 08, 7:55 AM
    I wanted to borrow some funds and after looking at Martin's guide for amounts over £5000, I went for Barclays at 7.8%.

    I went through Martins checklist of questions and came up with a good score...so I applied. I was accepted and I was shown on the net that my payments over 3 years would be £249/month at 7.8%. However, when the paperwork came through it showed me paying £303/month at 23.8%!!

    I queried this with Barclays and they said that their interest rates start at 7.8%...but it's then up to the discretion of the bank to offer whatever rate they think is applicable. When I said that I'd printed the online quote showing the £249/month amount, they merely said that wasn't binding.
    What's the point of agreeing an amount online...and then having it changed when the paperwork comes through?

    What makes it worse is that all my existing accounts (including my business account and business savings) are with Barclays!
  • jdavies35
    • #7
    • 14th Oct 08, 6:43 PM
    Re: Getting the best deal
    • #7
    • 14th Oct 08, 6:43 PM
    I took a loan out with Black Horse at the beginning of the year with a interest rate of 21.9%!!!! I was desperate and stupidly took it. They told me after 6 months I could get a better rate, but when I rang them the other day they said because of the credit crunch I would be unable to get a better deal, and in fact they would increase my interest if I tried to lower it!!!!

    I went to A & L to get a loan so I could pay off Black Horse and have a better rate. However, they sent me a letter yesterday saying I was not successful, as I was unlikely to pay the loan and was a risk. I appealed this decision via email and today recieved a call saying I had been approved and the rate offered was 12.5%. What a difference 24 hours can make!!!!

    So it proves that if you appeal they do look into it and can change their mind. So I would say if you are refused and you think or know you have a good credit rating appeal and it may get overturned.

    Good luck
  • woolfie
    • #8
    • 24th Mar 09, 1:27 PM
    has anyone heard of these companies??
    • #8
    • 24th Mar 09, 1:27 PM
    hi, i need to get a tenant loan for 50000 and have found these 2 companies which on face value look like they can help. Has any one used them or even heard of them? want to find out how safe they are before giving over personal details.
    ..Tenenat loans for uk. and loans co.uk
  • likklegem
    • #9
    • 27th Apr 09, 5:21 PM
    Settlement figure
    • #9
    • 27th Apr 09, 5:21 PM
    Hi all! Help urgently would be helpful here! I've asked repeatedly the Coop for a settlement figure I took out in 2006 under the Career Development loan. Finally it come through the post this morning - just over a grand! That's not right - I took out a £8k loan have made 20 payments (give or take).

    Did not make any payments in the first year (as its a government sponsered loan) and they do not charge interest for the length of the course plus 3 months to sort yourself out. Interest is at 12.9%. I reckon I've paid around £3.5K (repayments are about £185 a month)

    Can I hold them to that settlement figure? Please can anyone who knows let me know ASAP - I've had a moan at them today and want to get my facts right before I shout at them!
  • YIB
    Hi everyone,

    This is a really simple question I just can't seem to find the answer to! I don't know where else to ask lol

    Basically, how do you know how soon you need to start paying back the loan? Is it right away or do you get a few months before you have to make the first repayment?

    Thanks!
  • huwwatkins
    Hi everyone,

    This is a really simple question I just can't seem to find the answer to! I don't know where else to ask lol

    Basically, how do you know how soon you need to start paying back the loan? Is it right away or do you get a few months before you have to make the first repayment?

    Thanks!
    Originally posted by YIB
    Usually its one month after the loan is setup.
  • rehmana
    In reply too likklegem settlement figure
    I would send a covering letter with a cheque of the amount they say and oin the letter state that in settlement of the account .... based on their settlement figure in their letter dated ... I enclose a cheque for the settlement figure. Please confirm by letter that this account has been settled and is now closed.
    Assuming no problems, think yourself lucky and don't rock the boat !
    Obvioysly up to you but I think that's wha I'd do.
    If there is a problem you'll soon know about it
  • 6889joannew
    Hi guys basically i need some help, i need a loan for £4000 i can repay this within no longer than three months who's the best company to go with the least interest etc.
    I am starting up my own pub and basically i need the money to start up with any help would be grately appreciated
    Thankyou
    joanne
    OCTOBER/NOVEMBER WINS- HOLIDAY TO DUBAI/IPAD 2/KINDLE AND LOTS OF OTHER OTHER LITTLE BITS I LOVE COMPING!!!
  • thriftymomma
    Hi guys basically i need some help, i need a loan for £4000 i can repay this within no longer than three months who's the best company to go with the least interest etc.
    I am starting up my own pub and basically i need the money to start up with any help would be grately appreciated
    Thankyou
    joanne
    Originally posted by 6889joannew
    You need to write a business plan and head to the bank I think.
    Got Halifax Classic to reduce my interest rate by 5% woohoo - 10/06/08 Thanks MSE!
    Another 3% shaved off 10/12/08
    ANOTHER 4 % June 09
  • 6889joannew
    You need to write a business plan and head to the bank I think.
    Originally posted by thriftymomma
    Hi their,
    i have all mu buisness plans sorted i have a pub etc all courses done but the only thing i dont have is money lol
    Thanks thou
    OCTOBER/NOVEMBER WINS- HOLIDAY TO DUBAI/IPAD 2/KINDLE AND LOTS OF OTHER OTHER LITTLE BITS I LOVE COMPING!!!
  • JAYZ
    I would like some help.

    I have currently got 2 secured loans and one Unsecured. The secured loans are with welcome finance and 1 with Picture. Totalling around 45k with in total is around £630 per month. I also have a abbey loan for £15k in which i am paying around £350 per mth. I currently have a mortgage but cannot get further advance due to bad credit. I would like to get everything in 1 monthly affordable payment. I cannot seem to be able to talk to anyone and struggle through each day. I seem to be struggling with payments all the time and need some advice.
    Last edited by JAYZ; 19-05-2009 at 12:47 PM. Reason: forgot to add line in
    • cakinwande
    • By cakinwande 5th Jun 09, 9:10 AM
    • 144 Posts
    • 79 Thanks
    cakinwande
    Need a loan of £5k
    Hi there,

    I need a loan of £5k and am struggling to get one anywhere (I have tried my bank and another bank). I have the highest credit score but I think I am getting declined as Equifax do not have me registered on the electoral role long enough. I never miss a payment, zero balance credit cards, no defaults, CCJs, etc

    Does anyone have any ideas what I could do?
    Last edited by cakinwande; 06-06-2009 at 5:55 PM.
    • jesselivermore
    • By jesselivermore 29th Jun 09, 2:40 PM
    • 11 Posts
    • 1 Thanks
    jesselivermore
    Refinancing to lower interest rates
    I'd like to refinance the debt I have to lower rates. I've recently built this up on overdrafts and credit cards (all at close to 20% APR) whilst I was looking for a job. I've found a new role but it's a 6 month probationary contract and I'm not being paid a full salary yet.

    The problem is that my credit files show me close to my borrowing limits. I also have a CCJ, but it only shows up on my Equifax report. I have a few small black marks for missed payments in the last 12m but no serious issues like defaults.

    I recently applied for an Abbey National balance transfer credit card, on the basis that a) they only use Experian and b) they're owned by Santander which hasn't had major problems throughout the credit crisis. Unfortunately they rejected me on 'credit scoring' (no further details given).

    I've also applied to Natwest for a loan (APR came out slightly better at 15%) which they approved but then asked for proof of income. I had optimistically used my previous salary. So no go there.

    Any ideas how I can refinance my debt? Are any credit card firms still offering generous balance transfers for someone in my position? Am I better off applying for a loan and paying some interest? Would it help if I took out any old other credit card and didn't use the balance - so I have a higher % of unused credit? Or will this hurt me?

    Any advice appreciated even if anecdotal, eg "I was in a similar situation recently and this is how I solved it".

    Thanks in advance!
  • 491423
    egg money?
    Having read the page about ways and means of acquiring money for a loan through a card, I am lost. It recommended having egg money in order to facilitate switching the monies. But egg money is not available to be able to follow this switch. I was interested to obviously get the cheapest option for interest to keep costs down. I am after about £4000. Should I just opt for a Bank Loan and if so , what is my best bet for lowest Interest ?
  • scoobyra
    Natwest Personal Loan
    Just been offered a flexible loan from natwest at 7.5% but the rate is variable! I'm now a bit worried about taking them up on the offer? I'm using it to replace my existing loan at 10.2% fixed. Old loan was 15700 inc interest over 5 years and they've settled that after 16 months at 9700 and cleared my od which brings the new amount to 11300. Old payment was 256 and new payment 135 over ten years but if I pay the old amount then loan will be cleared after 4 years IF the interest rate doesn't increase! Any suggestions welcome??
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