Personal Loans Discussion Area

Former_MSE_Andrea

The following discussion relates to the Personal Loans, how to get the cheapest article.

Click reply to ask a question or discuss.

sunshine67_2

Hi

Hi,

I am trying to apply for a loan with the lowest rate while being unemployed. I have 2 loans from LLOYDS/TSB and I am trying to make savings.

Thank you,

Sunshine

english-setter

Hi, sorry this is a new question, but good luck to Sunshine!

I have read Martin's article and he says Barclays is the cheapest loan rate at 5.7%. However I have been shopping around and am confused (doesn't take much!).

I want £4500 over 3 yrs, unsecured, no protection.

Nationwide at 6.7% APR comes out at £137.93/month whereas Tesco at 12.9% !! comes out at £149.75.

My confusion is the difference in % rate - if they're both APR why is there such a small difference in monthly repayment between 6.7% and 12/9% - am I missing something here? Why is it so difficult to get a straight comparison?

Also British Gas is offering 1.something% monthly rate with a repayment of £158-ish per month (the idea is that the balance reduces monthly and so you pay less interest). Does this equate to 12.something% APR?

why is money so confusing?

All help gratefully received!!

norma33

Hi

I've been self employed for 7 months, am a home owner and have always had a good credit history.

I need to obtain a loan for £25K - secured or unsecured.

Where can I find any good deals for someone in my position?

thanks

Norma33

Sospan

Read Martin's latest article on cheapest loans. I had an existing loan with Northern Rock (£15.6k outstanding on £17k @ 6.4% over 7 years = £284 per mth). I wanted to borrow another £9k to cover bad credit card debt (4 cards totalling £8.3k).
Read that Barclaycard is the best at 5.7% (Typical) but with a maximum limit of £15k not good enough for me, also from experience I know I rarely get offered the best rate!

Anyway, contacted Northern Rock and have agreed an increase to their maximum of £25k at 5.7% over 10 years with no penalty for early settlement. Repayments = £272.46 per month with a one-off fee of £35. I'm now at least £150 per month better off based upon the minimum payments required on my credit cards which will put my monthly 'Income vs Outgoings' spreadsheet in the black for the first time in many years!

Note that the 5.7% with Northern Rock is Typical not Guaranteed, but if they offered it to me.......?

modu

MSE_Andrea wrote:

The following discussion relates to the Personal Loans, how to get the cheapest article.

Click reply to ask a question or discuss.

Dear MSE,

Can you please help out !

I need to buy an industrial machine for 15K, to do this i need an unsecured loan.

I relocated to the U.K from the U.S 3 years ago, but unfortunately did not register on the electoral roll.

I have been at my present address for 9 months, I am on the electoral register.

in the last 19 months

H.P Loan, £2.5 K G.E Capital Bank Ltd (SETTLED)

Credit Card £1,200 (SETTLED) ( 1 Missed payment )

Credit Card £1,400 ( Balance £751.00 ) ( 1 Missed payment)

Store card ( Balance £ 136 )

Store card ( Balance £471 )

I am in full employment , I have no C.C.J's I earn £29K+ p.a

I am 39yr.o, currently in rented accommodation

How long do I need to have resided at a given address, electorally registered

also how much credit do I have to run up, in how many years to be deemed a a good credit risk ?

With my limited record do I have any hope of being accepted for the amount i am asking ?

If so, which lender/s (Most sympathetic) can I approach, and how much can I realistically expect ?

Please, all help with advise, will be greatly appreciated

yours faithfully

V. Confused.

modu

I hope MSE's pick this up i'm not very computer savvy.

Thx.

garf64

hello all! Does anyone know if any reputable loan companies would secure a loan on a shared ownership mortgage? I have called one and they said it was harder to secure because of the housing group who part own a percentage of the house? Any ideas?

marsello

I have recently came in contact with A mortgage website that offer just about everything and if not to be so blunt I would like to post it.
You can just go here! and see!opjloans.com

marsello

I am just like the guy that just don't know too much about he web.
but trying very hard. Thank You

Minx17_2

I'm worried in case this is a scam