Personal Loan: What is the best out there?

TheGaz1982

Hi,

I am 27 and employed full time and I am looking to get a good deal on a personal loan for home improvements.

I have recently applied for an Allience & Leicester one which was advertised on Money Supermarket at 8%- but when the quotation came through it was actually 14% (is this because I went through the website?)

The A&L Loan seems to be one of the better one's out there, but it has it's problems for me (as above).

My bank Nat West offer theirs at around 9.9%- but again, I don't want to apply, finding that they will charge me over 10%!

Please could someone reccomend a loan that I can apply for, which would offer me something less than 10%.

For your rinformation:-

Loan Required: £15,000-£20,000
Loan Time: 5-8 Years.

P.S. I am going to pay off £9k worth of debt with part of it...Does this mean that I should say I have NO debt on the application?

Regards,

Gareth.

CLAPTON

things they will consider

your income
type of job
home owner
length of time at address
total existing debt
credit record
electoral roll

TheGaz1982

My Income- £30k
Job- Quantity Surveyor
Home Owner- Mortgaged
Length of time at address- 18 months
Existing debt- 1 loan (£2,500) 2 Credit Cards (£2,500 each) Overdraft (£1,000)
Credit record- Previously had loans, credit cards, finance- No bad debt
Electoral Roll- Registered at home address.

Can anyone reccomend somewhere were I would get a loan for less than 10%?

Could I negotiate with A&L over current offer?

Regards,

Gareth.

IWantToBeFree_2

If you say you have no debt on the application form they will know you are lying so its best to just disclose it all.

Robert_Sterling_3

TheGaz1982 wrote: »

Loan Required: £15,000-£20,000
Loan Time: 5-8 Years.
P.S. I am going to pay off £9k worth of debt with part of it...Does this mean that I should say I have NO debt on the application?

Clearly you have at least £9,000 debt.
Why do you think you should say that you have none.

I think this is known in the trade as attempting to obtain a pecuniary advantage by deception.

Quite apart from which no lender will hand over £20,000 with out checking you out.

CLAPTON

A potential lender will see your debts as 9k +15k (or 20K)
with only a 30k salary in the present climate that's a high risk lending

you don't say why you want the loan but best to go for a smaller one

chambta

Robert_Sterling wrote: »

Clearly you have at least £9,000 debt.
Why do you think you should say that you have none.

I think this is known in the trade as attempting to obtain a pecuniary advantage by deception.

Quite apart from which no lender will hand over £20,000 with out checking you out.

I think he meant it because he intends repaying the debts with the loan rather than to be deceptive.

TheGaz1982

Hi,

I was thinking that if the new loan was to pay off existing debt then it would be best to say that I had no debt.

I will have a look around to see if anything can beat the 14% that A&L are currently offering.

Regards,

Gareth.

IWantToBeFree_2

It wouldn't be best though, your credit file will show the balances on your current credit accounts, therefore the lender will know that you are lying if you say you have no debt because you clearly do. Whether you intend to pay it off once you have the loan is irrelevant when it comes to applying.

TheGaz1982

Hi,

Thanks for the advise...Has anyone got any companies to suggest?

Gareth.