Personal Loans: How to get the UK's cheapest Discussion Area

redrose_3

avi wrote:

I was refused a loan by moneyback bank. Reason - I have been on the electoral register for less than 5 years. I believe that is one of the main criteria for the low APR.

We were turned down by MoneyBack despite having an 'excellent credit score' according to Equifax, no reason was given, instead my wife was rang up at work (she's a teacher) by a company called Freedom Finance who badly wanted her to take out a loan there and then! She got them to ring home a 6 pm and I was given the hard sell, but I told them to go away.

I am disgusted at the way A&L did this and would like to know if this has happened to anybody else?

Tony.

knighty_2

hi
interested to read lyndyloo's post, i to have just applied for a northern rock loan for the amount of £12000 over ten years, i also have an excellent credit rating, am a property owner, have not missed payments etc but i was also told i could have the loan at a rate of 10.9%.
i think borrowers should totally boycott northern rock as what they are doing may not be technically illegal it is still very misleading advertising.
I personnally think it is immpossible to get this mythical rate of 5.9% with them.
knighty

rac010

Is there any way of borrowing a set amount of money over a four period in order to cover living costs whilst studying as a mature student, in addition to the student loans, grants etc., which are made available, as I will have to relocate, give up my job and have 2 children dependent on me.

webwiz

Zopa is mentioned in Martin's article but he says you have to earn £25000. This used to be true, but they are introducing a C category. It's worth getting a credit rating from them because it's free and you will be ready to take advantage of any opportunity. You can go to their website or go to this link which might result in a commission for me http://www.zopa.com/ZopaWeb/affiliate/?referral=webwiz

karenlsinging

I applied for a £7,000 loan from Moneyback and got a rubbish APR of 6.9% AND they wouldn't let me take it out uninsured even though I explained to them I could get insurance on the internet separately and I already have critical illness and redundancy insurance.

I applied at Direct Line next because your website says they offer 5.6% APR also but their typical rate is now being advertised at 6.1%, which is what I was offered.

I tried Zopa and got an A rating and first day was offered 8.8%, next day 6.4% and today 5.6% but when I try to complete all the questions the page where you have to press and hold a button to accept the contracts does nothing and I can't complete the application!

billlew

I applied for a Northern Rock loan yesterday of £7000 and was accepted within 10minutes at 5.7% but took a further 25 minutes to convince them I didn't need the insurance. I fully expect the hard sell on insurance but just have to hold out for what you want. Waiting for the paperwork now!

gillymae

Sorry Martin
Don't think you've done your homework this time - folks look at ZOPA. Brill site with really low interest

Stevee

Took out an unsecured loan with HSBC (my bank of 15+ years) for £17500, last month. The interest rate was 6.5%, which was better than anything other lenders were offering me.

Just to let people know that it may be worth trying your own bank, before you look else where. I never expected to get such a decent rate off HSBC.

I didn't take out payment insurance.

karenlsinging

gillymae wrote:

Sorry Martin
Don't think you've done your homework this time - folks look at ZOPA. Brill site with really low interest

Martin has had this site on his cheapest loans for quite some time. See my problem with them above.

MSE_Martin

Sorry Martin
Don't think you've done your homework this time - folks look at ZOPA. Brill site with really low interest

I always do my homework

You'll find Zopa detailed fully in the article with when it is appropriate.... however its not suitable for many and by no means is always cheapest

martin