Loan help/advice required

thedonz

I am in the market for a loan to tie up £15k worth of various credit and have recently had a loan application by Cahoot turned down. I have made the odd late payment but never missed, I have been employed by the same company for 15 years, i'm a home owner married with two kids. Probably your average working class bloke.

Getting a loan would make life a little easier on the pocket but i am now scared to apply to someone else for fear of making my credit file worse.

So my question is....Does anyone know of a loan company that is maybe a little more relaxed in its lending criteria?? I presume Cahoot with such a low rate is quite strict.

Please help

Thanks

Rafter

You have much more chance from someone you already bank with. Do you have an egg card if you want a flexible loan? Who do you bank with?

R.

thedonz

Hiya mate, I bank with Yorkshire Bank and first Direct but first directs rate isn't to good.

Rafter

firstdirect is part of your problem as it happens.

Because HSBC don't currently share 'in order' current account information with the credit referencing agencies, they can't see what a good risk you are!

Odd that firstdirects rate of 7.4% is currently above that of HSBC at 6.9%.

If I were you I would give Egg a try. Their flexible loan is good value and they seem to be actively selling loans at the moment. If that fails go with first direct and pay the extra £75 a year in interest.

Have you had a look at Martin's article about using 'life of balance' credit card deals to create a low cost loans?

Good luck

R.

nej

Egg are very picky. I was recently rejected by them and I have an excellent credit score.

thedonz

Thanks Rafter for the info on First Direct. I wonder how many people are unaware of this issue. So I wonder if its worth moving all my main banking back to Yorkshire bank then???

nej

I just got accepted by Nationwide last night, and their rates are fixed (and good) so you know what rate you will get.

thedonz

Thanks for the info Nej.