Personal Loans: how easy is it to get accepted

System

Co-op loan,

self employed good credit history, £ 7500 over
5 years, no insurance.

Got 5.9% interest rate, applied on-line, got letter approval seven days later, signed and returned forms
and cash in bank within 2 days. noce one

Sundance_2

Hello - New person here.
I have just applied to the co-op for their 5.9% loan for £7.5k and been accepted within 2 working days at the high rate of 10.061% apr. I need the dosh quickly.

I have owned (with the Northern Rock) a house for 6 months with over 100k equity; owned the flat before that for 3 years and the one before that for 16 years- have my own Ltd Company and am employed- self employed - with 3 years good accounts. I have never missed a mortgage payment and have 4 credit cards.

I did ask the Northern Rock to let me borrow against some equity in Feb - but they said no. I did the Egg 0% overdraft transfer thing about a month ago. Any ideas why the APR is so high and whether I can renegotiate the rate at some point?

Thanks - Sundance 8)

System

Hello

Applied for Co-op 5.9% loan on line when papers arrived rate quoted was above 14% APR.

scheming_gypsy

Marbles said no to me on a 5k loan @ 5.9%

Lombard Direct said yes to the 5k but decided to give 13.9% instead of the 5.9% (i think) advertised. Refused to explain the difference between 'typical rate' and 'target rate' so i told them to sling it.

Natwest (my bank) turned me down for 5k at 7% cos one of the debts i wanted to pay off wasn't in my name and it's against bank policy.

In the end i used 0% credit cards and used a grand of my own money..
All that hassle for 5 grand over 3 years when i only had / have outstanding debt of 2.3 grand and a yearly income of just under £26,500

PaleScene

I'm receiving Invalidity Benefit and deemed unable to work (and hence to earn). A year or so ago I investigated the possibility of getting a low cost loan for £1000 to cut some debt costs and was told that it wouldn't be possible in my name, only if I brought in my husband (who has an income) as the main person on the loan and first signatory. I shuffled some figures and decided I could do without anyway.

Last month I got waylaid on my way into Sainsbury's and signed up to a credit card (it was slightly accidental! - the bloke said he was taking my details in order to send me details of application - by the end I said 'you've actually signed me up haven't you' and he had). Naturally I was entirely honest about my own income - yet it made no difference. Card is in my sole name and I now have a £7000 loan at 0% for five months.

I think it's curious that in my situation one was a complete no and the other overly easy...

lola_rose_4

Well how do they check that you are in employment anyway. My employer certainley would not give out any information as to whether I work there at not. So how do they check.

System

Applied for 5.9% co-op loan as advertised on website. Forms came back at a higher rate (6.something%). Then there was a catalogue of incompetence over processing my proof of identity and address. None of this had anything to do with my creditworthiness. I was promised free CHAPPs paymet into my account by specific dates on 2 occasions. The money never arrived. After several phone calls, I finally established that documents had apparently not been recevied centrally even though I left them personally into a co-op branch weeks before and had been told they'd been faxed and sent through internal mail and a whole host of other things. By the time they got round to figuring all this out - the application period had expired and they asked me to fill out a new set of forms. I refused and told them I'd go elsewhere where I wouldn't experience this degree of incompetence.

FieryBlondeScot

jus been accepted on a virgin loan at 6.5% so 5.5grand over 48months works out total to rpay 6328, not bad at all and great customer service ;D

System

. >:(
I applied for a Cahoot fixed rate loan at 5.9%, and they offered me a loan at 6.7%.

So I tried Liverpool and Victoria, declined the "optional" insurance and they sent me the forms to sign
including the "optional " insurance. When I phoned their Customer service Dept to ask for ammended forms, I got an agressive guy demanding that I take it out !
Needless to say, I took my business elsewhere

System

Just checked the Virgin Money webpage for an online quote...what a scam...click on the loan calculator and it has some pre-configured sums on how much you will be paying back...when u click to accept the offer (which was £20,000 btw) the figures drastically change...I didn't change the amount and the APR remained the same.

What a CON !!!!

Originally it said £20,000 over 60 months - nased on typical APR of 6.5% APR
Repay - £389.58/Month
Total repaid - £23374.

Click on calculate again and the figures change...

Now it says I want to borrow £20,000 over 60 months based on typical APR of 6.5

Monthly repayments £459.02
Total repaid £27541.20

WHAT A BIG DIFFERENCE......VERY UNDERHAND IF YOU ASK ME !!!!!