Loan Transfer to lower %APR

max101

Hi,

I currently have and unsecured loan with the LLoyds TSB who i have my current account with, the loan is £11,000 over 7 years at £258/pm the rate is 24% which i think is very high. My question is should i look at transferring the loan to another with a lower APR, if so which one, my credit rating is good with Experian ?

I had thought about doing a balance transfer to my Virgin credit card for £6000, at 0% but they only allow this for new customers.

[Deleted User]

with a good credit rating you should get a 10k loan for well below 24%,my question is though why was it that high in the first place?

max101

I don't know why its so high and i don't know why i accepted it. My credit score is 895.

I have just tried to get a loan for £10,000 with Sainsbury's but was rejected. I not going to keep applying for a loan with other companies as this will ruin my credit score. Is there any way i can lower this apr??

CHR15

You are going to struggle with affordability.

You already have an £11k loan, and are now asking for a further £10k.

There is no way to prove you are going to clear your £11k debt off so you will have to have a large disposable income to persuade anyone to lend further.

Maybe it would be better to try face to face with Lloyds (or your own bank).