We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Loan Transfer to lower %APR

max101
max101 Posts: 29 Forumite
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.

Comments

  • 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
    max101 Posts: 29 Forumite
    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
    CHR15 Posts: 5,193 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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).
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.2K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.