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Advise need on loan interest
Cosmicchick
Posts: 1 Newbie
in Loans
I took out a loan with my bank after they suggested I consolidate my debts 17 months ago. The APR on the loan is 21.1%. I am a contractor and am about to be laid off from my job and will find it difficult to make the repayments. Is it possible to negotiate with my bank for a lower interest rate or do I need to get a loan from somewhere else which offer better interest rates?
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Comments
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I suspect you will struggle to get a loan elsewhere if you are being made redundant, you would have to declare this on a loan application.Cosmicchick wrote: »I took out a loan with my bank after they suggested I consolidate my debts 17 months ago. The APR on the loan is 21.1%. I am a contractor and am about to be laid off from my job and will find it difficult to make the repayments. Is it possible to negotiate with my bank for a lower interest rate or do I need to get a loan from somewhere else which offer better interest rates?
"We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0
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