High Interest Bank Loan

Butterfly

Hiya, I'd like to save myself some money and get a lower interest loan.

I currently have one loan with Lloyds TSB with a rate of of 17.9% (yes, ouch!).

My problem is that my bank were the only ones who'd lend me money as I have only ever borrowed from them and no other lenders, so it looks like I have a non-existent credit history on my reports.

I don't want to get a Capital One card to build up my credit history, until I have paid off this one loan...due to it being a slippery slope that I don't want to step on at the moment!

I am currently on the electoral roll for my last two rental properties over the last couple of years...but that's the only info that would appear on my credit report at the moment.

Am I just dreaming - could I actually get a lower interest loan from somewhere else? If so, can anyone recommend a lender that is lenient towards people like myself, where I may be able to get an interest lower than 17.9%? Or is my best bet to stick with this loan as I am happily paying it off and it's reducing to clear ok? I just thought it would be nice to save some dosh.....

Any advice would be greatly appreciated.

* Butterfly *

Jessiepig

Hi Have you actually tried anywhere else for a lower interest rate loan and been refused. It might be worth opening a Building society account to spread ou your credit rating

southernscouser

Have you asked Lloyds to offer you a more competitive rate? If they think you might be leaving them they may well offer you a lower rate. Just make it clear you aware it's not at all comeptitive and you aren't very happy as you are a loyal customer! The worst they can say is no!

Jessiepig

They have just given me a crap life of balance rate despite being with them for over 25 years. And they would not budge.

tawnyowls

If you've already got one loan and haven't defaulted on any payments, you might have a good enough history to try for another bank now.