Looking for 25K loan at best rate.

Numptie

I am looking to borrow 25K to help towards the cost of a home extension which begins work on Monday. I have read through the advice on this site and would like to go for an unsecured loan and standalone PPI.
I have only ever had one loan over ten years for 3k which was payed back without any problem. I earn 23K a year which is the money we live on, my wifes wages (£600 a month ) will be used to pay back the loan, hopefully around £400-£450 a month if I get the best rate of intrest. I own my own home and have been in continuous employment since I left school about 27 years ago. So hopefully my credit history should be spot on.
Has anyone actually got a loan with the 5.6% advertised by Moneyback or Direct Line? I read some negative feedback on this site about Moneyback and the sales person pushing their own PPI policy, when this was refused the rate they quoted went up.:mad: I would just like to avoid leaving a footprint with a lender and go firstly to one who will give me a loan at the avertised rate with my own standalone PPI.
Any feadback would be appreciated. I have been debt free for a number of years now and it just seems a bit scary borrowing money again.

Cheers:beer:

jonesMUFCforever

Can you telephone these people and ask what the situation regarding PPI is?
If they say that if you do not take their own PPI then the interest rate will be higher then you can walk away without a footprint on your credit history.
I also think this to be illegal as PPI has to be voluntary unless written into the terms and conditions of the application.
This is purely to do with commission. I know that someone 'selling' a £25k loan with protection will get mega bucks!

Numptie

Anyone got any other recomendations as to which lenders to try or who to avoid?

mrcow

You can cross Northern Rock off your list if you don't want to be messed around with PPI!

In terms of who to recommend, I'm just unsure on a lender who is going to be prepared to lend you £25k unsecured on your salary. Who do you bank with? And who is your mortgage with? It may be worth looking into what rates they offer first, as you have history with them.

Numptie

Dont have a mortgage, own my home outright so repayment will be affordable. I,ll just have to suck it and see.

Cheers

mrcow

I agree, you're just going to have to apply and see what happens.

It wasn't your ability to repay the loan that I was querying, just the amount you wish to borrow vs your salary. I don't know if you'll get the full amount you need, it's down to the lender.

I've had both Cahoot and Egg loans and they've not forced the PPI issue (I personally think that they are both fairly easy to do business with too, although Cahoot will want you to send ID off to them before they'll set up a/cs). I've also used Black Horse (LTSB) and they were fine too, although it was years ago and I think that their rates weren't as competitive as I could have got elsewhere.