Advice on top-up loan from Santander

savetospend

I received a letter from Santander as a current loan customer - offering a top up loan or second loan on 8.9% apr.

Based on the apr over 60 months for £7500, the monthly amounts look extremely appealing £154.08 and I could consolidate all my debts leaving this new loan.

Just a bit of advice regaring credit history as it is a top up loan and my reasons for getting the loan would be for consolidation. Last time I checked, a few weeks ago, my credit rating was 'poor', due (I think) to the number of searches I have had in the past few months. Just to see if anyone could advise me on whether they will do a new search and my chances of getting the loan.

Thanks

Simon11

Well do the maths, to find out what you're paying now, and what you'd be paying with the loan now.

Give us more details of your Loans and APR

However think about the reasons behind Santander offering a top up loan-They want to make more money from you!!!

savetospend

I had done the sums and they were much more affordable but called up anyway and got rejected! And another search on my credit file to the boot but hey ho - just need to lump it.

Thanks for your help