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loan v protected rights pension
hell
I will shortly be recieving a protected rights pension worth about £32,000. paid to me about £450- £600 monthly.
As I would rather have a lump sum, I approached my bank, Royal Bank Of Scotland for a loan. I have been turned down by other low rate loan companys for credit reasons.(rates as low as 6.5%) My bank is willing to give me 7.9% over 7 years for £21,000 .
Is this a good idea do you think?
Also, I have been told by the bank rep. that their "loan sale" ends tomorrow, Friday, after which the A.P.R. will be higher? therefore I must decied tomorrow.Is this correct?
Any better ideas to get a lump sum? Must be simple as I am simple.
Thanking you in anticipation
Ellen
I will shortly be recieving a protected rights pension worth about £32,000. paid to me about £450- £600 monthly.
As I would rather have a lump sum, I approached my bank, Royal Bank Of Scotland for a loan. I have been turned down by other low rate loan companys for credit reasons.(rates as low as 6.5%) My bank is willing to give me 7.9% over 7 years for £21,000 .
Is this a good idea do you think?
Also, I have been told by the bank rep. that their "loan sale" ends tomorrow, Friday, after which the A.P.R. will be higher? therefore I must decied tomorrow.Is this correct?
Any better ideas to get a lump sum? Must be simple as I am simple.
Thanking you in anticipation
Ellen
0
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