Unsecured loan for £25k?

Idiophreak

RobertoMoir wrote: »

No such thing as a "debt consolidation loan". You can get a loan and use it to consolidate your debts but there is no way to guarantee that is what will happen and in fact you don't have to look far on these forums to find plenty of cases where people get a consolidation loan in good faith then have a brain fart and run up their credit cards, etc again on top of the loan.

Therefore any sane lender who hasn't consumed the entire contents of a case of brandy before starting work that morning will tend to consider the risk as the new debt plus the current one.

Hmm, perhaps the OP would be better served to get 3 or 4 smaller loans, instead then? Get an 8k loan, transfer over. Wait a couple of months, get another loan...Long winded, but would stand a better chance of getting the job done in the end?

RobertoMoir

Idiophreak wrote: »

Hmm, perhaps the OP would be better served to get 3 or 4 smaller loans, instead then? Get an 8k loan, transfer over. Wait a couple of months, get another loan...Long winded, but would stand a better chance of getting the job done in the end?

Even without going that far, using a loan with a very low APR to pay off one with a much higher APR certainly wouldn't be a bad idea if the numbers all add up.

imalrightjack

Does it not get harder to get loans if you have multiple? Sorry, never tried anything like that before! Thanks for the ideas!

Idiophreak

imalrightjack wrote: »

Does it not get harder to get loans if you have multiple? Sorry, never tried anything like that before! Thanks for the ideas!

Yeah, for two reasons: 1) each search on your credit file (for applications) will leave a footprint. The more footprints, the lower your chances of getting credit.
2) they will find out how much you're borrowing - so they'll see every loan you've got each time you apply. The more you owe, the less they'll lend.

imalrightjack

Idiophreak wrote: »

Yeah, for two reasons: 1) each search on your credit file (for applications) will leave a footprint. The more footprints, the lower your chances of getting credit.
2) they will find out how much you're borrowing - so they'll see every loan you've got each time you apply. The more you owe, the less they'll lend.

So it's presumably a non-starter!

Idiophreak

imalrightjack wrote: »

So it's presumably a non-starter!

Not necessarily - as if you're just trading CCs for loans, the total amount of money borrowed won't be increasing...Just need to stagger the applications a bit to limit the number of footprints...

imalrightjack

Ah, cool - let's see if I can get a loan first.

One_Day_Rodney

I believe Tesco do unsecured loans for £25k over 7yrs.

Just bashed figures into their site and it came up with.....

Your monthly repayments would be £389.49
For a £25000 loan repayable over 7 years and 0 months with a 8.3% APR
The total amount repayable is £32717
For indicative purposes only. Rates depend on circumstances and loan amount. Subject to eligibility. The actual rate we offer may be higher depending on our assessment of your personal circumstances and financial behaviour. Early settlement fees will apply.


Above example is for illustrative purposes only.

May give you a bit more idea, but like others have said, it will depend on their credit rating/risk analysis of you.

50quidonRED

wonga dot com

alicecookson

sainsburys arent worth it