Getting a loan without PPI

hackyd

Hi

I have just been turned down for a loan with Alliance and Leicester for £15k over 5 years. I did not choose the insurance and believe this could be the reason for the refusal as they have sent me letters before telling me I could borrow this much.

Does anyone know which companies will lend this amount without insurance. I have done a quick check with equifax and my credit rating is good.

Thanks in advance

mrcow

Be careful as it may not be why you've been rejected and the refusal will show as a search to other lenders.

Egg aren't bad with the whole PPI thing. You can even take it out and then cancel it at any time with them if you think it will serve you better?

I'd be inclined to contact A&L and ask them about the refusal. It could be something as simple as they weren't happy with the total loan amount? or even something simple on your application that got it refused. You could even ask about their PPI, as with all of these products, you have a cooling off period in which to cancel?

Be careful before submitting other applications in as a couple of refusals in a row could forfeit your chances of getting a recent rate.

regularsaver1

Have you thought it might be affordability rather than credit score?

insurance should not affect your credit score