We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Loan Advice needed please
Options
Hi,
I was looking to buy a new (ish) car and consolidate small debt in one loan.
I applied for a 8k loan with Santander as they came up with the cheapest rates, it was accepted, but when my application came through they quoted 14.8% APR!
I obviously declined the offer.
I have since had a promotion at work so decided to look at getting something newer that would last me longer.
I applied with my bank (Natwest) today for a 10k loan and it was rejected instantly?
My credit report all looks fine, no defaults, and a score of 871 (meaningless i know)
I have just one missed payment a year ago with Barclaycard (only because they messed up, another story).
I have a Natwest platinum card with 1200 left on it from a balance transfer which I was going to pay off with the loan. A Barclay card with £0 on it and an overdraft of £2k which I never go into.
I earn £36k a year and manage my finances quite well?
Any ideas?
I was looking to buy a new (ish) car and consolidate small debt in one loan.
I applied for a 8k loan with Santander as they came up with the cheapest rates, it was accepted, but when my application came through they quoted 14.8% APR!
I obviously declined the offer.
I have since had a promotion at work so decided to look at getting something newer that would last me longer.
I applied with my bank (Natwest) today for a 10k loan and it was rejected instantly?
My credit report all looks fine, no defaults, and a score of 871 (meaningless i know)
I have just one missed payment a year ago with Barclaycard (only because they messed up, another story).
I have a Natwest platinum card with 1200 left on it from a balance transfer which I was going to pay off with the loan. A Barclay card with £0 on it and an overdraft of £2k which I never go into.
I earn £36k a year and manage my finances quite well?
Any ideas?
0
Comments
-
Hi,
I was looking to buy a new (ish) car and consolidate small debt in one loan.
I applied for a 8k loan with Santander as they came up with the cheapest rates, it was accepted, but when my application came through they quoted 14.8% APR!
I obviously declined the offer.
I have since had a promotion at work so decided to look at getting something newer that would last me longer.
I applied with my bank (Natwest) today for a 10k loan and it was rejected instantly?
My credit report all looks fine, no defaults, and a score of 871 (meaningless i know)
I have just one missed payment a year ago with Barclaycard (only because they messed up, another story).
I have a Natwest platinum card with 1200 left on it from a balance transfer which I was going to pay off with the loan. A Barclay card with £0 on it and an overdraft of £2k which I never go into.
I earn £36k a year and manage my finances quite well?
Any ideas?
You simply don't meet their lending criteria. It could also be down to multiple credit searhes, how many applications have you made in the last 6 months?
14.8 is not the worst, rates up to about 12 are only given to those with spotless credit files, and as you have stated, you have a missed payment. You could try Zopa to see if you ould get a slightly lower rate, but IMO it will be similar and will conduct another credit scrore on you.Best Regards
zppp0 -
You simply don't meet their lending criteria. It could also be down to multiple credit searhes, how many applications have you made in the last 6 months?
14.8 is not the worst, rates up to about 12 are only given to those with spotless credit files, and as you have stated, you have a missed payment. You could try Zopa to see if you ould get a slightly lower rate, but IMO it will be similar and will conduct another credit scrore on you.Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
Ah ok, maybe I was being too hopeful of a decent rate!
I have only ever had one other loan and that was 10 years ago so i'm not too up to date with how it works to be honest!
I have had about 4 searches in the last 6 months so maybe that has gone against me aswell.
Maybe I should of accepted santander after all!
Thanks for the replies.0 -
You may want to ask Santander if it is still valid, as they may have saved the details for you - may not conduct a new credit search.Best Regards
zppp0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards