Loans APR

joewa

Hii applied for a loan with Santander as the rate was 7.3 % to consolidate debt. Reason for applying to then was due to the low interst rate.The agreement has came through today with an APR of 11 %, i am well aware that the APR can be variable.
I have a very good credit rating /history etc.IS 11.1 % a decent enough rate etc

opinions4u

Moat personal loan rates are well above 10%, so assuming it's lower than you are paying at the moment and you won't suffer significant early settlement penalties, I'd say the offered rate is half decent.

Although do you really want to trade with Santander?

joewa

I know theres probs wit them but it was the cheapest rate at 7.3

[Deleted User]

joewa wrote: »

Hii applied for a loan with Santander as the rate was 7.3 % to consolidate debt. Reason for applying to then was due to the low interst rate.The agreement has came through today with an APR of 11 %, i am well aware that the APR can be variable.
I have a very good credit rating /history etc.IS 11.1 % a decent enough rate etc

how much was it for?if below £7,500 then yes its as good as you might get,sometimes works out cheaper to borrow £7.5k if you wanted something near that amount?

joewa

hi,it was for 8k

joewa

what do you think,so i accept it

joewa

Please can someone tell me what to do LOL

ironlady2022

Do yo bank with Santander? If so and they have your credit history and willing to give you a loan at 11.1% then you will not find it cheaper elsewhere.

joewa

Nah, i bank with HBOS

CHR15

Is the 11.1% apr loan going to mean a saving over your current debts?

If it is to consolidate, are you quite sure you have properly understood why you are spending more than you are earning?
If you haven't, then those debts you are trying to consolidate will simply climb back up again

joewa

hi, im still wondering whether to accept this loan.The other thing i was thinking of was getting a further advance on my motgage which would be chaeper.What do you think