Have I got a good deal? Loan advise?

BADPENNY_2

hi,

I have just applied for a loan with Santander for 10.9%, the advertised rate was 7.2% although I am aware that not many people get the rate that is advertised. My question is this, can I continue to apply for loans now that Santander have said yes and sent me the paperwork? or will i just be leaving big muddy footprints all over my credit file?. The frustating part is they don't tell you what the APR will be untill after they have accepted! Is 10.9% a good deal, it is a joint application with my partner and between us we have around 20k cc debt and 5k outstanding on another loan, we don't have any ccj's or anything like that and the loan is unsecured.Can i continue to shop around or am i better off sticking with this offer?

Gratefull for any advise!

BackOnTrack

These days people seem lucky to get a loan at all. The best intrest rates are usually for loans above 7k but the rate you have is reasonable and given how much credit you already have I would bite their hand off.

Tixy

How much did you apply for? 10.9% is a pretty decent rate.
Certainly wouldn't do a lot more applications though you still apply for another loan -although any new potential lender will see this last application on your file and not know whether you now have more new credit available that they cannot see on your report - so they may give you an even worse rate.

BADPENNY_2

Thanks for the replies, I forgot to mention that I applied for 10k.
Didn't know if it was worth shopping around to see if i could get it a bit lower than 10.9 but to honest my heart was in my mouth applying for this and honestly didn't think i would get accepted in the current climate so i guess i am pretty fortunate.

Thanks again.