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MSE News: Loan rates hit two-and-a-half-year low

in Loans
2 replies 1.5K views
This is the discussion thread for the following MSE News Story:

"M&S Money today launched the market's first sub-7% loan since 2008 though many applicants won't qualify for it ..."


  • edited 25 February 2011 at 2:06PM
    plumber2009plumber2009 Forumite
    304 Posts
    edited 25 February 2011 at 2:06PM
    Why dont the banks just offer a 3 tier system based on credit score. E.G

    Excellent credit rating gives the advertised rate. In this case 6.9%
    Good credit rating add 3%. In this case 9.9%
    Poor credit rating add a further 5%. in this case 14.9%

    This could apply to all loans above £5,000

    This would be a fair price for risk scenario for both borrower and lender and payments would be afforable for borrowers.

    Lenders could adverties the 3 tier system so that customers would know what rate they would get should they qualify for a loan.
  • PeelerfartPeelerfart Forumite
    2.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    You know what plumber some people on here would get slightly aroused if they though for one moment they could get a loan at 14.9%.

    I think you need to add another rating "abysmal credit rating add a further 15%", and they'd still form an orderly line.
    Space available for rent
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