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

Former_MSE_Guy Former MSE Posts: 1,650
I've been Money Tipped! Newshound! Chutzpah Haggler
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 ..."


  • plumber2009
    plumber2009 Forumite Posts: 304 Forumite
    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.
  • Peelerfart
    Peelerfart Forumite Posts: 2,177
    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
This discussion has been closed.
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