Applied and accepted for a loan - should i apply for another?

tinymcfc

Hello

Hopefully someone can shed some light on this. I've recently applied for a Tesco loan for £15k and accepted at 8.4% as advertised. I've now realised (and I thought I researched it!) M&S do £15k for an advertised 6.9%. My questions is, can I, should I apply for the M&S after already been accepted for the Tesco one?

Thanks.

paddyrg

I doubt you'll get it. They'll see you're already £15k in debt, and be concerned why you need £30k unsecured credit.

Tupperware_Queen

you would probably not get it at that rate anyway

tinymcfc

So the fact that I've been accepted today will already show? I'm yet to sign anything or even receive anything in the post, I just spoke to an advisor today who confirmed that I had been accepted, went through the numbers with me and advised the details will be sent on monday.

MFWannabe

They will have searched credit agencies and it will show up to anyone who then does a seach (i.e M&S)
I would say you've got a very good rate from Tesco and if i were you i would be happy with that. All rates are 'from' rates so even if you applied for another loan it doesn't necessarily mean you will be offered the promoted rate

Better_Off_1983

I would not recommend it because you may get declined for the other loan because it will look like you are over-commiting. But you could try and apply for the second loan and if you get it, there should be a cooling off period- cancel it and go for the cheaper loan.

I do agree with a previous poster, you may not get it at the cheap rate with everything going on in the recession and if you have flaws on your credit file.

beanys

You have 14 days from the day they accepted you to cancell the loan:T

paddyrg

But be smart about this - if you cancel Tesco's loan, they may not offer it again if the M&S one is a higher rate and you change your mind again... You have a very good rate in my humble opinion.