Unsecured Loans

GOLFER

Looking for info on unsecured personal loans.

When applying is it best to acept the PPI as this gives you a better chance of being accepted. I would probably prefer not to take this as it adds quite a bit to the montly repayment.

Im looking to borrow about 20k over 7 years as this seems to be the max for repaying loans. I have a good creidt record but dont want to apply to too many companies before i get accepted so can someone advise me the best companies to got to where im likely to be accepted with reasonable APR's.

Does it make a difference if it is a consolidation loan?

many thanks

Xbigman

To answer your question directly, yes taking PPI seems to make some loan applications easier.

To answer you post indirectly. You are mad or desperate to take PPI sold with a loan, don't do it. If you actually want PPI then take out a separate policy for it.

You mention consolidation, presumably of other debts? Without wishing to cause offence can I ask you to have a good look through the debt free board before you consolidate. There you will see some of the other options available to you.
Regards



X

mrcow

Xbigman wrote:

Without wishing to cause offence can I ask you to have a good look through the debt free board before you consolidate.

Good sound advice.

If you have £20000 of debt that you are trying to consolidate, then it is worth taking a look at what/where this debt is and the possibilty of snowballing etc before you sign up to a long term and possible more inflexible loan.

Another issue that may need addressing is why this debt is there in the first place. £20000 is not chicken feed. If you've allowed that much debt to run up then you need to look at why this is happening and address the cause of it. Hiding the problem within a great big loan is not going to solve it!

Phoenix79_2

If it is to consolidate credit cards etc then when you have the loan, make sure you don't use your cards again!

albeblue

Hi this is my first post so please be gentle with me! :rotfl:

Martin has recommended the Abbey loan at 5.8% this is there internet rate, I called in at my local branch on Saturday to discuss a loan and the rate they offered was 5.3% (before any credit checks). I asked why the difference she stated that it was because you were intereacting with a human (I guess they didn't really know!). Anyway, I applied for a personal unsecured loan (although I have a house/mortgage) of £15,000 without loan protection spread over 5 years. My credit rating is very good but I did think that I was pushing it asking for the equivalent of a years salary, any how the result was that I got my loan, so I would suggest that if you want to apply for a loan, regardless of lender, if its possible visit their offices/branches and you may get a cheaper rate.

Good luck with your applications if you choose to apply.:p

mrcow

albeblue, so your payments should be about £284 per month?
Sounds like a good deal.

GOLFER

ABLEBLUE

Tell me when you went into the Abbey did you sign all your documents there and then or did they post them out after doing credit checks etc?

Do you have any accounts with them ie mortgage or savings etc.

look forward to thew info

cheers

golfer

albeblue

Sorry guys totally embarrased rate should read 6.8 not 5.8 6.3 not 5.3! really sorry.

I have a current account with the Abbey. No mortgate or anything else.

I had to go back to sign docs because I didn't have appropriate proof, although I've just received a copy of the loan offer today in the post stating that I didn't need proof of who I was (confused hmmm me too).

Anyway the APR is 6.3% the loan amount is £15,000 total I need to pay back is £17,452.20 this is over 5 years (60 months @ £290.87 per month).

If you take your proof of identity with you and sign all the docs and go through the nerve racking credit check (and pass) the money will be transferred into your account within 48 hours (if it's processed before 2.30pm).

I hope this answers your questions really sorry about the typo hope it didn't cause too much confusion!