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Advice from my experience
MrSomebody
Posts: 1 Newbie
in Loans
Hi all,
Ive used this forum/site for ages and never really posted anything. But hopefully my first contribution may be something worthwhile to others.
Basically I was after a personal loan for a car and some household improvements. I wanted £10,000 over a 5 year period.
I am a homeowner, although when I started looking to getting the loan had only had the house for 11 months.
Looking online, Sainsburys and M&S had great deals (6.9% APR rep). So applied to Sainsburys. Instant rejection. Sent a letter asking for more info, they gave none. I got my usual £2 reports to make sure nothing was bad on them, nothing was, so just accepted it. I had always though my credit would score highly - but according to folk I have spoke to, the fact ive only had the house for 11 months may really put folk off.
Waited a month, and then applied to M&S. Hurrah! Accepted........
At 13.9% APR.
At first I was furious - but what can you do, thats what they offered - so I just ignored the offer.
You always get told about the fact your own bank can usually give great offers - well I tried getting one from my own bank. I did their online form (which you do when logged in), and it offered 15% So no luck there either.
Until of course, a friend told me to go into the branch and request a meeting - I had nothing to loose.
Now - I thought nowadays things were all centralized etc, so it would just be the same offer. How wrong I was. Instantly, when in branch, I was offered 9.9%. I had budgeted so that 9.9% was very comfortable, so this was fantastic.
But I was in quite a 'cheeky' mood, and asked if they could try quoting me for £9K instead. Instantly the rate became 7.8%!
Then came the shock. I asked to be quoted for an amount of £9999.99.
7.8%
I grabbed it and ran! :j
Sorry if that was long/rambling, but just thought it very interesting - as on the loans pages/guides it mentions asking for more may be cheaper, but in my case, a _single penny_ less took off more than 2% APR.
So in case some folk may have dismissed the idea of going into a branch and asking for a meeting to discuss terms, like I had, you may be missing out! Give it a shot.
Ive used this forum/site for ages and never really posted anything. But hopefully my first contribution may be something worthwhile to others.
Basically I was after a personal loan for a car and some household improvements. I wanted £10,000 over a 5 year period.
I am a homeowner, although when I started looking to getting the loan had only had the house for 11 months.
Looking online, Sainsburys and M&S had great deals (6.9% APR rep). So applied to Sainsburys. Instant rejection. Sent a letter asking for more info, they gave none. I got my usual £2 reports to make sure nothing was bad on them, nothing was, so just accepted it. I had always though my credit would score highly - but according to folk I have spoke to, the fact ive only had the house for 11 months may really put folk off.
Waited a month, and then applied to M&S. Hurrah! Accepted........
At 13.9% APR.
At first I was furious - but what can you do, thats what they offered - so I just ignored the offer.
You always get told about the fact your own bank can usually give great offers - well I tried getting one from my own bank. I did their online form (which you do when logged in), and it offered 15% So no luck there either.
Until of course, a friend told me to go into the branch and request a meeting - I had nothing to loose.
Now - I thought nowadays things were all centralized etc, so it would just be the same offer. How wrong I was. Instantly, when in branch, I was offered 9.9%. I had budgeted so that 9.9% was very comfortable, so this was fantastic.
But I was in quite a 'cheeky' mood, and asked if they could try quoting me for £9K instead. Instantly the rate became 7.8%!
Then came the shock. I asked to be quoted for an amount of £9999.99.
7.8%
I grabbed it and ran! :j
Sorry if that was long/rambling, but just thought it very interesting - as on the loans pages/guides it mentions asking for more may be cheaper, but in my case, a _single penny_ less took off more than 2% APR.
So in case some folk may have dismissed the idea of going into a branch and asking for a meeting to discuss terms, like I had, you may be missing out! Give it a shot.
0
Comments
-
Good for you and spend it wisely:D
and thanks for sharing your experiance.make the most of it, we are only here for the weekend.
and we will never, ever return.0
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