Got accepted for a halifax loan but...

Alice87_2

Hello, Myself and husband applied for a halifax loan online 2 days ago and then a few hours later had an email advising that we had been accepted for this. We have a few credit cards and overdrafts that we wants to clear and these mount up to £6100 and the interest is so high at £700 a year all together we knew we would be better off with a loan.
My husband phoned and spoke to a woman who was helpful and said she could offer us 13% loan for 4.5 years so we said we would have a think about this over night and then phone up in the morning.

So we thought about it and decided that was the best thing to do. So this morning my husband phones up and gets a man on the phone who then asked what we wanted the loan for so we advised what it was for and he wanted every little pound that we were spending it on unlike the woman yesterday??
when applying for the loan it said you can borrow from £7000 so we decided to go for that and we knew we would be left over with £900 but the man on the phone wanted to know what we would do with this left over money, very very questioning! So he then went on saying that he can offer us a loan for £6100 at 25% which was a complete jump up from the original 13% so my husband said no I wanted the original amount and after a while on hold it was back to the 13% again!!
Why all this hassle for a loan? I dont know if this is normal as we are new to this and just want this money to settle our det and then move on happy and det free.
Will it be smooth sailing from here? Thanks, Alice.

[Deleted User]

They're concerned you'll just blow the 7k on top of your other debts. Banks aren't as reckless as they used to be.

paulmcerlean

Loans are hard to come by these days and banks are very cautious, thats all.

geoffky

Because people are up to their eyes in debt and think banks will bail them out with a new loan when nowadays they are more likely to tell to to go to hell..i think you have been lucky as a lot of people are getting told its payback time..