Best Loan Application Strategy

DARK_WARRIOR

Hi all,

I'm thinking to apply for a loan soon and doing some research for the best loans out there and, of course best ''strategy'' to get it...
Need the loan to consolidate some old borrowings (2 credit cards, which 0% on bal. transf. expires in 6 months) plus planning to make some investment, which I'm pretty sure will beat the interest I'll be paying for the loan (interest presumably up to 10%), and will keep part of the loan as reserve in case loosing my job (which is likely more or less).
So, I'm thinking to apply for the max personal unsecured loan of around 15k, presuming I'll be paying 7-10% interest.
My credit score is rated ''good'', bringing home around 2,500-2,800 a month (self-employed, thats before tax), outgoings: 800-1000, plus 260 for another loan I took from santander last summer (half way paid, about 3,600 left). Got 0% balances transferred to 2 credit cards totalling 4,800, those expiring Oct and Nov this year, so I'll use part of the loan to pay and close them.
Recently (2-3 months now) paid of and closed another cr. card, also reduced the credit limit on my other cr, card (mentioned above) from 12k to 4k, releasing 8k ''virtual'' credit
I'm going to check my credit files tomorrow.

My main concerns are:
- Am I asking for too much money?
- Is it naive to apply for the best rated loans? And even if they dont give me the advertised interest, will it be cheaper, than lets say if apply for 10% straight away?
- If I apply for 2 or 3 loans at the same(same day, same hour) time and pick the best rate offered, will they notice that and refuse me on this basis? I guess this trick will ''damage'' my score long term, but this is not important now.

Thats it for now, I'll appreciate your thought/advices.
thank you

DARK_WARRIOR

...also, forgot to ask, I'm sure, I have seen somewhere a list of which credit products is offered by which bank/institution, but can not find it. If someone can point me in the right direction. As I have loan with Santander, cannot use a product by their group.
Have 2 cr, cards from Halifax and MBNA, so cant use anything related to them too I guess
My main bank is HSBC (since 2004), no credit facility with them (oh, just 1,500 overdraft on my Current Account, but never asked for it) at the moment, recently closed cr. card with them (had more over the years tho).
I think HSBC is my best chance (they never said ''no'' to anything I asked for), but very tempted by the lower rates advertised elsewhere... Would love to get the Sainsburys, Natwest or M&S advertised rates.
Very confused at the moment

dmg24

According to your figures you have approx £1,500 free each month - where is this money going?

DARK_WARRIOR

dmg24 wrote: »

According to your figures you have approx £1,500 free each month - where is this money going?

well, maybe I overlooked the outgoings a bit... lets say, I'm normally left with some 1000-1200 a month
investing about 600-800 of these, the rest, who knows... there is always something unexpected to spend on... van or car broken (I drive for living), insurances, MOTs, roadtax, penaltyes, etc... some of these cant be really predicted...
Plus, my job is pretty seasonal and expecting 3-4 ''dead'' months ahead, thats why I need some cash aside in case I need it (and I probably will)...
thanks

CLAPTON

how much are your total debts
how much do you have saved
how much do you have invested and are they readily cashable?
how much were your earning in the last tax year or audited period

DARK_WARRIOR

CLAPTON wrote: »

how much are your total debts
how much do you have saved
how much do you have invested and are they readily cashable?
how much were your earning in the last tax year or audited period

1.I mentioned that in the first post: 3,600 on loan (last payment July next year) + 4,800 on 2 credit cards (no interest paid until oct and nov this year) = 8,400 total debt, and this been cut a lot for past 12-18 months
2. Savings (I like to call them investments) of around 4,100
3. I have access to these, but will suffer loses if taken out now
4. I'm due to do accounts soon, but roughly estimate is 28-30k (went into the bank) before taxes and business expenses...
ta

DARK_WARRIOR

anyone, anything?... I thought, will find on here some competent ppl...

Apples2

I'm interested in where you are going to invest your money to get an over 10% return.
I'll do it without taking out a loan.

You are paying more interest on your current debt than you will lose by withdrawing your savings.

It is simply madness to take a loan out to cover your statement that you are likely to lose your job.

CLAPTON

DARK_WARRIOR wrote: »

1.I mentioned that in the first post: 3,600 on loan (last payment July next year) + 4,800 on 2 credit cards (no interest paid until oct and nov this year) = 8,400 total debt, and this been cut a lot for past 12-18 months
2. Savings (I like to call them investments) of around 4,100
3. I have access to these, but will suffer loses if taken out now
4. I'm due to do accounts soon, but roughly estimate is 28-30k (went into the bank) before taxes and business expenses...
ta

what is your profit (turnover excluding business expenses could just about mean anything)

if they are saving why would withdrawing entail loses?

DARK_WARRIOR

Ladies and Gentlemen,

I simply asked a few questions, just to see what different points of view or experiences I can gather for consideration before taking my final decision and act on it. Mentioned the extra info before the questions, just as introduction where I'm coming from.

I'm not here to disclose and discus my full financial situation, my budgeting habits or my investment plans! Monies are made from monies, more cash makes more cash, ok?!!

All I get is answering my questions with another annoying, non-related ones!
Thanks for your help, this thread now shall be closed or deleted!

dmg24

DARK_WARRIOR wrote: »

Ladies and Gentlemen,

I simply asked a few questions, just to see what different points of view or experiences I can gather for consideration before taking my final decision and act on it. Mentioned the extra info before the questions, just as introduction where I'm coming from.

I'm not here to disclose and discus my full financial situation, my budgeting habits or my investment plans! Monies are made from monies, more cash makes more cash, ok?!!

All I get is answering my questions with another annoying, non-related ones!
Thanks for your help, this thread now shall be closed or deleted!

How do you expect people to advise when they don't know your situation? We can all give you answers, but we can't give you informed answers with more information.