clueless!!

pluryhb

i need a loan for £1500 to repay over 5 years,the best one iv found is zoopla but i need to pay £130 just so i can have the loan? is there any other way to get a low interest loan without paying to actuly get the money. sorry im new to this :embarasse

iolanthe07

Never, ever, pay an upfront fee to get a loan. No decent lender or broker will ask for one. Read some of the posts here from people being misled by upfront fees.

~Beanie~

pluryhb wrote: »

i need a loan for £1500 to repay over 5 years,the best one iv found is zoopla but i need to pay £130 just so i can have the loan? is there any other way to get a low interest loan without paying to actuly get the money. sorry im new to this :embarasse

Why do you need it over so long? The repayments aren't even going to be £50 a month, is that all you can afford?

Also I doubt you will get a low interest loan for that amount, the rates get lower for higher amounts not small ones like £1500.

Do you work? Is your credit rating clear?

withabix

iolanthe07 wrote: »

Never, ever, pay an upfront fee to get a loan.

That rules out using Zopa then!

SnowTiger

pluryhb wrote: »

i need a loan for £1500 to repay over 5 years,the best one iv found is zoopla but i need to pay £130 just so i can have the loan? is there any other way to get a low interest loan without paying to actuly get the money. sorry im new to this :embarasse

Zoopla appears to be a property company. Did you mean Zopa instead?

dtsazza

iolanthe07 wrote: »

Never, ever, pay an upfront fee to get a loan. No decent lender or broker will ask for one. Read some of the posts here from people being misled by upfront fees.

That's true - usually the domain of those scam "loan search agencies".

In the case of Zopa it's a little different though; for one they seem to be generally reputable (I haven't heard any horror stories about them, at least). And in terms of the loan fee, it's added onto the amount to be repayed and is included in the APR.

OP: Because of the latter point, you should just forget about the fact that Zopa are helpful enough to reference their fee directly, and compare APRs. If Zopa offers you a three year loan at 6.5% plus their £130 fee, you'll pay back the same as if you took out a loan from another company at 7.26% with no fee, or even a company that gave you a 0% loan for a £1169 fee.

Since the fee is included in the amount repayable, rather than an actua, up-front fee, it's effectively interest. You should be looking at getting the loan that results in the least amount you need to pay back overall to the loan company - rather than the loan with the lowest fees, or best rate.

jamesd

Try the Barlcaycard pre-application check to see whether they think that they would offer you a card with a nice balance transfer or 0% for purchases deal. If not, Virgin or another MBNA card is a possibility that could still be cheaper than a personal loan for £1,500. The Virgin/MBNA cards let you do a balance transfer from your current account, which sends the money to the current account. Use another balance transfer when the first deal runs out if you haven't cleared the borrowing by then.

ashaput

iolanthe07 wrote: »

Never, ever, pay an upfront fee to get a loan. No decent lender or broker will ask for one. Read some of the posts here from people being misled by upfront fees.

I completely agree with this. You are in a situation with financial needs, I think it is no way for you to pay fee to get a loan. You may need to change your direction then.