What are my chances?

MQuinton

Hi all

About 3 months ago i got a 25k loan over 44months with lloydstsb. This was to consilidate some debts, i also did the same thing about 6months prior to that loan. Basically I was silly with my money when i was single.

However I now want to move out with my fiance and need a 25k loan over 10years so my monthly repayments are lower. As my current loan isn't very old and i've been refused a credit card recently what are my chances of being accepted for this loan? I don't want any more debt as such, just to replace the loan I have.

I am looking at northern rock and tescos.

I have had a tesco loan in the past and settled it. Would that make them more likely to lend to me again?

Regards

Mark

regularsaver1

Do they do loans for that term? - some loan providers do a maximum of 7 years, so you would need to check

remember the longer you have the loan, the more interest you will repay overall

MQuinton

Yeah both Northern Rock and Tesco's do 10 year loans. I'm not planning on having the loan for that duration if I can help it but i need the monthly re-payments to be low enough so I can move out.

Thanks

Mark

Xbigman

You might be better advised to grin and bear it for a few years. All this consolidating is not doing you any good. There are early settlement fees getting added into the mix each time you re-consolidate and by paying off the loan over ten year rather than four you will pay an awfull lot more interest. Reducing payments like this is ultimately more expensive.

If you are determined to go ahead speak to your current loan provider first as they may be willing to extend the term of the loan.
Regards



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