Should i try for a better rate?

dacdesigns

Hi, I have applied for a £3,000 loan and been excepted but will need to pay £4,500 back over 3 years. I have told them I am not totally sold due to the high APR and will have to think about it first, they are sending the agreement out for me to sign and return if I want the loan but would I be better off trying somewhere else? Am I right in thinking that this loan is final and if I do more applications I won't loose this one?

Cheers

[Deleted User]

whats the apr?for £3k if it less than 20% then it maybe as good as it gets,only loans for £7.5K attract decent rates now and even then not for everyone

paddyrg

What *is* the APR?

dacdesigns

Sorry 32.9% APR

KingElvis

dacdesigns wrote: »

Sorry 32.9% APR

Unless you have no credit or "bad credit" then you could almost certainly do better that that extortionate rate.

iolanthe07

Hi, I have applied for a £3,000 loan and been excepted

I would definitely 'except' that rate and not accept it.

paddyrg

You can probably do better than 32.9% via a credit card or even overdraft. Talk to your bank :-)

dacdesigns

paddyrg wrote: »

You can probably do better than 32.9% via a credit card or even overdraft. Talk to your bank :-)

Not long since I paid off my £2,500 overdraft and was told that I wouldn't be able to get it back any time soon.

I have a barclaycard credit card with £2,000 owed on it and tried to raise it to £4,000 but got declined. I tried Nationwide last night and got declined so looks like I have no option but to take the rate given :mad:

I was expecting a higher rate than normal but not 32.9%, for the record I have never missed a payment on anything but have been on the edge with my overdraft and credit card.

paddyrg

Aaah - so you have been rejected for an OD or stretched CC lending. Frankly then 32.9% sounds like as good a deal as you'll get.

I would, however, urge you not to do it. The bank thinks you're struggling if they won't renew your overdraft/cards - maybe you are, maybe you aren't, but taking on an extra £4500 credit really may be a stretch? If you can do without it in any way, do without.

somethingcorporate

Perhaps you should consider what is causing you to spend more than you earn. You are at the top of a slippery slope and more debt is very rarely the answer.

The rate you have been offered added to your recent declines should tell you how much of a credit risk you are perceived to be.

dacdesigns

I wouldn't say I am struggling money wise it's just I have a problem saving or paying large amounts off my card if I don't really need to. On the other hand when I have a set amount like a loan/finance taken from my bank I don't have a problem paying, if that makes sense?

I don't have loads of out goings as I live with my parents so have been used to spending money on daft things that I don't really need, however this has now got to stop and I need to get myself sorted but need a half decent car :mad:

I have made my mind up, I think I will leave the loan and try save :rotfl: