How do you get low APR ?

Gerrymouse

Before I understood how applying for loans all over the place affects your credit rating (I now know not to !!!!) many of the loans I applied for had advertised their interest APR as low as 6.9%. Obviously I understand this is to tempt people into applying but can anyone really get loans for that APR? My credit rating wasn't great but I have spent the last 8 months turning it around and now my credit rating according to Experian is excellent etc

If I applied to one or two places now, would I as an "excellent creditor" get 6.9% APR ?

What type of consumer would get this APR ?

I don't want to take out a loan unless I get this APR and don't want to apply unless I am with a good chance of securing a 6.9% APR

(I am not a home owner so looking for an unsecured loan of £25,000)

Any advice???

Many thanks for your time

thesaint

By law they have to offer this rate to 66% of the people that apply or are accepted, I forget which one. There is no guarantee that you will be one of them.

An unsecured loan of 25k is going to be a high ask, if you are looking for that amount, you will be extremely lucky, and would be silly to turn it down because of the interest rate.

Gerrymouse

Thanks for that, was afraid that might be the response (i.e. lucky to get at any %) but many thanks for taking the time to advise me, its much appreciated . So annoying because I can currently afford to pay exhorbitant interest rates on credit cards etc so I could easily afford repayments on a 5 year loan, have a very very good stable home/work history etc ...... oh well

tommy_a

I agree with the saint, asking for that amount at 6.9% apr and not being a homeowner will be highly unlikely. The type of consumer who would get this type of loan would be somebody who only wants it for a short term, someone who does not have many outgoings and their income is about the same as this amount. If someone does get the loan then chances are they would have to take the PPI with it and the monthly payments being paid back would be very high and they would be tied down for a very long time.

chani1

i work for loan comp and as thesaint explained it is 66% or over of accepted cust who receive that rate otherwise it is deemed as false advertising. What is loan for? ans there any other way out as £25k is a huge amount of debt to take on???

chani1

i work for loan comp and as thesaint explained it is 66% or over of accepted cust who receive that rate otherwise it is deemed as false advertising. What is loan for? ans there any other way out as £25k is a huge amount of debt to take on???

chani1

i work for loan comp and as thesaint explained it is 66% or over of accepted cust who receive that rate otherwise it is deemed as false advertising. What is loan for? ans there any other way out as £25k is a huge amount of debt to take on???