Advice on a loan for consolidation

poppasmurf_bewdley

Cash_Flow wrote: »

Where are your statistics to prove this?

This week I was approved for a Tesco Loan of £7500 @ 8% this loan is to pay off my Creation Loan.

On my application form for Tesco I was asked what the money for.

Also my existing debt and available credit are more than my annual salary even before you take into consideration the new Tesco loan.

I wasn't quoting statistics. It was my bank manager who told me "Banks don't like giving loans for consolidation purposes. That's why we always charge a larger APR than for other loans"

Is that good enough for you, as it was good enough for me!

Cash_Flow

poppasmurf_bewdley wrote: »

I wasn't quoting statistics. It was my bank manager who told me "Banks don't like giving loans for consolidation purposes. That's why we always charge a larger APR than for other loans"

Is that good enough for you, as it was good enough for me!

No it's not, I don't see what your bank manger decides to tell you has to do with the lending policies of other banks?

poppasmurf_bewdley

Cash_Flow wrote: »

No it's not, I don't see what your bank manger decides to tell you has to do with the lending policies of other banks?

Well that's all right then!:T

opinions4u

Consolidsation loans have a higher statistical risk of default as a whole.

But individuals with a high credit score can still be considered low risk and get the same interest rate as the cheapest marketed rate. It's just less likely to happen.

Cash_Flow

Cash_Flow wrote: »

Where are your statistics to prove this?

This week I was approved for a Tesco Loan of £7500 @ 8% this loan is to pay off my Creation Loan.

On my application form Tesco asked what the money for.

Also my existing debt combined with my available credit amounts to more than my annual salary even before you take into consideration the new Tesco loan.

Tesco have transferred the funds into my account today via FPI great service from them.