Can you help me better my loan deal?

tightasagnats

I've been offered a £7500 loan with A&L over 5 years @ 8.9%.

Ideally I'd like £10,000 over 10 years, but was turned down by Northern Rock. I have no CCj's or credit prbs, but have a few credit cards.

Does anyone else offer loans over 10 years rather than 5?

Many thanks
T

GirlRacer_2

Nationwide do loans over 84 months. Don't know what the APR is though.

tightasagnats

Thanks will look into that

regularsaver1

usually the maximum term on unsecured loans is 7 years

jonesMUFCforever

I agree with Regularsaver1 and also you will not get the best rates on a seven year loan.

regularsaver1

in my bank ejones, the longer you have the loan the lower tha rate - becuase of course more interest will be paid lol

jonesMUFCforever

7 year loans are regarded as higher risk where I work - so someone with an A1 credit score would get say 6.9% for a loan over 5 years but might only get 9.5% over 7!

regularsaver1

7 year loan with us, may get with your example 6.9% and 5 years 9.5%

might different if existing current account customers. customers don't need to have a current account to have a loan though

do they where you work?

jonesMUFCforever

Yes to get best deals as we use internal credit scoring system to 'grade' best risk customers from poor risk. To do this obviously they need to have a current account with us.

regularsaver1

I mean do they only offer loans to existing customers?

an ex colleague of mine works for you

chani1

northern rock to 10 yrs and apr 6.5% i think...maybe worth a try. x