Choosing between 2 loans. Does it make a difference?

normdeplume

Hi all

Last year I took out a loan at 8% with my bank. Owing to circumstances I now need to borrow a little more (3k). The bank are saying I'd have to apply for a new loan that would include the new amount.

But if I were to apply for the 3k from Masterloan, would the fact that I have a loan with my current bank impact on the rate offered by Masterloan, so rather than 5% advertised, it might be nearer to the 8% offered by my bank?

Does that make any sense?! If so, what do you think might happen? I'm basically trying to work out which would be the cheaper source for a loan without actually applying for one.

Thanks for any help you can give.

ndp

h4nym

You can always ask Masterloan for a quotation only - that won't register the check. Also, if the application with the bank was more than 6 months ago, it's very unlikely that that check will count against you - especially if it's a repayment loan (rather than, say, an overdraft which you can borrow back) and you've kept the payments up consistently - actually no - perfectly!

hth
H

normdeplume

I've been turned down by the bank, sadly. I wonder if it's worth asking for a quote now.