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Nationwide soft search 19.9%

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I have applied for £7,500 over 12 months using the Nationwide soft search and was told that the rate of 19.9% would be applicable if I wished to continue my application. I have proceeded, what are the likeliness of this being approved after getting to this stage? I have been advised if you are offered 24.9%+ then thats an automatic decline. I take home about £2000 a month. My credit profile is fair (810 score) which is because I have old accounts and recent searches (2months ago).

Any advice greatly appreciated
From rags to riches mission:

Halifax Credit card: £0/£165
Comet Card: £0/£205
Santander store card: £0/£254
Virgin Credit Card: £0/£2185
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Comments

  • Don't want to get my hopes up but seems promising?
    From rags to riches mission:

    Halifax Credit card: £0/£165
    Comet Card: £0/£205
    Santander store card: £0/£254
    Virgin Credit Card: £0/£2185
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    I would say you will be declined if they are offering you 19.9% for a damn loan, you should recieve the declined letter soon.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    If you can afford to save £700 a month, why don't you save up for it and save yourself paying £830 interest.

    19.9% apr is horrible.
  • Methinks you could have a fair chance of being approved, but as Apples says, is the loan so important to you that it's worth costing you another £830?
    “In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    Almost 20% APR? I would tell them to stick it where the sun don't shine.
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • The apr rate is not great I understand. It is just the convenience of being able to consolidate debts that I have had for far too long and paying them off whilst closing the subsequent accounts.

    Surely they would not of asked for direct debit details etc if they had no intention of giving me a loan?
    From rags to riches mission:

    Halifax Credit card: £0/£165
    Comet Card: £0/£205
    Santander store card: £0/£254
    Virgin Credit Card: £0/£2185
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    The apr rate is not great I understand. It is just the convenience of being able to consolidate debts that I have had for far too long and paying them off whilst closing the subsequent accounts.

    Surely they would not of asked for direct debit details etc if they had no intention of giving me a loan?

    Mate as soon as they spot your PDL's then it's game over.
  • Ok, why is that?
    From rags to riches mission:

    Halifax Credit card: £0/£165
    Comet Card: £0/£205
    Santander store card: £0/£254
    Virgin Credit Card: £0/£2185
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    Ok, why is that?

    Someone financially stable wouldn't take out a payday loan, where as someone who takes out PDL's are not financially stable leading the lender to see it as high risk.
  • Never known anyone not to get loan or any form of credit on the basis the applicant has had payday loans before. I thought if anything it shows the applicant has successfully paid them off without incident which would be a plus factor. I see the logic though and thank you for your incite.
    From rags to riches mission:

    Halifax Credit card: £0/£165
    Comet Card: £0/£205
    Santander store card: £0/£254
    Virgin Credit Card: £0/£2185
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