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My chances of being approved?

jayce777
jayce777 Posts: 16 Forumite
edited 5 July 2012 at 9:45AM in Loans
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Comments

  • redpete
    redpete Posts: 4,763 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    If the loan allows you to pay back early without onerous charges and you would pay the £5000 back straight away than that could make sense. If you spend or save the £5000 because you can and only pay back the stated monthly amount then it does not make sense to get a loan for 3 times the amount you need just to get a lower APR.
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • jayce777
    jayce777 Posts: 16 Forumite
    redpete wrote: »
    If the loan allows you to pay back early without onerous charges and you would pay the £5000 back straight away than that could make sense. If you spend or save the £5000 because you can and only pay back the stated monthly amount then it does not make sense to get a loan for 3 times the amount you need just to get a lower APR.

    Yes, I was told I can overpay and put the remaining money straight back in but have a better APR. Just wondering what my chances of approval are.
  • sharpy2010
    sharpy2010 Posts: 2,471 Forumite
    jayce777 wrote: »
    Yes, I was told I can overpay and put the remaining money straight back in but have a better APR. Just wondering what my chances of approval are.

    The only people who will know that are the loan company. A bunch of random people on a forum can surmise all we like, but we do not know their acceptance criteria.
  • DCFC79
    DCFC79 Posts: 40,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    sharpy2010 wrote: »
    The only people who will know that are the loan company. A bunch of random people on a forum can surmise all we like, but we do not know their acceptance criteria.

    Well said.
  • jayce777
    jayce777 Posts: 16 Forumite
    Choosing to go ahead with application so I'll find out soon enough. Thanks though.
  • Cash_Flow
    Cash_Flow Posts: 1,103 Forumite
    jayce777 wrote: »
    Choosing to go ahead with application so I'll find out soon enough. Thanks though.

    Good luck and please let us know the outcome.
This discussion has been closed.
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