My chances of being approved?

jayce777

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redpete

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.

jayce777

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

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

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

Choosing to go ahead with application so I'll find out soon enough. Thanks though.

Cash_Flow

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.