Best place to apply for an unsecured loan?

ruintooeasy

Hello,

I am looking to take out a smallish loan of around £3k. my credit rating is ok - no defaults or CCJs. one credit card that is close to its limit but the payments are made each month, one mobile phone contract that is always paid on time.

I plan on using the loan to buy a car and pay off my credit card. Should my starting point be my bank? Or a supermarket? or somewhere else?

Thanks

keeleyjadex

I got a really good deal with Sainsburys. I was 21 at the time and wanted to put the majority towards a new car and the rest to consolidate an old loan. A lot of places require you to be 22 to take out a loan to consolidate another so I was !!!!!!ed! Sainsburys had no problems with me doing it though - I wanted to be honest about what I was doing. Loan has now been running over a year with just over a year left and I've had no problems at all

ruintooeasy

keeleyjadex wrote: »

I got a really good deal with Sainsburys. I was 21 at the time and wanted to put the majority towards a new car and the rest to consolidate an old loan. A lot of places require you to be 22 to take out a loan to consolidate another so I was !!!!!!ed! Sainsburys had no problems with me doing it though - I wanted to be honest about what I was doing. Loan has now been running over a year with just over a year left and I've had no problems at all

thanks. i'm 30 so my age shouldn't be a problem. i will check out sainsburys rates.

R_P_W

It will depend how much credit you already have (so what credit u have access to on your card) and what you earn.

For example if you earn £10k a year and already have 5k on a card then you probably wont be able to borrow any more on top.

Go on moneysupermarket or go compare and look at the rates on offer (although depending on circumstances the rate they offer you will probably be higher than advertised).

ruintooeasy

my replies aren't posting!

i have one card with a limit of £1500 - as said this is pretty much to the limit but is paid on time each month. i earn a fairly good salary.

i have been on moneysupermarket.com and they have suggested a couple of 10% loans, one of which is zopa. i have been on the zopa site but that says they don't lend to people with 'loads of maxxed out credit cards'. i have one so am unsure what to do!

irishcol

ruintooeasy wrote: »

my replies aren't posting!

i have one card with a limit of £1500 - as said this is pretty much to the limit but is paid on time each month. i earn a fairly good salary.

i have been on moneysupermarket.com and they have suggested a couple of 10% loans, one of which is zopa. i have been on the zopa site but that says they don't lend to people with 'loads of maxxed out credit cards'. i have one so am unsure what to do!

Is one = loads in your world?!

If you're confident that you can demonstrate that you can meet the repayments, then go ahead and apply to zopa or one of the other recommended companies, but don't be surprised if you're rejected or offered a higher rate.

fozmcfc

Most people will say try your own bank first. They will know your financial situation better than anyone.

If your card is with the bank as well, you may have a better chance of acceptance, if you agree to pay off and close the card down. That way you can't rack up the card to its limit again and have the loan and card to pay off.

However if your wages are high, you have a unblemished credit record i.e. not even any missed/late payments and everything in order and up to date, then no harm in trying elsewhere as well.

Finally don't apply for more than 1 or 2 in quick succession as too many credit searches in a short time, makes people look desperate.

Macca83_2

Try and apply with companies that offer a soft search option. It Will allow you to get an indication of interest rates and repayment figures that Will be more closely tailored to your situation. In doing this you won't leave any negative footprints on your credit file.

ruintooeasy

Macca83 wrote: »

Try and apply with companies that offer a soft search option. It Will allow you to get an indication of interest rates and repayment figures that Will be more closely tailored to your situation. In doing this you won't leave any negative footprints on your credit file.

this is a good idea. i know zopa do this but can anyone tell me of other companies or where i can find out?

R_P_W

i THINK Nationwide do

DCFC79

R_P_W wrote: »

i THINK Nationwide do

NW do do a soft search