Please Advise

kelly.1_2

I need a personal loan of 3000, I applied to northern rock but they turned me down so I applied to my credit card company Virgin, and they have approved a 3000 loan but at a APR 16.9%, which means I will be paying about 900 on top over 3 years, my credit rating is fair, so do I take the loan or try somewhere else

mountainofdebt

as to whether you should take the loan or not but words of advice about applying for loans.

Every time you apply for credit you leave a footprint in your credit file so the more footprints, specially over a short period of time makes you look desparate for a loan and more likely to be refused.

Can I ask what the loan is for ? If it is to consolidate a debt then think very carefully.

Unless you have had what we DFW call our light bulb moment, you are likely to repeat the mistakes of the past and dig yourself a bigger hole.

kelly.1_2

no not to consolidate it is towards a car, I do not have any other debts, is 16.9% a really high intrest rate