Apr

kelly.1_2

I have applied for a personal loan of £3000, It has been approved but at a 16.9%APR is this high as I have never had a personal loan before?

POSSETTE

who is it with and for how long? if you have had no credit before then you will unfortunately be classed as neither good or bad payer,after time you will get a good rating if you keep up with payments..
this can be normal rate..

CLAPTON

the interest will amount to about £850.
have you considered saving up for whatever it is you want..that way you will actually earn interest on your money rather than paying the bank 850

MarkyMarkD

CLAPTON

You can't know how much the interest cost is going to be when the OP hasn't stated the term of the loan!

All you can say is that it would cost something under £500 in interest in the first year, and that this will decline over the term, and add up to an amount which you don't know.

I expect that your £850 is about right if it's over 3 years.

CLAPTON

MarkyMarkD wrote: »

CLAPTON

You can't know how much the interest cost is going to be when the OP hasn't stated the term of the loan!

All you can say is that it would cost something under £500 in interest in the first year, and that this will decline over the term, and add up to an amount which you don't know.

I expect that your £850 is about right if it's over 3 years.

you are of course correct but on the OPs other thread she said the loan was over 3 years

MarkyMarkD

Ah - thanks - silly me for not realising that the OP had posted twice about the exact same issue. :rolleyes:

For goodness' sake, now I see that they are all in the same forum.

Kelly - welcome to MSE but please stick to one thread per query! Asking the same thing three times simply confuses everyone (me very much included).