northern rock vs asda

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shajanscaria

shajanscaria Posts: 23 Forumite

3 May 2007 at 12:14AM in Loans

due to the recent moneysaving email, i have checked both northern rock and asda loan for a comparison. £20000 is the money i was looking for. For 60 months deal asda's 5.9% cost per month £388. But northern rock's 6.2% costs only 387.21 per month. I was stunned to see it. How can it happen?

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nomoneytoday Posts: 4,866 Forumite

4 May 2007 at 11:15AM
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Because there may be setup fees, deferred start dates, different payment arrangements etc

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dalepearson Posts: 167 Forumite

5 May 2007 at 3:37PM
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From a quick look, I would assume its because you selected the 3 month payment break, as this will essentially add the additional interest.

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Phantom_Flan_Flinger Posts: 2,794 Forumite

5 May 2007 at 9:39PM
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The Asda loan will be £384.31/month.

Dave. :wave:
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wardlaw Posts: 124 Forumite

6 May 2007 at 2:08PM
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Asda is not lending you money

Who is the lender

John

I am a Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
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Phantom_Flan_Flinger Posts: 2,794 Forumite

7 May 2007 at 9:02AM
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wardlaw wrote: »

Asda is not lending you money

Who is the lender

Asda use GEMoney.

Dave. :wave:
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