Nationwide soft search returning 13.7%apr for 9k loan. Worth it?

FTBSOS

I have just done a Nationwide soft search.and it has come back withh a quote of 13.7%apr for 9k loan over 3 years.

just wondering is it worth it and likelyhood of acceptance?

19 years old, 28k a year, 3 years in job 900 outstanding debt on 5 credit cards with combined credit limit of 3.5k.

You-kip

Is that around 2k interest

Cycrow

i would say its quite an expensive loan to have, u'll be looking at paying back almost £4k in interest.

what is it you actually need the 9k for

GoldenShadow

That doesn't sound great...My OH got a loan for three years with them in October for 7.5K with an interest rate of 7.9% (he thinks it could be 6.9% but can't actually remember :huh:).

Camorra

FTBSOS wrote: »

I have just done a Nationwide soft search.and it has come back withh a quote of 13.7%apr for 9k loan over 3 years.

just wondering is it worth it and likelyhood of acceptance?

19 years old, 28k a year, 3 years in job 900 outstanding debt on 5 credit cards with combined credit limit of 3.5k.

I would say not good. Just did the same thing yesterday for £10000 loan and got the 5.9% offer (one of the privileged 51%).

With regards to acceptance, they do make people run through a few hoops before releasing the money. I have a 7.5k credit card with them with nothing outstanding (had it for years) and have around £60k's worth of personal credit available to me on credit cards with an excellent credit rating (according to Experian). I also have a current account with them with a substantial overdraft facility. I am also a home owner. However, because I said I was self employed on the form, I now have to supply an SA302 HMRC cert, for just £10k. It is a bit of joke really. They treat you the same way for £10k as they would for for a £100k mortgage.

Could have gone to Sainsbury's (whom I also have a clean credit card with) and gone straight through without the hassle. Shame I wasted a credit file foot print on them. Never again.

JuicyJesus

Camorra wrote: »

However, because I said I was self employed on the form, I now have to supply an SA302 HMRC cert, for just £10k. It is a bit of joke really. They treat you the same way for £10k as they would for for a £100k mortgage.

They want proof that you're not inflating your income in order to get the loan. Personally I'd call that prudent and sensible lending practise, especially given the highly variable nature of self-employment income.

Camorra

JuicyJesus wrote: »

They want proof that you're not inflating your income in order to get the loan. Personally I'd call that prudent and sensible lending practise, especially given the highly variable nature of self-employment income.

So are you suggesting that they wouldn't check if I'd have stated that I was employed by a company?

guesswho2000

Camorra wrote: »

So are you suggesting that they wouldn't check if I'd have stated that I was employed by a company?

I assume they'd see the salary payments being made into your current account from the account of your employer.

KingElvis

That's a mid to high rate I would imagine due to affordability....their soft search is nitorious for declining the actual loan anyway...

ollski

it just quoted me 24.9%, is that because I moved house 3 weeks ago and haven't changed most of my adresses yet?

dakkan

I was quoted 13.7% APR for £7.5K loan, when I went ahead I got usual "accepted in principle" after signing loan agreement online.

Within 2 working days I had money in my account.

It might be worth noting my information below :

1> nationwide customer for over a year and hold flexplus and flexdirect
2> Got very poor experian (274) and callcredit credit score but clean record with no adverse information except lots of searches!
3> Got savings account with Nationwide to which I pay regularly monthly
4> Got £250 overdraft with Nationwide which I rarely use
5> Always gets declined for nationwide credit card!

Hope abov4e information helps :beer: