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Some loan advice required

Hi all,

First post here, but am really needing some advice from people more money savvy than I am!

I'm needing a loan for about 8k, got a reasonable rating on Equifax (460), but have been declined from 1 lender, and been offered 22.8% from my bank (assuming they approve it).

I own a home (though it's value to outstanding mortgage rate is negligible) and have a decent income (29k ish). My mortgage lender will not entertain the idea of a secured loan.

What I'd like to know is, should I apply to other lenders, which can impinge on the credit score, or should I jsut bite the rather large bullet and phone the bank back? I need the money urgently (for building repairs).

Thanks to anyone who reads this.
H

Comments

  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 12 December 2013 at 9:24PM
    Hi all,

    First post here, but am really needing some advice from people more money savvy than I am!

    I'm needing a loan for about 8k, got a reasonable rating on Equifax (460), but have been declined from 1 lender, and been offered 22.8% from my bank (assuming they approve it).

    I own a home (though it's value to outstanding mortgage rate is negligible) and have a decent income (29k ish). My mortgage lender will not entertain the idea of a secured loan.

    What I'd like to know is, should I apply to other lenders, which can impinge on the credit score, or should I jsut bite the rather large bullet and phone the bank back? I need the money urgently (for building repairs).

    Thanks to anyone who reads this.
    H

    First of all, your equifax score is irrelevant. What matters is whats on your file, im not sure anyone can advise without knowing whats on your file but could be wrong.

    You have a decent wage so is there not savings ?
  • Alas, no savings. I thought that the Equifax thing was important - it's mostly green on there anyway - I was quite happy :)
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Alas, no savings. I thought that the Equifax thing was important - it's mostly green on there anyway - I was quite happy :)

    The lenders dont see the score so loans aren't given based on it, the score is just for the consumer (if its a 999 then they think oh look im rated highly lol), any loan offer is based on whats on your file. If its mostly green why are you a 460 ? Are you on good terms with your bank ?

    What you have been offered might be the best you can get, could try nationwide soft search, it doesn't leave a mark on your file.
  • gb12345
    gb12345 Posts: 3,055 Forumite
    have been declined from 1 lender, and been offered 22.8% from my bank (assuming they approve it).

    This would indicate 2 lenders (including 1 who knows your finances well) see you as a high risk.

    Do you have any missed payments, defaults or CCJs?

    Do you have any other credit?
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