Tesco Bank Loan

Stressedatwork

Hi,

I currently have a loan with LLoyds and I am looking to reduce my rate of interest as it is high. I was looking at Tesco Bank and they are offering a rate of 4.8%. Does anyone know how I can calculate whether I am likely to be accepted or not before I apply.

Thanks

DCFC79

As far as I know you can't calculate if you would be accepted, is it a loan consolidation your looking for as that will increase what you owe.

Stressedatwork

it's just a case of borrowing the same amount for a lower interest rate and decreasing my repayments...

CherlokHomes

Stressedatwork wrote: »

it's just a case of borrowing the same amount for a lower interest rate and decreasing my repayments...

A lot will be affordability 'how much you still owe and whether the lender thinks you can afford to double your current debt.

Apples2

Any idea why they offered a high rate last time?

Apart from having another loan on your file which you didn't have when applying for this one, what else has changed and more importantly, what has improved?