We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Personal Loan % rate query. Is it all a con

24

Comments

  • reecesanford
    reecesanford Posts: 31 Forumite
    Seventh Anniversary Combo Breaker
    Gaz83 wrote: »
    By the way...


    "Losing your custom" isn't any kind of threat to them - it sounds extremely likely that the bank will have made negligible money from your custom. Banks take on customers because they hope that one day they'll take out a loan, credit card or mortgage with them - not so that they can just pay their salary in and their bills out.

    and 1 day i did want to take out a loan with them, and look what happened.
  • reecesanford
    reecesanford Posts: 31 Forumite
    Seventh Anniversary Combo Breaker
    Apples2 wrote: »
    To be fair, leaving it until 2 days before needing the money before even applying for a loan is a bit short sighted.
    Even if you had got accepted there is no guarantee you would have received the money in time.

    Sounds like your Wife handles all the finances anyway so get her to apply and you "up" your payments to her. Once [STRIKE]you [/STRIKE] she has the money, go looking for a car.

    true leaving it until 2 days may be short sighted, but we knew we could borrow money from families if the loan didnt go through.
    but we only wanted to do that as a last resort.

    my wife could get a loan with sainsburys at 4% but because the one shes just finished is in her maiden name it will take a few weeks to sort out.
    sainsburys were happy taking her money in her maiden name but wont accept a new application in it. so her marriage cert has to be sent off.
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    reecesanford wrote: »
    and 1 day i did want to take out a loan with them, and look what happened.
    Yeah, you spat the dummy when you didn't realise that no lender will give someone with no credit history a loan at their headline rate.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • reecesanford
    reecesanford Posts: 31 Forumite
    Seventh Anniversary Combo Breaker
    the reason i think getting a credit card is insane, is because i dont see the point in paying for items on it then paying it off every month when i can just use a debit card.
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    reecesanford wrote: »
    the reason i think getting a credit card is insane, is because i dont see the point in paying for items on it then paying it off every month when i can just use a debit card.
    That's fine, champ. You continue thinking that way. The rest of us will remain genuinely flabbergasted that you don't think showing a responsible use of credit is a bit of a deal-breaker when it comes to applying for loans or mortgages. You continue using your debit card and when it comes to applying for any loan or mortgage get ready to move your accounts again when you aren't given a headline rate once more.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • reecesanford
    reecesanford Posts: 31 Forumite
    Seventh Anniversary Combo Breaker
    Gaz83 wrote: »
    Yeah, you spat the dummy when you didn't realise that no lender will give someone with no credit history a loan at their headline rate.

    to give my money to someone else. great business eh.
  • reecesanford
    reecesanford Posts: 31 Forumite
    Seventh Anniversary Combo Breaker
    Gaz83 wrote: »
    That's fine, champ. You continue thinking that way. The rest of us will remain genuinely flabbergasted that you don't think showing a responsible use of credit is a bit of a deal-breaker when it comes to applying for loans or mortgages. You continue using your debit card and when it comes to applying for any loan or mortgage get ready to move your accounts again when you aren't given a headline rate once more.

    ive had credit cards before. just not got one now.
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    reecesanford wrote: »
    to give my money to someone else. great business eh.
    Banks don't make money from everyday customers.

    Banks make money from people taking out loans or mortgages. As you weren't prepared to pay more than the headline rate (which you won't get anywhere), they're not losing out on any custom whatsoever. You weren't going to give them any.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    reecesanford wrote: »
    ive had credit cards before. just not got one now.
    Imagine you were a lender for a second. Who would you rather lend to:

    a) Someone who has shown a consistent, responsible way of borrowing and repaying credit over short, medium and long-term;

    b) Someone with no or very little credit history?

    Here's a clue: if it's option b), your lending business won't last very long.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    reecesanford wrote: »
    the reason i think getting a credit card is insane, is because i dont see the point in paying for items on it then paying it off every month when i can just use a debit card.



    If you want to get credit at the best rates then you need the best credit history : no history isn't the best history


    a new plumber staring out will never have done a bad job but not everyone would want him to employ him
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.2K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.3K Spending & Discounts
  • 247.1K Work, Benefits & Business
  • 603.8K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture