15000 pounds loan

drpbalaji1960

i just applied for HSBC loan for 15000 pounds, and the final quote was 9.9% APR. i haven't taken it. very disappointed as i bank with hsbc for the last 10 years and thought i would get the 3.9% APR as advertised.

what should i do now is the question. should i apply to other loan lenders and see what i get?

Thanks

forgotmyname

Depends if you NEED the money at a better rate or if it was for something you wanted rather than needed.

Too many applications may look bad though so dont keep applying willy nilly.

stator

Might as well try at least one more lender, consider which banks you have a good relationship with. As above too many applications and you will negatively affect your chances of getting a loan

Pixie5740

Just because you've banked with HSBC for 10 years is no guarantee you'll get the advertised typical APR. At least 51% of applicants will be offered the 3.9% APR but for whatever reason you don't quite fit the "ideal customer" criteria for this HSBC loan.

You can certainly try other loan providers but too many loan applications in quick succession will negatively impact your credit file.

Money Supermarket have a tool to check how likely you are to be accepted for a loan before you actually make an application and have a search carried out on your file.

http://www.moneysupermarket.com/loans/?Source=RATE4

DCFC79

drpbalaji1960 wrote: »

i just applied for HSBC loan for 15000 pounds, and the final quote was 9.9% APR. i haven't taken it. very disappointed as i bank with hsbc for the last 10 years and thought i would get the 3.9% APR as advertised.

what should i do now is the question. should i apply to other loan lenders and see what i get?

Thanks

Dont see why your disappointed, the 9.9 is a good rate. Yes you have banked with HSBC for 10 years but it doesnt mean your a dead cert to get the advertised rate, maybe its down to the amount wanting to borrow and or your salary. Trying your own bank is thought to give you a good idea of what rate you could expect you get as they know your finances

lee111s

9.9% is not a good rate to be honest.

I got a loan for £11500 earlier this month from First Direct who I've been with for only a couple of months and they gave me an interest rate of 4%. I have a mortgage and no other debt though, which may well play a part in that.

DCFC79

lee111s wrote: »

9.9% is not a good rate to be honest.

It is if thats the lowest he can get.

lee111s

Regardless of what an individual can or cannot get, 10% interest is not good.

stator

Perhaps if you're a home owner with lots of equity 10% sounds awful. But for a lot of people it's not bad. If the loan is for something sensible and not a waste of money it could be acceptable.