Loan Application

Rock2000

I have just applied for a low APR loan. I have been told that my application has been approved in principle but that I have not received the advertised Representative APR. I won’t know what it will be until I receive the paperwork in the post but I was wondering, if I decide not to accept it, will applying for another loan elsewhere (to get a better rate) have a negative impact on my credit?

matttye

Too many applications in a short space of time can appear negative but if these are the only two applications close in proximity I can't see a big problem to be honest.

Tryingtomoveout

They say this is the case but I think that less than 5 applications is probably OK. Have you tried Tesco? They gave me an excellent APR when all other companies either refused or gave me an astronomical rate. btw I applied for Tesco after having applied for at least 3 other loans in a short space of time


Hope this helps.

Rock2000

Thanks for the reply guys. I did a comparison search on money super martlet.com & sainsburys came up the cheapest with the highest chance of approval at 4.8% APR. So am I right in believing that while I wait for the paperwork, i can also apply for another loan & see what APR I am offered with them? I also heard that you are more likely to get a better deal with your own bank?

DCFC79

Rock2000 wrote: »

Thanks for the reply guys. I did a comparison search on money super martlet.com & sainsburys came up the cheapest with the highest chance of approval at 4.8% APR. So am I right in believing that while I wait for the paperwork, i can also apply for another loan & see what APR I am offered with them? I also heard that you are more likely to get a better deal with your own bank?

Yes you are as they know your account eg you have x amount coming in on a regular basis and so much a month going out.