Best reason for a loan in a banks eye?

Gaz83

If you've paid off debt early, then this could be a reason for them refusing to offer you the lowest rate. They may simply think they won't make enough money from you otherwise to justify it.

Foxy-Stoat_3

Tony_Cubitt wrote: »

The fact that I've paid all my debt off early with no issues, the fact that I've banked with them for 9 years and have shown myself to be a good customer in terms of payments

These facts bare little or no effect when applying for credit, whatever the computer say really.

If you say the reason is for debt consolidation/refinancing etc then you wont be lying.

Voyager2002

Let sleeping dogs lie...

Your family member has done fantastically well, since 3.7 per cent is a lower loan interest rate than anything I have ever heard about. They obviously trust you, and you in turn are proving yourself worthy of that trust. I suggest that you put your time and effort into finding ways to show how much you appreciate the favour, and forget about refinancing that loan.

Pixie5740

The best reason to give when applying for a loan is the reason you actually want the loan, not some fabricated reason.

For whatever reason, you don't fit into Lloyds' mould of their ideal customer. Get over it and vote with your feet. Loyalty means nothing to the banks.

3.7% APR is a great rate although Nationwide are offering 3.6% APR which is a smidgen better.