Just been approved a loan but need advice

Scottish_Lassie

I've been approved for a loan from Moneyback. £8000 over 4.5 years. Managed to body swerve their payment protection but the rate they are offering is 9.5%. So obviously thats a bit more than the "typical" 6.3% they advertise on their website.

In practical terms it works out about £11 a month dearer than at 6.3% so am I best just to run with this loan or, in true moneysaving style, find a better one else where?

I don't have much of a credit history apart from credit cards. Would applying for another loan leave too many "footprints" on my credit history?

Phantom_Flan_Flinger

You might get away with another credit search, but who's to say the next rate you're offered will be any better?

Butlers1982

6.3% APR typical is our rate for online Moneyback Bank loan applications for new and existing customers for loans between £5,000 - £20,000. We will review your past credit history and other personal details and the actual rate we offer may be higher depending on our assessment of your personal circumstances and financial behaviour.

Just to let you know it is very difficult to get the typical rate. Your history would have to be exactly the same as what they have based their rate on.

To be honnest without looking at your credit file, your question is very hard to answer.

Yes you may get a better rate, but then again no you may not.

In relation to footprints, companies usually look at the amount of searches in the last 3 months, more than three is considered high.