Impact of paying off a loan in the cooling off period?

BorisZA

Hi-

Looking for advice. For various reasons i needed to get a loan on short notice last week. I am with Barclays Premier banking and the Barclays app had been telling me that I was pre-approved for £25 000 over 60 months. This was the easy option and was quick, i had the cash in 10 minutes. The rate isn't great and i have since done some investigation to see what other loans may be available- knowing i could use this to pay off the Barclays loan within the 14 day cooling off period.

My question, i how this will work with my credit rating:

1) Will I be able to get the second loan with the the first loan on my credit score
2) If i pay off the Barclays loan within the cooling off period will this still reflect on my credit score?
3) In applying for the second loan what should i say the money will be used for? a) paying of debt OR b) the reason that the original loan was needed?


Thanks in advance for the help.

Chris

[Deleted User]

1) Depends on your income but it's a very big ask.
2) Yes. What do you mean reflect on your credit score? You don't have a credit score- just a file that shows the history of your borrowing.
3) Paying off debt, to avoid any fraud concerns.