Loans - how many it good?

Incapable

Hi.

I was wondering if the rate and the chance of being approved by a lender can be improved by spreading the amount across two lenders?

Thanks incapable

[Deleted User]

Possibly. Or reduced.

It depends on your circumstances and amount required.

adindas

Incapable wrote: »

Hi.

I was wondering if the rate and the chance of being approved by a lender can be improved by spreading the amount across two lenders?

Thanks incapable

Taking loan will never be a good idea unless to cover essential things deemed for survival such as food, etc

Spreading it into several lenders might be a good idea but it will also mean you will need to apply twice and will be credit checked twice.

[Deleted User]

Also the less you borrow may mean paying higher APR to each lender

National_Debtline

Hi Incapable


There are so many variables involved that it's hard to offer you any answers beyond a very broad "perhaps".


Individual lenders may be less exposed if you are borrowing a smaller amount from them, but they'll take into account any commitments you have with other lenders when deciding whether to lend and at what rate, so you won't necessarily be seen as any less of a risk than if you had applied to borrow the full amount from just a single lender.


Dennis
@natdebtline