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When is best to apply for loan? Stupid question no doubt
Can anyone assist please - I have one final payment on a loan to make at the end of November. I need to take out another (small) - when is best to apply? I will be approaching the current lender initially. Am I best to wait until it's all paid off? I was just thinking that they can see that the loan I've nearly paid off was affordable for me, and will be able to see that I have a clear record of repayments without any issues. Sorry, probably a daft question. Thanks for any help!
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Comments
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It will depend on your circumstances now - income and expenditure - how small a loan do you need?
Smaller loans normally come with higher APR's so have you considered a credit card with a promotional rate as an alternative?0 -
It may be possible, depending on who the original lender is, to try to increase the original loan without actually applying for a new one.
Failing this, best to wait until the loan is repaid and your credit files have updated to show the status of the loan as settled.0
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