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should i make multiple loan applications
Hi
I have done usual comparison website searches and checked my eligibility.
I applied for Sainsburys loan as this had best advertised APR and I was very likely to be approved.
Sainsburys have approved in principle, pending further searches but not offering advertised rate.They guarantee to beat any other offer but should i make other application in search of better rate. Wont multiple applications make getting a loan at low rate harder?
Should I just reject Sainsburys offer and try again in a few months?
(i am home owner, no mortgage or dependants. small existing loan for 3K, No other debt. want to lend 9K for home improvements)
I have done usual comparison website searches and checked my eligibility.
I applied for Sainsburys loan as this had best advertised APR and I was very likely to be approved.
Sainsburys have approved in principle, pending further searches but not offering advertised rate.They guarantee to beat any other offer but should i make other application in search of better rate. Wont multiple applications make getting a loan at low rate harder?
Should I just reject Sainsburys offer and try again in a few months?
(i am home owner, no mortgage or dependants. small existing loan for 3K, No other debt. want to lend 9K for home improvements)
0
Comments
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On the eligibility checker - what was the next best % / lender? I would make 1 more application with them and see what rate you get, or 2 applications at a push. Remember that whenever a lender credit checks you it's live so yes they do get to see others searches.
Have you used the MSE loan checker?
https://www.moneysavingexpert.com/eligibility/loans-calculator/
https://forums.moneysavingexpert.com/discussion/5674234
https://forums.moneysavingexpert.com/discussion/5292916I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Apply for another loan at your own risk, wait and see what Sainsburys offer.
You want to borrow 9k for improvements.0
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