First time personal loan questions

dresdendave

Candyapple wrote: »

You do realise your score is meaningless right?

Your credit score is important. It decreases when it rains but will stabilise when the football season starts. It would have increased on Sunday as it was Geri Halliwell's birthday. Never check your score if you are wearing a hat unless you are also wearing red socks.


The above is obviously gibberish, in particular the highlighted sentence.

System

Hryszko wrote: »

1. If you get a personal loan and buy a car with it, if someone was to HPI check the car does it come back as completely clear? Or that the loan is attached to the car.

2. How likely am I to be accepted on a personal loan for that amount? Bare in mind I have never missed a payment in my life, my credit score has always been well above average. Me and my partner have just bought a house so it has dropped down a bit but it is still good.

3. What is the process of applying for one, can you apply in principle to see if you would get accepted on it?

My dilemma is that I have to give my Polo back in roughly a month/month and a half.
Any help is greatly appreciated!! :money:

1) Comes back as clear if it is an unsecured loan, i.e you apply direct to a bank etc for a loan.

2) Depends on your current income, your outgoings and your credit file. Your credit file could be squeaky clean but you get refused on affordability either because your income is too low or your other borrowing commitments are too high for your income level to qualify for more borrowing.

3) MSE Credit club if you want to do a non-recorded check.

Hryszko

Hi guys,

So I applied for a 13k loan through Sainsbury's and I have been accepted... I however do not know what the % interest will be as they send that out in a letter to my address. I then have to sign it if I am happy with the interest rate and send it back. Does anyone know if you can get in touch with them directly over the phone to find out the interest rate before the letter arrives?

Cheers!

DCFC79

Hryszko wrote: »

Hi guys,

So I applied for a 13k loan through Sainsbury's and I have been accepted... I however do not know what the % interest will be as they send that out in a letter to my address. I then have to sign it if I am happy with the interest rate and send it back. Does anyone know if you can get in touch with them directly over the phone to find out the interest rate before the letter arrives?

Cheers!

Why not give it a try, the worse they say will be no they cant help.

Hryszko

Yeah I am going to call them on my lunch break, I just wondered if anyone had done it before! Fingers crossed it isn't significantly higher than the 2.8% they advertise.... don't want to be paying for example 10%!!

anto164

I did the same last month, got a loan (well appleid through Sainsbury's) thinking i'd get 2.8%. I actually got 9.8% on the offer letter, so i decided easiest and quickest way was just to scratch the application, and go with my bank (First direct @3.3%). Means that the rate is still low, but it's a guaranteed rate for bank customers, saves the faff of multiple applications.

I had a golf GT bought on PCP, paid the PCP off a year early and saved nearly the same amount of interest (6.9%) in one year, as it will cost me for the loan over 4. Would i PCP again? No i wouldn't.

In relation to the loan, it's just unsecured and will not show up on HPI, just make sure you pay off the settlement value on your vehicle, wait for the paperwork, and then it should all be sorted.

Candyapple

anto164 wrote: »

I did the same last month, got a loan (well appleid through Sainsbury's) thinking i'd get 2.8%. I actually got 9.8% on the offer letter, so i decided easiest and quickest way was just to scratch the application, and go with my bank (First direct @3.3%). Means that the rate is still low, but it's a guaranteed rate for bank customers, saves the faff of multiple applications.

It's not a guaranteed rate, it is a representative rate, the same as any other loan company.

It even says on the FD loan page:

As you'd expect, credit is subject to status. The rate you'll receive depends on your individual circumstances, credit checks and an assessment of your financial situation. The maximum APR you could be offered is 21.9% APR.

OP - if you have been accepted for a Sainsbury's loan please be sure to report back what rate you got. I have never read a thread on here where someone has applied for a Sainsbury's loan and actually received the 3% APR representative rate. It's always much, much higher.

Hryszko

Oh god...

That doesn't fill me with confidence, I don't really want to be taking a loan on at a silly %apr. Hoping for under 7%.....

I will keep you updated!