Does it make sense to switch current account to FirstDirect or Halifax?

Prees247

Hi All - I am in need of £40-50k money and currently holds HSBC current account. HSBC provides max of £25k of perssonal loan that too with 6.7% which is much higher than other banks. I am thinking if it's a good idea to switch my bank account to either Halifax or FirstDirect(or open separate account) as they lend more money and provide better interest rates. However I'm not sure how is it going to impact my credit score.
Request you peeps to provide me guidance on the options I have

Gambler101

You would need to be earning £100k a year with no other debts to even have a remote chance at an unsecured loan of that size?

DCFC79

Prees247 wrote: »

Hi All - I am in need of £40-50k money and currently holds HSBC current account. HSBC provides max of £25k of perssonal loan that too with 6.7% which is much higher than other banks. I am thinking if it's a good idea to switch my bank account to either Halifax or FirstDirect(or open separate account) as they lend more money and provide better interest rates. However I'm not sure how is it going to impact my credit score.
Request you peeps to provide me guidance on the options I have

Why the need for a loan that size ?

Show us 1 lender who uses the credit score for loans ?

You wont find any because credit scores/ratings arent taken into account for loans, lenders see the history.

PeacefulWaters

"Hello new bank, can I borrow £50,000 unsecured at less than 4% please" is highly unlikely to meet with a positive response.

Gambler101

At least the OP knows exactly how much he needs to borrow down to roughly the last £10000 lol

Ebe_Scrooge

Gambler101 wrote: »

You would need to be earning £100k a year with no other debts to even have a remote chance at an unsecured loan of that size?

^^^^ This ^^^^

And even if the OP was earning > £100K, I very much doubt anyone would offer an unsecured loan for that amount.


OP, why do you need the money ? You're extremely unlikely to get a personal loan for that amount, but if you give us a clue as to the reason you need it we may be able to offer some alternative suggestions.