Personal Loan HELP!

Szokalsd

Hi,

I am getting married in April and like many couples need to take out a loan to cover the costs. I have a good credit rating in the high 900’s with Experian. I used your credit matcher on the credit club and it said I had a 95% chance of getting a loan with cahoot/Santander.
I applied for the loan and they have accepted but they are giving me it at 13.9% APR. 10.9% over what was advertised.
As you can imagine that is off the cards. So what I want to know is, would it be advisable/not advisable to contact my bank (First Direct)and see what they can offer me? Or is 2 hard pulls in such a short space of time be a bad play?

Any help would be appreciated please!

Danny

enthusiasticsaver

How about a 0% credit card instead. I would not have borrowed for a wedding (as not really an asset) but a 0% credit card is the least worst option if you cannot manage to save enough in time for the wedding.

Dobbibill

The advertised rate is only representative and only 51% of successful applicants will get this rate.

The 0% card is a good shout, you could do a cheaper wedding or postpone it until you have saved enough but to answer your question 2 applications won't hurt close together. More than that would appear desperate.

Asking FD will give you an indication of whether they will lend to you, it's normally only when they do an application that they would be able to tell you the rate.

Szokalsd

Yeah the 0% card is something I’ve thought of. Looks like I might have to go down that route.

I’m guessing that my bank will likely offer a similar APR as Santander?

Thanks for the help!

Danny

Jaglad111

Never borrow for a wedding, starting married life in debt is a death sentance. We did ours for under 2k all in. We earn 100k between us but other things are more important. Its 1 day, and honestly not much fun, more a release of stress.

Szokalsd

The wedding date is set and deposits have been paid so unfortunately this doesn’t help!
So as I asked, Will my bank likely offer me the same APR as Santander just did? ie do they all normally offer the same rates to people?

Thanks.
Danny

middleclassbutpoor

First Direct in my experience have never credit checked me as an existing customer. They can see my income and outgoings - they will do an assessment if you are close to their limits and then make a decision as I understand it.

I would have a chat to them - they seem to have human beings which will look at things and you can also decide whether you want to proceed if they want to do a check. However as has already being said, you are not guaranteed a rate with a loan. A 0% credit card which allows you to pay money into your account may be a better option - Assuming you can afford to fully repay within the 0% period.

redpete

Even if they do a credit search it will make very little difference to your credit history and hence little difference to your chances of getting credit in the future. The only way to know what they will offer is to ask them.

DCFC79

Szokalsd wrote: »

Hi,

I am getting married in April and like many couples need to take out a loan to cover the costs. I have a good credit rating in the high 900’s with Experian. I used your credit matcher on the credit club and it said I had a 95% chance of getting a loan with cahoot/Santander.
I applied for the loan and they have accepted but they are giving me it at 13.9% APR. 10.9% over what was advertised.
As you can imagine that is off the cards. So what I want to know is, would it be advisable/not advisable to contact my bank (First Direct)and see what they can offer me? Or is 2 hard pulls in such a short space of time be a bad play?

Any help would be appreciated please!

Danny

I bet your wrong in that many couples need to take out a loan to cover the costs fpr a wedding. Yes some will but not many, some will have planned for it and saved for it, some will have used savings they had saved up before they met and decided to pool them together.

Why is 10.9% off the cards, maybe thats the best you can get, ask FD what they can offer.

Szokalsd

Go look at the average cost of a UK wedding and you might understand why most couples have to get a loan.
And also you are exactly the reason why I don’t post on forums.
You’re passive aggressive reply isn’t for here so please refrain from posting. I am looking for help not hinderence.

Danny

DCFC79

Szokalsd wrote: »

Go look at the average cost of a UK wedding and you might understand why most couples have to get a loan.
And also you are exactly the reason why I don’t post on forums.
You’re passive aggressive reply isn’t for here so please refrain from posting. I am looking for help not hinderence.

Danny

Thats your perogative.

Your points have been noted but you should embrace forums.

Weddings can be done on a budget, its not entirely needed for a loan to be taken out but thats my view.