Home improvements loan

aem2807

Myself and my fiancee signed up for a home improvements loan with RBS today, however now having reflected on the details it seems we are paying a very high amount of interest. I know we should have looked about before signing up, but I felt as it was my bank for years they would have offered a good rate. We are now looking at loans with Bank of Scotland but i don't want to negatively effect my credit score by applying for another loan. Does anyone have any advice?

Thanks

[Deleted User]

Whats the APR of the RBS loan? and for how much?(it can make a difference).
Do the T&C's allow for a cooling off period?

[Deleted User]

Yes.

Ignore your credit score and try an eligibility checker to see if you have other options.

However, the high rate you're paying is a reflection of your risk, and a second loan of similar size would be even more risky for the lender. Paying back faster is likely to be your best option.

PeacefulWaters

Thanks for providing all the helpful info like amount, term and APR.

Makes it easy to offer you guidance.

[Deleted User]

PeacefulWaters wrote: »

Thanks for providing all the helpful info like amount, term and APR.

Makes it easy to offer you guidance.

Don't forget we should all be nice to new users, hopefully they will come back and provide more info.

jonesMUFCforever

OP you can save on the interest costs by making overpayments.

aem2807

Hi

Thanks everyone for your replies. The loan is for £10,000 over 5 years and we will pay a total of £15069. The Apr is 19% which I thought was a bit high. However looking in to it further with a different bank they advised that £1000 per year in interest seems to be normal.

Peaceful Waters, please take your negative attitude elsewhere :-)

[Deleted User]

It's certainly not normal, but may be the best you can do.

Make sure you overpay as much as you can, whenever you have available funds.

PeacefulWaters

aem2807 wrote: »

Hi

Thanks everyone for your replies. The loan is for £10,000 over 5 years and we will pay a total of £15069. The Apr is 19% which I thought was a bit high. However looking in to it further with a different bank they advised that £1000 per year in interest seems to be normal.

It's on the high side. It's possible a shorter term would have gained a cheaper APR but that's guesswork on my part.

Peaceful Waters, please take your negative attitude elsewhere :-)

My apologies.

You were the straw that broke the camel's back after about four new threads provided inexplicably little information. I'm bouncing with enthusiasm again today.

eschaton

PeacefulWaters wrote: »

It's on the high side. It's possible a shorter term would have gained a cheaper APR but that's guesswork on my part.

My apologies.

You were the straw that broke the camel's back after about four new threads provided inexplicably little information. I'm bouncing with enthusiasm again today.

I don't think you were wrong. OP asked for advice without giving any information.

I'm not saying that there aren't any on the forum, but psychics will be few and far between around here.