Recommend companies for loans

James2201

Hello I am after some recommendations, I am looking to apply for a loan online, and there are so many different companies out there and when looking at reviews they seem to be mixed on all of them. Was looking at marks and spencer but they seem mixed. I am looking for a company which the interest is obviously low, and the application is quick and I am likely to get selected. My credit score on both Experian and Equifax is good however I have another loan and this is to consolidate so I don’t want to apply to be rejected. Thanks in advance

Willing2Learn

Hi James,

What lines of credit do you currently have and how much is each debt?

James2201

I have my mortgage and a personal loan which has 18k on it. My loan is with Natwest but the interest is 9.9%. Natwest said they would be able to put the extra on top but the payments would be higher obviously as the interest would be higher. So my thought process was to get the loan out with another company that offers a lower rate of interest, I intend to pay it off hopefully next year I just need the money now due to a personal situation

Willing2Learn

Do you have any credit cards with outstanding balance, or any other credit accounts?

James2201

I have a credit card with £800 on it, part of the money will be used to pay that off

DCFC79

James2201 wrote: »

Hello I am after some recommendations, I am looking to apply for a loan online, and there are so many different companies out there and when looking at reviews they seem to be mixed on all of them. Was looking at marks and spencer but they seem mixed. I am looking for a company which the interest is obviously low, and the application is quick and I am likely to get selected. My credit score on both Experian and Equifax is good however I have another loan and this is to consolidate so I don!!!8217;t want to apply to be rejected. Thanks in advance

Your credit score is neither here nor there, lenders see your history.

How does Call credit rate you ?

Nothing wrong with M&S for a lender, no 1 on here will be able to suggest a lender who is likely to accept you as each of us will get offered different rates from 1 lender to the next based on credit files and information supplied at application.

You currently have a loan of 18k @ 9.9%, any lender will see the extra loan as additional debt and either refuse to lend or offer a high apr, you may get lucky and get a lender who will offer a loan at a cheaper rate.

Whats your salary ?

So your wanting to consolidate, maybe read some of the threads on here about posters who consolidated.

Consolidating earely works, its just shifting the debt from A to B.

James2201

My credit score on call credit (noodle) is 623 and is rated as a 4 out of 5

James2201

My salary is approx 28k including bonuses. I know what you are saying but basically the loan will clear some of my fianc!e debt and my credit card which in 12 months time will put us in a better position to help her get on the mortgage. We will be in a position to pay the loan off early we just don!!!8217;t have the money right now

Willing2Learn

Thing is, the credit scores from Experian, Equifax and CallCredit (TransUnion) don't really matter. A lender only considers the data held in your credit report, added to the data you provide during the application process, then takes all that data to score you against their criteria and policies.

It is true, what DCFC79 said about consolidation loans. They are rarely successful in improving overall finances, indeed they often lead to more debt. The downward spiral of debt mounts for many recipients of consolidation loans

Tesco advertise a representative 3.0% subject to status.

Have you had any problems with late payments or arrears?
Have you been struggling to make minimum payments on your credit card?

James2201

No I have never missed a payment and my credit card I always pay off more than the minimum amount. I have been looking at these sites where they tell you the likelihood of being accepted because I don!!!8217;t want to just be applying for loads of different ones because that will damage my credit rating

Willing2Learn

What does the MSE Loans Eligibility Calculator say? (It only does a 'soft' search, so as not to impact on you credit file).