Recommend companies for loans

James2201

There are coming up with a few options, to borrow £7k over 5 years there is a company called hitachi or something (never heard of them) and they are saying 95% chance of being successful

Willing2Learn

It may be cheaper to get a money transfer card at 0% for three years...or something similar...

Craig1981

James2201 wrote: »

There are coming up with a few options, to borrow £7k over 5 years there is a company called hitachi or something (never heard of them) and they are saying 95% chance of being successful

Hitachi finance used to be (or still are) the finance company behind Currys and some other high street shops like this.

Rate Setter and Zopa (P2P lenders) will do a quote that wont affect your credit file, so see the type of rates you would get with them and that then should give you an approximate APR range, but still, this will differ from lender to lender

dependant on the amount, why not look at an all rounder card from MBNA? can transfer your current CC balance, and 0% purchases on what you currently need?

Smellyonion

18k in debt is a very large amount of debt and probably near the maximum for your salary. Your chance of getting accepted on a low interest loan will be low.

How much do you need to borrow?

If you will be able to clear the debts in a few years then why do you require the loan?

Sncjw

So you will be doubling your debt and more so about 28k. The lender will be assessing you on affordability for 28k. Given you earn that amount a year I would imagine they reject or give you high interest. They don!!!8217;t know your going to pay your current debt off with that money. Some people will think ooh I have extra money to spend and then get more and more into debt.

You don!!!8217;t always get the advertised rate as it!!!8217;s based on your circumstances.

foxy-stoat

Apply for a loan if you must - it wont do your credit history any harm. IF you get an offer (a decline wont change anything and it doesnt get recorded on your file) it will be more than 9.9% but you may get a cheaper rate, no one on here can tell you the best place to apply.

You dont have a credit score - only credit history.

Consolidation loans rarely attract the lowest rate.

If your level of borrowing is more than 50% of your gross annual salary then your unlikely get a decent rate.

If you have any money transfer deals on your credit card I would do that and over pay the remainder of the highest rate debt first.

Can you sell stuff to clear the debt down quicker, down value your car, do the PPI reclaim thing?

DCFC79

James2201 wrote: »

There are coming up with a few options, to borrow £7k over 5 years there is a company called hitachi or something (never heard of them) and they are saying 95% chance of being successful

Hitachi finance is the largest non bank financial institutions. Hitachi is involved in many projects around the world. They also used to produce TV's but now they let someone else produce them.

crism

Look at Zopa, they have one of lowest interest rates on the market.
My mate borrowed from them few years ago to pay off car loan - no issues.
I borrowed few months ago - no issues.
Many happy customers, including myself.
You will read some negative comments online but - as I found - coming mainly from people who didn't know what they are doing.
I think even Martin talks about them positively somewhere on MSE website, as an alternative to high street lending, effectively cutting out a middle man.
As for credit score - I wouldn't go to crazy about keeping it "spot on".
I mean, if you are not silly with your money, know what you can afford, and pay off always on time, then a loan or 0% credit card will only work to your advantage and in longer run increase your credit rating.

dealer_wins

Looking at your level of debt I would say its unlikely you will be accepted at any rate.

Why not cut back to the bone and overpay as much as possible every month. If you are going to be wanting a mortgage ideally you want to be debt free and have a good deposit.