Personal Loans: How to get the UK's cheapest discussion area

hsbcarter_2

I have recently secured the best rate unsecured personal loan from Northern Rock (5.8%) for a loan of £6000.

Although in my name, it is a loan for a car so both me and my wife contribute to it (combined salary >£65k).

I have never had a more difficult conversation than the one about whether or not I wanted the "protection". They made it sound like it was a condition of the loan, that having my wife and mother as potential guarantors wasn't safe and wouldn't leave me to get off the phone until I got narky with them and said "NO!".

I find this hard sell very off-putting and would think twice about going to Northern Rock in the future after this loan expires.

beefyburt

Applied to Moneyback, who are Allience and Leicester, and was refused, even tho i already had a loan with the A&L.Now keep getting loans junk mail. I had asked the A&L for a top up to my existing loan, but they said i would have to re apply for a loan for the total amout and that would take 5 days to clear into my account, after i had waited for forms to arrive, be signed and sent back. Rate was 6.1%. So went to my bank,Lloyds, who were offering 6.4%.They wouldnt budge on this rate, but said i might get lower via the net. So i applied and was offered 6.2%, which i accepted. As i already have an online current account with them, the money was transfered instantly. And i mean in seconds. Sorted! Note re Lloyds loans- if you pay back within 30 days, there is no fee. So you have that time to find a better loan and then pay off the Lloyds loan. I did it last time when Lloyds were charging 6.8% and i got A&L for 6.1%, the lowest at the time. May seems faffy but over 5 years it saves hundreds of pounds.

iolanthe_2

bb_forrest wrote:

Northern Rock will only transfer money to other Banks/Building Socs by Chaps so that is £35 before you start.

not true I have had a loan from them you just ask them to pay by bacs

kazzy

hsbcarter wrote:

I have never had a more difficult conversation than the one about whether or not I wanted the "protection". They made it sound like it was a condition of the loan, that having my wife and mother as potential guarantors wasn't safe and wouldn't leave me to get off the phone until I got narky with them and said "NO!".

I find this hard sell very off-putting and would think twice about going to Northern Rock in the future after this loan expires.

I applied for mine online-hence no conversation involved and just ticked the box to say i did NOT want the insurance.

MarkyMarkD

Disappointed to see in today's Money Tips that Martin is STILL pushing the idea that flat rate lenders are best advice for less than perfect credit scorers. They clearly are not, for the reasons I laid out earlier in this thread.

NEW Top 6.4% loan for less-than-perfect credit scorers

The majority of lenders quote ‘typical’ rates when offering loans meaning they often give higher rates to ‘less desirable’ customers. Yet a few lenders say “the rate we advertise is the rate you will absolutely, definitely get if you're accepted.”

Can Martin not be bothered to read the massive FIFTEEN posts in this thread before updating his linked article?

The key point in his Money Tips wording is if you're accepted. Why he imagines a flat pricing lender is more likely to accept a poorer risk than a risk pricing lender is to accept (albeit at a higher than "best buy" rate) is completely beyond me and makes no economic sense for the lenders concerned.

verynewmoneysaver

Arbie wrote:

I have recently applied for an unsecured loan from Moneyback for £13k, assuming (with my good credit history and fairly high salary, and as I'm debt free) I would be offered their typical 5.7%. I was asked by email to call them as 'my decision was now ready'. I duly did, and was told that the rate I would be offered was 6.9% (a £167 increase in interest in real terms). Fair enough - I know I'm not guaranteed their best rate. However, I was unimpressed with the hard sell on payment protection that followed. My call, after being told that I was approved in the first minute, stretched to 17 minutes before I was told that the application was in the post to me. I refused the protection at least four times with a definite 'No, I don't need it', only to be hit with the insidious "But sir, what if you're ill, or what if you die, who will cover your debts?" line every time. I haven't yet decided whether to give them my business - if I do, I may well write and bill them for the mobile phone call!

Rant over.

This also happened to my husband when he applied.

civicwalker

Excellent credit rating but after requesting 5.5% 5 year £5000 loan and being requested to ring . . . . . . . . . . . 7.9%

Sorry but my personal recomendation is go elsewhere and don't waste a credit search. :grinheart

civicwalker

I managed to get 5.6% from Cahoot no problem today !

What's the story with MoneyBank?

Kiwiboy_76

I am looking at MoneyBank now, although I'm new to this site and am sifting through the threads trying to garner as much info as possible. I'm looking to borrow only £3,500 for credit card debt consolidation and it seems Asda has the best unsecured deal at 12.9%. I have an excellent credit rating and am moving overseas soon, so figured this was the best way to clear the cards (3) before I left and just pay off the loan from abroad (where I'll be making better money). Thoughts? Oh, and btw, hello moneysavers!

irnwho

I recently applied for a unsecured loan of £1000 i have poor credit, i done it on the internet and have been getting emails and phonecalls (up to 8 a day )from possible 570 lenders i was accepted by a company LOANANDGO who wanted a prossesing fee of £69 before they give you the loan. when you try to phone them it goes on to an answering machine with a recorded message, I googled the company and saw some bad reviews.. I was worried they would take the prosessing fee out my bank so i called them to querie this and i said about the bad reviews ,and was told rudely it was just from people who had been refused the loan.I didnt want to take any chances so i said cancel my application and the phone was put down on me.. Does any 1 know of this company??