Multiple loan applications - only 1 taken

Bsmith348

Good evening all,

I recently applied for a loan of 15k with Sainsburys bank.. They came back with a rate of 8%Apr. So I also applied with 2 other lenders who came back with astronomical APRs.

I will be accepting the Sainsburys offer but have I completely messed up my credit profile in doing this. The applications were within a 48hr period, and I read somewhere that after 30 days the credit report will be adjusted to show only one loan was taken.. Is this correct? Do I need to cancel the other applications or just not sign and return the contract?

Thanks in advance!

Ben

Bermonia

Your file will reflect only one loan was taken, however it will still show the credit searches conducted... three searches isn’t going to make a massive impact to your file, obviously lots of searches over a short period will look poor