Is it easier to get a loan or a credit card ?

Bum2018

Hello,


I've always wondered is it easier to get a loan or credit card ? The examples in this case would be say 99%APR on loan and a Vanquis Credit card.


Which one would you be most likely to be accepted for ?



I am not applying, just starting to look into credit files and scores etc recently and just wondered.


Thanks.

Bum.

[Deleted User]

It depends who you apply to, the amount and rate.

Generally speaking, you're more likely to get a low limit hight rate card. Any loans will be higher risk and therefore higher rate.

Remember while the credit files are important, the scores are not.

Ben8282

In answer to your actual question I would say that a credit card is probably normally easier to get than a loan.
But you have presented such an extreme example … Vanquis card or 99%APR loan.

SnowTiger

I think a credit card is easier to get because the lender sets the limit based on risk.

A high(er) risk customer may only get a £200 limit.

A low(er) risk customer may get a limit of £10,000 or more..

The limit can be increased or lowered through the duration of the agreement.

With a loan the borrower decides the value of the loan. The (potential) lender can only say yes or no.