Urgent loan advice please.

DBans2000

Dear sir,

I really need this loan.

Hence, did an online application with my bank.

I got approved straightaway and the money credited to my account promptly.

However, the rate looks out of order.

I asked for £15.000, which I got but i am expected to pay back £22,329 in total. That's about half of the total amount i got to pay back!- about £370 per month over 60 months.

There is a clause that says I can cancel the deal and return the money within 30 days. I have about 10 days of that left.

I need your advice on the possibility and how to get a better deal for the same amount of loan.
I definitely need the money but i will be a lot happier with a better rate.

Thanking you very kindly for your cooperation.

DBans.

[Deleted User]

The rate is based on your risk. As a high risk customer, you get higher rates.

You could apply elsewhere to see if you can do better, but this might be the best you can get.

PS No need to call me sir. Your Majesty will be sufficient.

EssexHebridean

You should have been given the details of the interest rate (The rate you were actually being offered, not just the advertised headline rate), and monthly payments during the application process - are you saying that what you were told then, which prompted you to confirm the application, differs from the information provided on subsequent correspondence from the provider?

foxy-stoat

OOOOF 18% - yes I would be happier with a lower rate too.

Who is the lender, that wont let you give the money back within the 14 day cooling off period?

Oops, just re-read that, you are 20 days into the loan - you better get a settlement figure and repay it, fingers crossed that you can find a better rate, you may struggle as any new lender will look on your credit file and see that you owe £15,000.....you can give them the reason that you will be settling the loan as you didnt read the interest rate before accepting it, hopefully you wont make that mistake again.

Nebulous2

You could be struggling. When offered a higher rate a very quick second application would have been your best bet, but might not have yielded a better result.

Now that you have the money and the loan is probably being reported a better offer is much less likely.