Postraduate Career development loan

dreamaddict

Hello

I had applied for a Postgraduate Career Development Loan 2 years ago, to try and better myself and get a Master's!

I have now finished uni with a Masters, and have a professional job which I have started in September. I'm due to start the loan payments in November at 9% interest rate over 4 years.

I was always planning on getting a loan with a better interest rate to pay off my PCDL, as Martin Lewis had recommended- but turns out its not so easy!

I applied for a loan, whereby it was advertised 3%. I have just been accepted for it, but they gave me 8.9%!

I have a good credit rating, and barely any expenses as I live with my partner who pays for most things. I'm confused as to why I wasnt accepted at the lower rate, and what do i do now?!

I've rejected the offer of 8.9%, but I'm worried the application has affected my credit rating. Is it better for me to just stick to paying off the PCDL at 9%? Or shall I keep applying for different loans until I get the 3% I wanted?

Thanks!

K

DCFC79

You do know your rating despite good isn't seen by lenders/banks, your history is what's seen.

Maybe it's due to your student loan, who knows.

Why not log in and check your 3 credit files, all that will be recorded is a search was carried out, that's all.

I believe you can make 1 more search.

Do you have a credit card ?
Are you on the electoral roll ?