Applying for a new loan

sam222

Hi there 
I'm new homeowners,I was really in need of money, I applied for a personal loan 2 days ago, with RateSetter. got approved and got the money in my account today,but noticed the interest rate is a bit high, is 6.99% , just checking with sainsburys bank, their loan interest rate is much lower, (2.99), I checked my eligibility, there is a 50,50 chance for me to approve,,,is it a good idea to give it a try, to apply for a new loan with sainsburys, if approved, I can cancel my old loan, I have 14 days time  to cancel and change my mind, I would appreciate second opinion on this,
Many thanks 

jonesMUFCforever

6.99% is not a high rate - you haven't told us how much you borrowed?
If it was me I would overpay when I could - this will reduce the total interest charged and not subject you to an early settlement fee.

macman

Are you sure that's not 2.99% APR representative? Which means that only half of applicants will get that rate-the rest will pay more, much more. 
if you've just taken on substantial mortgage debt, you are not going to be an attractive prospect to lenders, so you are unlikely to get the lowest rate.

[Deleted User]

^^ only half the SUCCESSFUL applicants will get the headline rate

foxy-stoat

If your only 50/50 chance of been approved for a loan then I would keep with what you have as you may find that you are not one of the lucky people who gets the lowest rate.

cymruchris

If you're showing as 50/50 then it's more probable that you won't get the 2.99 percent headline rate. Focus on trying to save in order to get your loan settled sooner. 6.99 is a fair rate compared to many.

DCFC79

sam222 said:

Hi there 
I'm new homeowners,I was really in need of money, I applied for a personal loan 2 days ago, with RateSetter. got approved and got the money in my account today,but noticed the interest rate is a bit high, is 6.99% , just checking with sainsburys bank, their loan interest rate is much lower, (2.99), I checked my eligibility, there is a 50,50 chance for me to approve,,,is it a good idea to give it a try, to apply for a new loan with sainsburys, if approved, I can cancel my old loan, I have 14 days time  to cancel and change my mind, I would appreciate second opinion on this,
Many thanks 

Why are you in need of money ?

The 6.99% could ne the best you could get. What I would do is look at your spending and cut back on your spending if money is tight.