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Loan 2.7/2.8% is impossible to get
magicmayhem
Posts: 2 Newbie
in Loans
Just tried to get a £25k loan @ 2.7% from the AA. Also tried to get £25k @ 2.8% from the TSB. Refused on both.
I don't see why I would be refused. I can only think this is a headline rate that no one has access to?
Has anyone been able to get this low rate?
I don't see why I would be refused. I can only think this is a headline rate that no one has access to?
Has anyone been able to get this low rate?
0
Comments
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Yes - at least 51% of successful applicants.
You're asking for a large sum, which is a higher risk, but you should also do some housekeeping on your credit files, to see what appears on each.2 -
At least 51% of those that accepted must get that rate (or better) but that doesnt mean many people are accepted!magicmayhem said:Just tried to get a £25k loan @ 2.7% from the AA. Also tried to get £25k @ 2.8% from the TSB. Refused on both.
I don't see why I would be refused. I can only think this is a headline rate that no one has access to?
Has anyone been able to get this low rate?
The AA at least do a soft search option that gives you a score out of 10 for chances of being accepted before you make the formal application... what score did they give you? A quick check for myself over 5 years gives a 9.5/10... dont need a loan so not going to go further than that
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Also what is your current financial state.. Did they offer a different rate?Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £56099
Cc around £32000 -
Its 51% of loan applicants as well, I suspect the % acceptance for those asking for £25k is substantially less!"You've been reading SOS when it's just your clock reading 5:05 "0
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have you been refused the loan or offered a higher interest rate?magicmayhem said:Just tried to get a £25k loan @ 2.7% from the AA. Also tried to get £25k @ 2.8% from the TSB. Refused on both.
I don't see why I would be refused. I can only think this is a headline rate that no one has access to?
If the former, have a look at your credit files, current income and current debt and see whether the figures stack up. As a rough guide expect total debt to be less than 50% of income - if higher then refusal may be on affordability0 -
It's 51% of successful applicants. If 1000 people apply, 100 are accepted and 51 get the rate that is fine.sammyjammy said:Its 51% of loan applicants as well, I suspect the % acceptance for those asking for £25k is substantially less!0
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