Best Price Loans

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DiscoDarrylDiscoDarryl Forumite
1 Post
We are getting some building work done and the price of this has increased. We are able to find some of the additional funds but are still 10k short. 
We have spoken to our mortgage provider who have explained that a personal loan would be the cheapest, quickest option for us. This has come in at 17.2% APR over 48 months. So a 10,000 loan has interest of 3,597.

The question is, is there a cheaper option out there in order to raise these funds quickly, other than selling an organ :)

We have great credit and other than our mortgage, no other debts. Any advice would be greatly appreciated 


  • edited 19 January 2022 at 6:18PM
    Ebe_ScroogeEbe_Scrooge Forumite
    7.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 19 January 2022 at 6:18PM

    We have great credit
    If by this you mean that your score is high then ignore it - it has no bearing whatsoever on any lending decision.
    A personal loan would, broadly speaking, be the quickest and simplest option - at least, compared to say a further advance on your mortgage.
    Have a look here at the eligibility calculators which can indicate which loans you have a reasonable chance of being accepted for:
    Do bear in mind that this can only ever be a guide - it doesn't guarantee acceptance.  You won't know whether you'll be accepted - and at what rate - until your application has been processed.
    Your success - or otherwise - will depend on the data contained within your credit file - not your made-up score.  17% does sound a tad on the high side, but it may be that you have a very thin credit file, or it may be down to affordability.  Check all 3 of your reports (for free, no need to pay for them) just to check that all the data contained within them are factually correct.  Pick one of the loans that the eligibility tool gives you a reasonable chance of getting, then make an application.  But don't go applying for them all - one or 2 applications in a short space of time is OK, more than that and lenders view you as desperate for credit, which will hinder your chances of getting a loan at a decent rate.

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