Personal Loan

FlyingByrne

I’m looking to take out a loan of around 8000-8500. I’ve been looking around, trying to find my eligibility. I’ve a 900+ credit score on ClearScore. I can get a guaranteed accepted loan of 7.4% with Admiral, or Ratesetter is around 4.5% however it still has checks to do, apparently. 

My own bank is showing 70% chance of acceptance. Has anyone any experience with Ratesetter? 

Or am I better taking the guaranteed loan with a slightly higher APR to protect my credit score. 

Ebe_Scrooge

Your score has no bearing whatsoever on your ability to get a loan, or on what rate you'll be offered.

Are you sure the offer from Admiral is guaranteed?  It's most unusual for any lender to tell you what rate they'll give you until they've run some credit checks.  Ratesetter, like any lender, will advertise a "representative" rate, but again they'll not tell you what rate you are eligible for until you've gone through the application process and they've run your data through their systems.

All other things being equal, there's no harm in applying for Ratesetter and seeing what they offer.  If you don't like the rate you're offered, then go to Admiral with their "guaranteed" (of which I'm slightly sceptical) rate.

Of course, in true MSE style, the most sensible option would be to question why/whether you need the loan at all

Sncjw

Veyr much doubt its garuntee especially with the extra checks. You say apprently on the checks but most lenders do final checks before confirming in order to check your actual files.

Dont be surprised if the rate goes up. 

Sandtree

ClearScore do offer "guaranteed" acceptance, have personally used 4 times and each time the offer has matched the guarantee including one where a direct request on the lenders website had given a low probability of acceptance. All guarantees are naturally subject to final checks by the lender however they claim their process involves a live check with the lender and hence the guarantee unlike some other services which just have the sites best guess of the lenders likely response.

maj1987

Never used it but Experian do the same

[Deleted User]

Asda, My Community, Experian, Clearscore ...... are acting as brokers, the borrowed amount will be provided by a main lender/bank.
The word 'guaranteed' has many caveats meaning that the possibility of obtaining one and the rate offered are not necessarily the ones indicated - due diligence is required before jumping into the commitment or you'll have just accepted their offer blindly.

andyf1980

Surprised at that rate. Not long since got 2.9%

[Deleted User]

andyf1980 said:

Surprised at that rate. Not long since got 2.9%

Rates are risk specific.

Dandytf

+1 Admiral loans.
I only borrowed 2k.
Though now seeing top up options up to 30k from my 6th monthly payment.
+2K was advertised Guarantee rate.
10.1 apr.
This rate was far ahead of others whilst I re build rating.

thanks

CliveOfIndia

Dennymucho said:

It's great that you're doing your research before taking out a loan. With your excellent credit score of 900+, you're in a strong position to secure a favorable rate. Ratesetter does seem like an attractive option with a 4.5% rate, but it's important to consider their checks and processing time.

Why have you resurrected a thread that's well over a year old in order to post totally inaccurate advice?  A score of 900+ means exactly the same as a score of 17 - i.e. nothing.  It may be an idea to check your facts before attempting to offer advice.

Caz3121

Dennymucho said:

It's great that you're doing your research before taking out a loan. With your excellent credit score of 900+, you're in a strong position to secure a favorable rate. Ratesetter does seem like an attractive option with a 4.5% rate, but it's important to consider their checks and processing time.

Please check the dates on posts...a few weeks ago you resurrected a thread that had been dead for over 2 years...the original poster had not logged into MSE since August 2021...