Loans at 2.7/2.8 % APR

callum9999

gwrach said:

As far as the LPA goes, I hope whichever bank I go to makes it easy.  You'd be surprised at the hoops I have had to jump through.  Of course I can afford food, I could have lied to the bank and said the loan was for something else.  Of course I can afford the loan.

I don't understand the logic behind getting a loan to buy food (which no responsible lender would ever approve) when you have so much in savings?

If it's genuinely to buy food then you'd be better off getting a 0% credit card, though if you're not wanting to use your savings then make sure you have a good plan on how you're going to pay it back!

porkisnotmeat

gwrach said:

I have just been turned down for a loan by Santander.  I only wanted to borrow £1000 and apparently the reason for my loan was why they turned me down.  The reason I gave was that food prices were increasing. I think they will getmany requests for this reason, in future. I am seriously thinking of going to another bank.  Can anyone recommend a bank that deals well with Lasting Power of Attorney for health and finance.

You've told the bank that you can't afford your current standard of living and are surprised that they turned you down?

Banks generally want the money they lend to be paid back, if you can't afford to do that, it would be irresponsible to lend you anything.

MrFrugalFever

I am completely baffled as to the need for a £1,000 loan when you claim to have £11,000 in your current account. Either vital information has been left out or there’s an underlining reason (beyond the rising cost of food) for which you require said loan.

A 0% purchase CC would be a better option for that amount of borrowing IMO.