2nd personal loan - good idea?

gjs6385

Hi everyone,

I’m currently repaying a personal loan for a car and have c.£15k remaining.

I may need some home repairs doing shortly and would ideally like to take a 2nd loan out to assist towards this of £1.5 - £2k.

I know it’s possible to have 2 personal loans with my bank but I just wondered whether it may look good or bad on my credit file and how it may look for a mortgage application.

A possible idea I’ve had is to apply to a credit union as I’m not sure if this will show on my credit file?

Thanks.

fatbelly

You'll need to ask the credit union if they report to a CRA. Some do

If they don't, and the apr is reasonable, then it's an option.

Mark_d

There are possibly better ways to raise the £1.5k-2k you're looking for.

Can you put off the repairs until you've save that much cash?

Can you borrow more on your mortgage, or maybe temporarily reduce mortgage payments, to give this freedom?

Maybe a 0% balance transfer deal on a credit card would work out cheapest?