Should I apply for another loan?

Reppyboyo

Hi,

Im looking to borrow £5000.
Recently tried Moneybackbank and they have offered me a rate of 10.9% APR.
Not what I was hopeing for but they have accepted the request and the paperwork is in the post if I want to go ahead.

Just wondering if its worth applying to another bank to see if they can beat that APR?

Thanks all.

Rafter

Might be worth one other application - that is a bit high if you have a good credit history.

It is sometimes worth applying with payment protection insurance ticked. It is a rip off, but they will often give you a better APR with it. Then simply call up and cancel the insurance and they cannot legally change your APR rate.

R

Reppyboyo

Depends on what you would call a good credit rating.

Experian has nothing on me at all, no searches or any of my previous credit. (540 score)
Equifax has all of my previous credit, no errors, 803 score.

Phantom_Flan_Flinger

10.9% doesn't seem too bad to be honest with your credit scores.

If you managed to get the best rate (around 7%), you'd save around £330 over 3 years.

jonesMUFCforever

Reppyboyo wrote: »

Hi,

Im looking to borrow £5000.
Recently tried Moneybackbank and they have offered me a rate of 10.9% APR.
Not what I was hopeing for but they have accepted the request and the paperwork is in the post if I want to go ahead.

Just wondering if its worth applying to another bank to see if they can beat that APR?

Thanks all.

Yes take it to your bank. They might have a retentions unit who can authorise the branch to match or even beat that quote if they value you as a customer.