loans 5.7% (Moneyback bank)

kinglouie_2

A&L have just launched a new online only division called 'Moneyback Bank'. They can be found at www.moneybackbank.co.uk. Offering loans at a typical 5.9% APR for amounts between £1-25k with repayment terms of 1-7yrs. As far as I can see nobody else offering as low a deal. Plus, if you take their payment protection you can earn upto £350 moneyback depending on the amount borrowed and the term.

Seems good deal to me and I am sure they will be in best buys over the next week or so ... only launched the service today!!

Hope this helps!!

:beer:

fatbelly

I've just had a mailshot from Lloyds TSB. They are offering £1k - £25k at a 'typical' 5.9% apr over 1 - 7 years. No payments until September. Can't see a catch, though suspect there must be one. Anyone else had this mailshot?

kinglouie_2

Sorry ... should have said 5.7% APR not 5.9% as stated in my original message. Even better!!!

ex-eastender

Received email for loans at 5.7% from www.moneybackbank.co.uk.
Have taken a £1000 loan with total repayment of £1058 over 24 months.This loan is through Alliance and Leicester, received confirmation email after filling in form online and had to phone for decision. This call just went over details and was accepted straight away will have funds next week. Very quick and smooth and only £58 interest not bad.
I thought it might be of use to someone else, sorry if its been posted anywhere before.

Rafter

Looks like the standard a&l offer.

Note that the 'moneyback' is only payable if you take out overpriced loan protection (which is useless for self employed or people with existing medical conditions)

This loan is also for very low risk groups, so if you have existing borrowings (even if they are stoozed) you are unlikely to get accepted.

Good source of cheap short term debt though - normally you get charged a much higher rate for short term low value loans.

R.

sarahmoo

Here is the link....sorry if it has already been posted

http://www.moneybackbank.co.uk/loans/index.asp?page=home&src=ptrEC05564motleyfoolemail19&exp=30

sarahmoo

oops...noticed that the company is well known on this board!

dosser_2

how did it go?

dosser :xmassmile

grumbler

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dosser_2

any recent moneyback loan experiences?

happy new year
dosser

Mikeysx

I tried to get the 5.5% loan today for £15,000 to buy a holiday home. After spending ten minutes on the phone, was pleased to be told that I could have the loan at 6.7%!!
I told them where to go - and that I wanted my application data removed from their system, the poor callboard person didn't have a clue what I was talking about, and had to put me through to his manager. After much consternation, I was offered the loan at 5.7%, but it took effort. This seems to be a bit of a scam to get you on the phone. I have a perfect credit history, and am a high earner, so it was hard to see where I dropped any credit scoring points, but perhaps they marked me down because I had no A&L accounts. Also, beware - they try very hard to get you to buy the insurances on offer.