For a bank loan, how long must you have been working?

W99

I currently have a credit card debt of £4000, and while I was on the phone to the bank today they said I'd been pre-approved for a loan to pay it off. The thing is, the interest on the credit card is 15.9%, but the lady on the phone said the loan interest would be 16.9%. So who in their right mind would accept it?!

The thing is, I'm not working (I just completed a degree as a mature student) so I'm wondering if this high interest rate is based on that. If I were working, would I be offered a lower interest rate? And if so, how long do I need to have been working before the loan is offered with a lower rate?

Any advice would be gratefully accepted. I feel like 15.9% is a high rate, but I can't apply for a different card with a lower rate (and then do a balance transfer) because I'm not in employment.

Thanks in advance.

ChrisB_4

Are you a home owner?

Do you have any savings?

Do you have an overdraft?

Pre-approved is just a marketing gimmick.. first-time buyers maybe "pre-approved" to 225k for a mortgage.

Yes, your higher interest rate is based on your likelihood of repayment. Risk assessment. Halifax One card did the same to me.. rejecting the 9.9% or whatever it was at the time, and accepting a higher one. Barclaycard seem to adjust their rate as they deem fit.. very slick.. yuck. IE. stop using it, the rate goes up.