U Switch (loan) HELP!!!!!!!

stopthespends

hi

i have just had a quote for a loan of £6000 over 36 months and it came up for Cahoot at 181.59...which i didnt think was bad

however when i came to apply it only asked for name and email and said it would get back to me tomorrow...is this normal practice? has the application gone through etc...

thanks

Rafter

Louley,

Sounds like their online application system was down!

R.

stopthespends

thanks...hadnt thought of that!!!

its actually done me a favour.as ive counted up and only need to borrow 3000

stopthespends

Just had a email from uswitch...it says that the application was unsucessful.i dont understand this as i only entered my name and email address..sounds a bit fishy to me!!!! :mad:

Rafter

Not sure how u-switch works, but that would not normally be enough information to make such a decision. Did you go through some sort of evaluation on their site where you entered salary and other borrowing details and a Postcode?

If not, their is definately a problem with their system and the 'application unsuccessful' message must be an error.

A smallish loan of £3k may not give you access to the best rates. If your credit limit is good it might even be worth financing it using a credit card, even paying 2% balance transfer fees you should be able to beat a loan rate on a <£5k loan.

You just need to be disciplined about making sure you transfer enough to savings to pay off the debt eventually, and apply for the next card in good time when your interest free period runs out.

Good luck.

R.