Advice Needed regarding loan

GST20

Hello all

Basically about three to four months ago I got a loan to pay off two credit cards a store and some bits and bobs here and there. The amount I got was £2500 from Welcome Finance. The apr is a whopping 63 % but I accepted it because at the time my credit rating was very bad. I'm just thinking whether now that I have been up to date with my payments whether I should look elsewhere and get another loan with a lower apr to pay the remainder of this one off.

Any suggestions.. any advice would be greatly appreciated.

~Beanie~

Have you checked your credit report recently to see if it has improved? To be honest I think it will take a while longer than 3-4 months to improve it enough to be accepted by a mainstream lender.

churchrat

hi
have you checked the paperwork from Welcome to make sure that you can pay it back early?? quite often these firms charge all the interest up-front, or make you pay an incredible amount in early redemption fees
goodluck

Tori_Bellatrix

Yeah, it'll probably take a bit longer then 3-4 months, I'd give it at least 6 clear months of progress being reported to CRA's before thinking of applying for another loan.