moneyback bank loan? (merged)

roadster1

Loan transferred to my bank account the next day, so from application to money in hand was 4 days, one of them being a Sunday!

One very, very satisfied customer.

Perhaps A+L only offer this rate to people with an A+L current account????

stoneman

I applied last week for £6000 over 18 months, was phoned the next day for further details(read 20 minutes trying to sell me the protection insurance) declined this as it worked out to £700!!! Was told at that time I had been approved for 5.5% :j Agreement sent out the next day. Now, my credit rating is not great, as I tend to apply for quite a few credit cards and bank accounts, and I am not on the electoral roll, so was well pleased :T

pandapone

I applied for 13.500 - I know I have an excellent credit rating because I searched it - They offered 6.9% - I see they do offer 5.5 on sums of 6 or so thousand over a short term but other than that you can forget it - it really is a con and it wastes your credit rating by giving you an extra search - I wouldnlt borrow from them on principle - Martin should put a health warning on this one ASAP.

monkeydust_2

http://www.moneybackbank.co.uk/


Anyone use these guys and got money at the advertised rate, just curious, need to borrow around 15K and they look like my best bet. Do they charge for early repayment/overpayment?

Rgds
MD

Rafter

Some people do seem to get the advertised rate - even when they decline the overpriced PPI - but not many!

They do charge a 1 months interest redemption penalty and as far as I know do not allow overpayments.

Much will depend on your credit score though.

Good luck.

R.

monkeydust_2

Rafter wrote:

Some people do seem to get the advertised rate - even when they decline the overpriced PPI - but not many!

They do charge a 1 months interest redemption penalty and as far as I know do not allow overpayments.

Much will depend on your credit score though.

Good luck.

R.

8.9% - ha rubbish - got 6.5% from my bank with overpayments allowed.

Jossicles

I have applied for a £3500 loan with Alliance and Leicester's Moneyback loans and I been offered an APR of 8.9%. Obviously, their typical rate is much lower, so can anybody comment on whether this is a decent offer? I am worried about applying elsewhere in case it effects my credit rating?
Many thanks.

Rafter

The headline rates advertised usually only apply to loans above £5k.

8.9% for £3,500 isn't bad. Nationwide, who are usually fairly competitive for small loans have a typical rate of 12.9% for that amount.

Have you thought about applying for a £5,000 flexible loan from say Egg or Cahoot and then immediately repaying some of it? That may be the only way of reducing your current offer rate.

R.

Jossicles

Thanks for your advice.

Phantom_Flan_Flinger

Unfortunately, this is an all too common practice.

What you see is not necessarily what you get.