Is it easier to get a loan or a credit card ?

Bum2018 · 3 November 2019 at 11:55AM

Hello,

I've always wondered is it easier to get a loan or credit card ? The examples in this case would be say 99%APR on loan and a Vanquis Credit card.

Which one would you be most likely to be accepted for ?

I am not applying, just starting to look into credit files and scores etc recently and just wondered.

Thanks.

Bum.

[Deleted User] · 3 November 2019 at 12:02PM

It depends who you apply to, the amount and rate.

Generally speaking, you're more likely to get a low limit hight rate card. Any loans will be higher risk and therefore higher rate.

Remember while the credit files are important, the scores are not.

Ben8282 · 3 November 2019 at 5:16PM

In answer to your actual question I would say that a credit card is probably normally easier to get than a loan.
But you have presented such an extreme example … Vanquis card or 99%APR loan.

SnowTiger · 3 November 2019 at 10:19PM

I think a credit card is easier to get because the lender sets the limit based on risk.

A high(er) risk customer may only get a £200 limit.

A low(er) risk customer may get a limit of £10,000 or more..

The limit can be increased or lowered through the duration of the agreement.

With a loan the borrower decides the value of the loan. The (potential) lender can only say yes or no.

Is it easier to get a loan or a credit card ?

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