loan successful
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In the good old days they'd have just declined you.0
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I bet martin agrees with me, doesn't allllow for shopping around. I don't think it should go against you for searches on your file, Think they have enough info to go on. prob best not to get loan anyway let's all stay within are means lol :0)0
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Iprob best not to get loan anyway let's all stay within are means lol :0)
It is how I have a five figure bank account with a salary less than the national average. When you buy something in a sale on credit at 19.9% APR over 3 years you usually end up spending more than buying outright at full price. And if you're spending all of your spare cash and more on repaying borrowing then thanks to the interest you'll be paying everything you buy will be more than the sticker price especially for those who have got to the point they're having to pay their weekly living expenses with credit cards or overdrafts.
I'll illustrate. If you have a £500 or higher balance on your card and can only afford to make minimum repayments on your credit card then that £2.99 Subway sandwich you buy with it won't be paid off for 8 years and it'll be having interest added to the remaining amount every month so you'll end up repaying around £5.28 in total.
And that is why many people I know with a net take home £10,000 a year more than me can't seem to do as much with their money or save anything because they're effectively paying twice as much for everything they buy.0 -
I agree, something needs to change. In a ideal world it should only affect your credit file if you actually accept the loan once they've done their checks and decided what rate they are willing to give you. Remove the fact hard searches have any affect to your credit file unless you accept the loan/credit cards etc. Sounds logical to me0
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It is how I have a five figure bank account with a salary less than the national average. When you buy something in a sale on credit at 19.9% APR over 3 years you usually end up spending more than buying outright at full price. And if you're spending all of your spare cash and more on repaying borrowing then thanks to the interest you'll be paying everything you buy will be more than the sticker price especially for those who have got to the point they're having to pay their weekly living expenses with credit cards or overdrafts.
I'll illustrate. If you have a £500 or higher balance on your card and can only afford to make minimum repayments on your credit card then that £2.99 Subway sandwich you buy with it won't be paid off for 8 years and it'll be having interest added to the remaining amount every month so you'll end up repaying around £5.28 in total.
And that is why many people I know with a net take home £10,000 a year more than me can't seem to do as much with their money or save anything because they're effectively paying twice as much for everything they buy.
nice, wish I had the same control. :T0 -
" I'm pleased to tell you that your application for £8000 at 15.9% APR has been successful."
But my application was for a loan at 3.1%. lol
they lie, and just mess up your credit file with pointless searches.
something needs to be done about the loan industry, and this is one of the better company's.
Wrong, you applied for a loan of £8k, not a loan at 3.1%.
As has been mentioned many times 3.1% is the typical APR offered to 51% of applicants.
The applicants that recieve that rate fit the profile of customers that the loan company want to deal with.
You were not one of the customers that fit that profile.
It's a bit like car insurance where comanies like LV/Aviva say "average premium £300" (or similair). That will be for a customer who fits their profile. Doesn't mean a recently diqualified driver, with 11 points on thjeir licence will be insured for that amount now does it?
It's all about risk profiling and you were deemed a bigger risk than the general profile of customer they want.Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....0 -
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