6.4% APR loan even with a poor credit rating ....

Finally been okayed for a Alliance and Leicester personal loan at 6.4% APR (their lowest rate for loans over £7,500; its gone up from 5.9% APR which was a shame).

I had originally been given a rate of 10.9% however I rang them up and queried it and the guy said if I opened a Premier Current Account they could redo my loan application at the lowest rate - I was skeptical, but it has finally come through today  8)

Also, if you complete the premier account application online you'll get a free £25 bonus - the caveat is that you have to credit the account with £500 a month - I guess you could move money in then back out again (or just close the account one you get your mitts on the loan cash).

I hope this helps anyone struggling to get a good rate out there, I suppose you have to be credit worthy enough to get some sort of a loan, but its worth the £25 for trying.


Martin, I suppose you could get the affiliate links for A&L and do an article for people who struggle to get loans?