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  • FIRST POST
    • James2201
    • By James2201 6th Aug 18, 8:47 PM
    • 9Posts
    • 2Thanks
    James2201
    Recommend companies for loans
    • #1
    • 6th Aug 18, 8:47 PM
    Recommend companies for loans 6th Aug 18 at 8:47 PM
    Hello I am after some recommendations, I am looking to apply for a loan online, and there are so many different companies out there and when looking at reviews they seem to be mixed on all of them. Was looking at marks and spencer but they seem mixed. I am looking for a company which the interest is obviously low, and the application is quick and I am likely to get selected. My credit score on both Experian and Equifax is good however I have another loan and this is to consolidate so I donít want to apply to be rejected. Thanks in advance
Page 1
    • Willing2Learn
    • By Willing2Learn 6th Aug 18, 9:00 PM
    • 1,825 Posts
    • 1,410 Thanks
    Willing2Learn
    • #2
    • 6th Aug 18, 9:00 PM
    • #2
    • 6th Aug 18, 9:00 PM
    Hi James,

    What lines of credit do you currently have and how much is each debt?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • James2201
    • By James2201 6th Aug 18, 9:16 PM
    • 9 Posts
    • 2 Thanks
    James2201
    • #3
    • 6th Aug 18, 9:16 PM
    • #3
    • 6th Aug 18, 9:16 PM
    I have my mortgage and a personal loan which has 18k on it. My loan is with Natwest but the interest is 9.9%. Natwest said they would be able to put the extra on top but the payments would be higher obviously as the interest would be higher. So my thought process was to get the loan out with another company that offers a lower rate of interest, I intend to pay it off hopefully next year I just need the money now due to a personal situation
    • Willing2Learn
    • By Willing2Learn 6th Aug 18, 9:21 PM
    • 1,825 Posts
    • 1,410 Thanks
    Willing2Learn
    • #4
    • 6th Aug 18, 9:21 PM
    • #4
    • 6th Aug 18, 9:21 PM
    Do you have any credit cards with outstanding balance, or any other credit accounts?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • James2201
    • By James2201 6th Aug 18, 9:52 PM
    • 9 Posts
    • 2 Thanks
    James2201
    • #5
    • 6th Aug 18, 9:52 PM
    • #5
    • 6th Aug 18, 9:52 PM
    I have a credit card with £800 on it, part of the money will be used to pay that off
    • DCFC79
    • By DCFC79 6th Aug 18, 10:07 PM
    • 33,125 Posts
    • 20,860 Thanks
    DCFC79
    • #6
    • 6th Aug 18, 10:07 PM
    • #6
    • 6th Aug 18, 10:07 PM
    Hello I am after some recommendations, I am looking to apply for a loan online, and there are so many different companies out there and when looking at reviews they seem to be mixed on all of them. Was looking at marks and spencer but they seem mixed. I am looking for a company which the interest is obviously low, and the application is quick and I am likely to get selected. My credit score on both Experian and Equifax is good however I have another loan and this is to consolidate so I don!!!8217;t want to apply to be rejected. Thanks in advance
    Originally posted by James2201
    Your credit score is neither here nor there, lenders see your history.

    How does Call credit rate you ?

    Nothing wrong with M&S for a lender, no 1 on here will be able to suggest a lender who is likely to accept you as each of us will get offered different rates from 1 lender to the next based on credit files and information supplied at application.

    You currently have a loan of 18k @ 9.9%, any lender will see the extra loan as additional debt and either refuse to lend or offer a high apr, you may get lucky and get a lender who will offer a loan at a cheaper rate.

    Whats your salary ?

    So your wanting to consolidate, maybe read some of the threads on here about posters who consolidated.

    Consolidating earely works, its just shifting the debt from A to B.
    Last edited by DCFC79; 06-08-2018 at 10:11 PM.
    • James2201
    • By James2201 6th Aug 18, 10:21 PM
    • 9 Posts
    • 2 Thanks
    James2201
    • #7
    • 6th Aug 18, 10:21 PM
    • #7
    • 6th Aug 18, 10:21 PM
    My credit score on call credit (noodle) is 623 and is rated as a 4 out of 5
    • James2201
    • By James2201 6th Aug 18, 10:41 PM
    • 9 Posts
    • 2 Thanks
    James2201
    • #8
    • 6th Aug 18, 10:41 PM
    • #8
    • 6th Aug 18, 10:41 PM
    My salary is approx 28k including bonuses. I know what you are saying but basically the loan will clear some of my fianc!e debt and my credit card which in 12 months time will put us in a better position to help her get on the mortgage. We will be in a position to pay the loan off early we just don!!!8217;t have the money right now
    • Willing2Learn
    • By Willing2Learn 6th Aug 18, 10:48 PM
    • 1,825 Posts
    • 1,410 Thanks
    Willing2Learn
    • #9
    • 6th Aug 18, 10:48 PM
    • #9
    • 6th Aug 18, 10:48 PM
    Thing is, the credit scores from Experian, Equifax and CallCredit (TransUnion) don't really matter. A lender only considers the data held in your credit report, added to the data you provide during the application process, then takes all that data to score you against their criteria and policies.

    It is true, what DCFC79 said about consolidation loans. They are rarely successful in improving overall finances, indeed they often lead to more debt. The downward spiral of debt mounts for many recipients of consolidation loans

    Tesco advertise a representative 3.0% subject to status.

    Have you had any problems with late payments or arrears?
    Have you been struggling to make minimum payments on your credit card?
    Last edited by Willing2Learn; 06-08-2018 at 10:53 PM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • James2201
    • By James2201 6th Aug 18, 10:55 PM
    • 9 Posts
    • 2 Thanks
    James2201
    No I have never missed a payment and my credit card I always pay off more than the minimum amount. I have been looking at these sites where they tell you the likelihood of being accepted because I don!!!8217;t want to just be applying for loads of different ones because that will damage my credit rating
    • Willing2Learn
    • By Willing2Learn 6th Aug 18, 10:59 PM
    • 1,825 Posts
    • 1,410 Thanks
    Willing2Learn
    What does the MSE Loans Eligibility Calculator say? (It only does a 'soft' search, so as not to impact on you credit file).
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • James2201
    • By James2201 6th Aug 18, 11:07 PM
    • 9 Posts
    • 2 Thanks
    James2201
    There are coming up with a few options, to borrow £7k over 5 years there is a company called hitachi or something (never heard of them) and they are saying 95% chance of being successful
    • Willing2Learn
    • By Willing2Learn 6th Aug 18, 11:10 PM
    • 1,825 Posts
    • 1,410 Thanks
    Willing2Learn
    It may be cheaper to get a money transfer card at 0% for three years...or something similar...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Craig1981
    • By Craig1981 7th Aug 18, 5:19 AM
    • 556 Posts
    • 265 Thanks
    Craig1981
    There are coming up with a few options, to borrow £7k over 5 years there is a company called hitachi or something (never heard of them) and they are saying 95% chance of being successful
    Originally posted by James2201
    Hitachi finance used to be (or still are) the finance company behind Currys and some other high street shops like this.

    Rate Setter and Zopa (P2P lenders) will do a quote that wont affect your credit file, so see the type of rates you would get with them and that then should give you an approximate APR range, but still, this will differ from lender to lender

    dependant on the amount, why not look at an all rounder card from MBNA? can transfer your current CC balance, and 0% purchases on what you currently need?
    • Smellyonion
    • By Smellyonion 7th Aug 18, 5:29 AM
    • 136 Posts
    • 86 Thanks
    Smellyonion
    18k in debt is a very large amount of debt and probably near the maximum for your salary. Your chance of getting accepted on a low interest loan will be low.

    How much do you need to borrow?

    If you will be able to clear the debts in a few years then why do you require the loan?
    • Sncjw
    • By Sncjw 7th Aug 18, 7:16 AM
    • 1,969 Posts
    • 1,155 Thanks
    Sncjw
    So you will be doubling your debt and more so about 28k. The lender will be assessing you on affordability for 28k. Given you earn that amount a year I would imagine they reject or give you high interest. They don!!!8217;t know your going to pay your current debt off with that money. Some people will think ooh I have extra money to spend and then get more and more into debt.

    You don!!!8217;t always get the advertised rate as it!!!8217;s based on your circumstances.
    • foxy-stoat
    • By foxy-stoat 7th Aug 18, 8:40 AM
    • 3,197 Posts
    • 1,800 Thanks
    foxy-stoat
    Apply for a loan if you must - it wont do your credit history any harm. IF you get an offer (a decline wont change anything and it doesnt get recorded on your file) it will be more than 9.9% but you may get a cheaper rate, no one on here can tell you the best place to apply.

    You dont have a credit score - only credit history.

    Consolidation loans rarely attract the lowest rate.

    If your level of borrowing is more than 50% of your gross annual salary then your unlikely get a decent rate.

    If you have any money transfer deals on your credit card I would do that and over pay the remainder of the highest rate debt first.

    Can you sell stuff to clear the debt down quicker, down value your car, do the PPI reclaim thing?
    • DCFC79
    • By DCFC79 7th Aug 18, 8:50 AM
    • 33,125 Posts
    • 20,860 Thanks
    DCFC79
    There are coming up with a few options, to borrow £7k over 5 years there is a company called hitachi or something (never heard of them) and they are saying 95% chance of being successful
    Originally posted by James2201

    Hitachi finance is the largest non bank financial institutions. Hitachi is involved in many projects around the world. They also used to produce TV's but now they let someone else produce them.
    • crism
    • By crism 10th Aug 18, 1:02 AM
    • 59 Posts
    • 7 Thanks
    crism
    Look at Zopa, they have one of lowest interest rates on the market.
    My mate borrowed from them few years ago to pay off car loan - no issues.
    I borrowed few months ago - no issues.
    Many happy customers, including myself.
    You will read some negative comments online but - as I found - coming mainly from people who didn't know what they are doing.
    I think even Martin talks about them positively somewhere on MSE website, as an alternative to high street lending, effectively cutting out a middle man.
    As for credit score - I wouldn't go to crazy about keeping it "spot on".
    I mean, if you are not silly with your money, know what you can afford, and pay off always on time, then a loan or 0% credit card will only work to your advantage and in longer run increase your credit rating.

    • dealer wins
    • By dealer wins 10th Aug 18, 10:46 AM
    • 6,131 Posts
    • 11,944 Thanks
    dealer wins
    Looking at your level of debt I would say its unlikely you will be accepted at any rate.

    Why not cut back to the bone and overpay as much as possible every month. If you are going to be wanting a mortgage ideally you want to be debt free and have a good deposit.
    Choose life
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