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  • FIRST POST
    • Jolouis
    • By Jolouis 15th Jan 20, 1:58 PM
    • 7Posts
    • 1Thanks
    Jolouis
    M&S loan gone to underwriters update
    • #1
    • 15th Jan 20, 1:58 PM
    M&S loan gone to underwriters update 15th Jan 20 at 1:58 PM
    I asked the other day what happens when a loan application goes to the underwriters thank you for the advice from everyone.

    Here's an update got the loan at 10.4 APR which I'm happy with 7000 over 6 years now going to pay 2 loans off l had as they were over 7 years and interest on one was 25.5 and the other 34.9 so going to be saving on interest and save 90 a month. So im happy to be sorted
Page 1
    • Jolouis
    • By Jolouis 15th Jan 20, 2:00 PM
    • 7 Posts
    • 1 Thanks
    Jolouis
    • #2
    • 15th Jan 20, 2:00 PM
    • #2
    • 15th Jan 20, 2:00 PM
    I had only paid a year off the 2 loans so it's over the same term left 6 years.
    • foxy-stoat
    • By foxy-stoat 15th Jan 20, 3:38 PM
    • 5,696 Posts
    • 3,533 Thanks
    foxy-stoat
    • #3
    • 15th Jan 20, 3:38 PM
    • #3
    • 15th Jan 20, 3:38 PM
    Have a word with your past self, taking out loans with those interest rates over 7 years.

    Geeze.
    • Jolouis
    • By Jolouis 15th Jan 20, 4:38 PM
    • 7 Posts
    • 1 Thanks
    Jolouis
    • #4
    • 15th Jan 20, 4:38 PM
    • #4
    • 15th Jan 20, 4:38 PM
    I have l will only have this one loan and getting no more going to do over payments and I've got no credit cards.
    • chanz4
    • By chanz4 17th Jan 20, 7:59 PM
    • 10,104 Posts
    • 3,007 Thanks
    chanz4
    • #5
    • 17th Jan 20, 7:59 PM
    • #5
    • 17th Jan 20, 7:59 PM
    Tesco is around 3%
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
    • DCFC79
    • By DCFC79 18th Jan 20, 8:07 AM
    • 35,622 Posts
    • 22,488 Thanks
    DCFC79
    • #6
    • 18th Jan 20, 8:07 AM
    • #6
    • 18th Jan 20, 8:07 AM
    Just make sure you dont let the debt up again.
    • Lover of Lycra
    • By Lover of Lycra 18th Jan 20, 8:26 AM
    • 826 Posts
    • 1,773 Thanks
    Lover of Lycra
    • #7
    • 18th Jan 20, 8:26 AM
    • #7
    • 18th Jan 20, 8:26 AM
    Tesco is around 3%
    Originally posted by chanz4
    2.9% if you are one of the 51% of successful applicants borrowing between 7,500 and 15,000 over 1 to 5 years. M&S also offer a representative APR of 2.9% for certain loan amounts and terms. Since the OP is borrowing 7,000 over 6 years neither of those rates would have been available to the OP.

    10.9% is definitely a lot better than the rates on the existing loans.
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