I've applied for a loan. How long does it take to get back to me?

Soldato
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If you have money in the bank, use that to pay off the loan you have already then use the £229 / month you save to save up 1.5K on your own, and earn interest rather than pay it.
 
Man of Honour
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I understand what you all saying but if i pay off the rest of my loan my interest is way higher.

If i get this loan, i get £1500 and £20 a month more in repayments. I'm not in the cack and have quite a bit of money in the bank.

I just want to get the lower APR and i have worked it out that i get £600 back in my pocket (non being paid on interest).

So why are you increasing your debt? Your post would make sense if you were simply getting a lower APR debt to pay off a higher APR debt, but that isn't what you're doing.
 
Caporegime
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HSBC never mentioned any charges? They just said i have £7500 left to pay but i can pay it off today for £6500....?

Therefore why wouldnt they tell me of hidden charges?

Because they are a bank and they love to take your money.


Check all you documents for hidden charges etc. If they said that on the phone get it in writing.
 
Caporegime
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HSBC never mentioned any charges? They just said i have £7500 left to pay but i can pay it off today for £6500....?

Therefore why wouldnt they tell me of hidden charges?

I don't understand.

£229 pm over 3 years = £8,244. You currently owe a capital balance of £7,500 meaning the interest charge over the remaining life of the agreement is £744. Yet HSBC are prepared to let you settle your debt of £7,500 for £6,500? That does sound like a good deal :D.
 
Transmission breaker
Don
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Perhaps as he is so early in the initial agreement, the loan is calculated with the interest over the whole period. If he is paying it off a couple of years ahead of schedule, he will be minus a couple of years interest on the re-payment?
 
Suspended
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Right guys,

I have applied for a loan.

I have 3 years / 7.5k left to pay on my loan (£229 a month). If i take out a loan for £8k (36 months) my repayments are £249 and i can pay off the existing loan and will be left with 1.5k.

I have applied with Santander & Tesco. I applied at 7pm Friday evening. How long does it take before i hear anything?

Can i phone them up and find out my decision that way?

Thanks.

So you're applying for a loan to pay off a loan? Hmmm...
 
Soldato
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dawg.jpg
 
Permabanned
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Right guys,

I have applied for a loan.

I have 3 years / 7.5k left to pay on my loan (£229 a month). If i take out a loan for £8k (36 months) my repayments are £249 and i can pay off the existing loan and will be left with 1.5k.

I have applied with Santander & Tesco. I applied at 7pm Friday evening. How long does it take before i hear anything?

Can i phone them up and find out my decision that way?

Thanks.


If the answer was yes then you would almost certainly have been told within a few minutes.

Applying for a loan with two companies simultaneously would damage the chances of either saying yes also.

I think a phone call to find out their decision would be the best option, but I wouldn't hold out much hope tbh.

If you are unsuccessful then I would suggest waiting at least 6 months before making another application and this time only one at a time, each time you make an application the company will do a search of the credit reference agencies and if it sees that you have applied for credit on a regular basis unsuccessfully or have applied to more than one company at any given time it will turn you down assuming either you are in financial difficulty or are attempting fraud.
 
Soldato
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I would say most successful applicants would get an instant decision of 'yes' and most unsuccessful applicants would also get an instant descision of 'no'. The remaining applicants who are borderline will have to have their application checked by a person to make a decision. If that is the case then there's a good chance you won't get their 'typical' APR but may get offered a higher rate. Or you might get turned down. Or you might have made a trivial error on the application such as saying you have lived at your current address for 15 years when it's actually 13.
 
Caporegime
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If the answer was yes then you would almost certainly have been told within a few minutes.

Applying for a loan with two companies simultaneously would damage the chances of either saying yes also.

I think a phone call to find out their decision would be the best option, but I wouldn't hold out much hope tbh.

If you are unsuccessful then I would suggest waiting at least 6 months before making another application and this time only one at a time, each time you make an application the company will do a search of the credit reference agencies and if it sees that you have applied for credit on a regular basis unsuccessfully or have applied to more than one company at any given time it will turn you down assuming either you are in financial difficulty or are attempting fraud.

The last post I read by you, you were talking about putting willies inside girls. I assume the above was written by your very sensible wife again :p.
 
Soldato
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I don't have enough to pay the loan off and its currently with HSBC. You have to pay it all off or monthly as agreed. My remainder is £7500 but my settlement figure is £6500.

they will say that, however if you call them and ask they will probably re-do the loan on the new terms,

I had a loan a while back and it was the same, pay it all off or keep to the monthly payments... I just re-did the load with them over a shorter term (its worth asking)
 
Soldato
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30 Jul 2005
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You guys need to chill on the OP

I have just done the exact same thing as him but without the extra 1.5k :p

I had a loan with HSBC with 22 months left on it and i want to pay it off sooner the loan is at 8.9%

I am a homeowner and tell my bank manager tescos will do me a loan at 7.9%

HSBC say the only way to pay the loan off early is to take out a new loan clear the existing loan and the new loan will be on an APR of 14.9% i laughed at my bank manager asked him for my early settlement figure and walked out.

Tesco promptly agreed my loan to the tune of my early settlement figure @ 7.9% and i now only have 12 months to pay instead of 22 and at a lower rate. I will say i didn't take any cash out extra as i just wanted to pay my loan off sooner :p
 
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Soldato
Joined
30 Jul 2005
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Bristol
ahh ok

that's a bit pointless :p

guess he must be skint or thinks re-organising his loan is the only way to generate some extra cash in the short term.
 
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