Getting a loan

Stinky

Stinky

Stinky

Soldato
Joined
28 Mar 2005
Posts
9,254
I am after getting a loan so that i can sort my finances out.

now basically i want to borrow 1800 over about 18months. i have a "fair" credit rating apparently best i've had so far is 14.9% APR

anyone recomend any lenders?
 
Northern Rock
Alliance and Leicester.
Have you tried your bank?

Should definatley be in the single figure % interest rates with a loan otherwise you mayaswell stick it on a credit card!
 
Capital One usually do pretty good deals on credit cards. I know they do a 0% interest rate on balance transfers, not sure if they do a 0% one on new cards. But if your debt is in the form of credit cards/overdrafts you should be fine.

A loan for that amount isnt a good option. If it was for several thousands then its more appropriate as likely that you will not have paid back the 0% interest on the credit card by the time the offer expires, and therefore are hit with a hefty interest rate.

Natwest do an 8% interest loan, and Nationwide I believe is even lower.
 
Balance transfers: In the first twelve months from the account opening date, we will charge interest at the rate of 0% p.a. (a year). After that, we will charge a standard rate of 15.9% p.a. (a year).


noticed that when going through a allience and lleicster account. that sounds good. if im only uysing it to settle other accounts then thats all i need??
 
However, there is no significant mandatory monthly payment with CCs, so you need to be disciplined and make sure that you actually do pay it off monthly and not just leave it...
 
does anyone know if it is possible to withdraw money from your credit card with out the card.

i mean if i have my statment, can i go in with all my details and withdraw money??
 
Withdrawing money on a credit card is generally a bad idea, as it will generally be charged at your 'cash' rate, which is much higher than purchase or balance transfer rates.

It's also worth pointing out that, depending on his credit rating, the OP may not actually get a 0% card. Same with low rate personal loans, they all depend on circumstances and you may not get the headline rate. The small size of the loan will also tend to mean rates will be higher.

Without knowing more about the OP's finances, a good recommendation is hard to make. Who do you owe the £1800 to, on what terms, and how can you improve it. How much money do you have coming in and out. Can you pay, for example, £200 a month, which would get that cleared in 9 months anyway, or are we looking over a longer term?
 
If you can get a low rate balance transfer just transfer a balance from your current account, the debt with then move to the CC allowing you to use your bank account just like it has £1800, because it now has £1800 in it.

3% will be a initial £54 but you can usually have that put onto the CC aslong as the limit allows.

If you have only a fair rating but have a reasonable history with your bank that may be the better way to go rather than having an unsuccessful credit application on your history.

Do you have any direct debits or anything else creditwise? Lenders like to see 3 years of repayment on some sort of credit agreement elsewhere, tells then you are less of a risk.
 
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