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Loans - Acceptance - Cant Find One

brock101brock101

Im looking to get a loan for between 5000 and 7500 , my credit ratings not bad but i seem to be getting knocked back , i know my credit ratings not bad becuase about 6 weeks ago i got a credit card with 1600 limit , at the most about 29.9% apr

so does anyone know of a loan company with a high acceptance rate?

anyhelp will be rewarded with rep


thanks

All Comments (13)

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    amansk
    30%, surely that cant be right.

    A&L gave my missus a loan for 7k at 6% last year, and her credit rating is ok.
    tinkerbell28
    Unfortunately now with the credit crunch and all cheap loans are very difficult to come by, it was possible to get some good deals as late as last year if you had a reasonably good rating, but now that is difficult, even with a good credit rating. Lots of factors will be taken into account, whether you are a home owner, as if you default they have more chance of getting their money back through a charging order. Also things like how much debt you already have, will be taken into account, how many credit cards or bank accounts you have. A recent credit application and approval will effect a decision too as it adds to your possible debt "burden".
    30% Is ludicrous but I read somewhere the other day the average being offered on unsecured for that value was about 15%.
    It's called a credit crunch for a reason, banks don't want to lend and are being more cautious, about time too!
    tinkerbell28
    Having read throug your op again, best to leave it. Do you really need 5000-7500 is it a matter of life and death? As having recently applied for a cc and been accepted with a limit of £1600, if you have been applying lots for loans, lots of credit searches make lenders nervous and unwilling to lend. You will probably need to leave it a few months before trying again. I think you will struggle for that amount though as £1600 although it's good they accepted you, it's definately not a massive limit they have given you in the grand scheme of things...............
    tinkerbell28
    vinylandtrinkets
    just looked at my MBNA card and if i wanted a loan with them upto 8K its only 7.9% apr.
    I think whoever quoted you almost 30% is a loan shark.


    Not necessarily, may have been a bank that deemed him to be high risk, hence the 30% to persuade againt him taking the loan, with the risk factor bumping up the APR.
    mbgringo
    29.9% indicates the credit rating ain't as good as you imagine.

    Visa/Mastercard rates should range from 14.9% - 17.9% typically, 29.9% are usually "Vanquish" type cards for lower credit ratings.

    Before you use that, go to [url]www.experian.co.uk[/url] or [url]www.equifax.co.uk[/url] and pay a couple of quid to see your actual rating then taylor your applications on somewhere like moneysupermarket to the loans that fit your rating.

    No point applying to the people who have big acceptance rates as their apr will be astronomical.

    Oh, and don't apply too often, each application is logged and each rejection will show up to the next institution looking at your application.
    mbgringo
    vinylandtrinkets
    ohhhh yes never thought of that...
    why hasnt the OP responded to any of the comments here??


    He's dropping an application to Jimmy "thumbscrews" down the local pub . . . . . :lol:
    StevenA2000_uk
    I had several credit card with MBNA and they are notorious for hiking their APR after promoting balance transfers...

    they did this often with me. When I got the cards (one had a limit of 10k on it just to put it into perspective) the rate was 16.9%...12 months later after I transferred balances they hiked the APR up to 24.9%, 12 months after that they hiked it again up to 34.9%.....this is despite me paying via direct debit, never missing a payment and having a good credit rating across the board with full time employment.....now where is the sense in that coz all i done was cancel the lot of them.

    Given the current climate, unless you have some assets to secure against the loan you will have great difficulty in finding a low interest rate loan of that amount OP. My thoughts are that the only places you will get accepted on that kind of amount is either a high APR loan or a high APR credit card with that limit on it.

    The credit card companies are riding consumers at the moment for every penny they can get out of them. Its not right I know, but these tactics dont help the economy as all it does it put people into a position where they are more likely to default on the payment due to the high interest rate, thereby making things worse all round. :)
    brock101
    its quite important i get a loan for around this much and i ment i was willing to pay up to 30% apr , but like tinkerbell said its quite hard to get a loan at the minute

    last year when i didnt need one companys , were begging me to take there loans , now they wouldnt spit on me

    and the credit card is the only credit i ow and i aint used the card for anything yet
    mbgringo
    brock101
    its quite important i get a loan for around this much and i ment i was willing to pay up to 30% apr , but like tinkerbell said its quite hard to get a loan at the minute

    last year when i didnt need one companys , were begging me to take there loans , now they wouldnt spit on me

    and the credit card is the only credit i ow and i aint used the card for anything yet


    Re. the credit card, this may count against you - it shows as £1600 already owed, plus the apr. is high.

    Could you cancel that account? May help any loan application if this is removed as outstanding credit (doesn't matter you've not spent on it, still shows as £1600 loaned)
    tinkerbell28
    brock101
    its quite important i get a loan for around this much and i ment i was willing to pay up to 30% apr , but like tinkerbell said its quite hard to get a loan at the minute

    last year when i didnt need one companys , were begging me to take there loans , now they wouldnt spit on me

    and the credit card is the only credit i ow and i aint used the card for anything yet


    It's called the credit crunch for a reason, the credit card if that's all you have will show a facility of £1600 no real biggy when you want £5000-£7500.
    Problem is today, banks will not lend that kind of cash easily, things like your age if your young and have no credit or repayment history will count against you. It could be anything they take all sorts into account, your income etc, etc. Making several loan applications will also count againt you.......
    I really don't think it's going to happen tbh.
    meeowcat
    dont keep applying, see moneysavingexpert for help. plus your own bank may have a good rate for you!
    danzig66
    I second the go to http://www.moneysavingexpert.com/ advice. Outstanding site.

    They had Tesco.com as one of the best places to get a loan at present and I've just been accepted for around the same amount as you are looking for. Got 8.1% APR. Tried my own bank and they were quoting between 13 and 16% APR! In fact, the supermarkets - Asda et al - seem a fairly decent bet if you want a loan. The AA are doing a pretty good deal too.

    Good luck!
    ronaldoisbuff
    My Credit card has 40% apr as i have ruined my credit history through appling for so many loans and gettin declinded

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