buying a new car to simply consolidating finances,Hsbc customers can receive a representative of 4.3% APR for Personal Loans between £7,000 and £15,000.
Eligibility requirements:
1.To be eligible for an HSBC Personal Loan you need to:
be an HSBC current account customer (Premier, Advance, Bank Account, Graduate account)
2.have an annual income/pension before tax of £10,000 or more
3.be a resident of the UK
4.be over 18
I have average credit rating, applied online and accepted and funds are in my a/c with in minute.
give it a go, good luck
Please note that 4.3% is the representative rate not gauranteed. Rate will depend upon on many parameters like your credit histroy etc. But worth giving a try by popping into their branch.
- akodalikar
Eligibility requirements:
1.To be eligible for an HSBC Personal Loan you need to:
be an HSBC current account customer (Premier, Advance, Bank Account, Graduate account)
2.have an annual income/pension before tax of £10,000 or more
3.be a resident of the UK
4.be over 18
I have average credit rating, applied online and accepted and funds are in my a/c with in minute.
give it a go, good luck
Please note that 4.3% is the representative rate not gauranteed. Rate will depend upon on many parameters like your credit histroy etc. But worth giving a try by popping into their branch.
- akodalikar
Groups
For example the Lloyds 0% for 24 months balance transfer credit card has a 1.5% fee
If you transferred a balance of £2k then the one off fee would be £30. You will need to ensure that you keep up the minimum payments so that you dont flip out of your promo rate and ensure that once the 24 months is up you transfer your balance to another lender or have paid the balance off in full so that you dont incur interest payments
lloydsbank.com/cre…asp
If you have a decent credit rating and haven't ran your accounts terribly by going overdrawn or having direct debits returned often then there is no reason you won't score for the representative rate.
Also your existing exposure to debt ie how much credit you currently have available to you from all your lenders combined even if your not using it eg your £2000 credit card limot vs your income, age residential status and account conduct
By law they have to offer it to two thirds of customers.
I'm thinking the 8% you've been getting offered is due to either a low loan amount £1-£7k enquiry or possibly you may already be close to a lending limit.
They can't advertise a rate unless they give it to the majority of applicants AFAIK.
I haven't fully read the terms of this loan so please do before doing anything, however it's usually the case.
It's only 51% of successful applications since representative APR was introduced. It used to be 66% when it was typical APR.
Jinx.
Loan was £12k I have never missed a payment, never had any ccj's totally clean .Excellent history of paid off accounts. Im on a descent wage and only use 20% off my credit cards funds.
Still a fair chunk then, in my defense it's been a long time since I last had a loan (excluding the mortgage). Much nicer feeling when you pay for something outright you've saved up for.
Try a different bank then, just not too many in the same quarter.
Banks must make sure you could still afford to Make payments if this were the case hence why this is considered to make sure its all affordable.
I wont bother as Im aware of not applying for too many loans. I was just pointing out that not every one may get the lowest rate which includes myself even though I have excellent rating.
Kenneth makes a good point about access to credit, banks don't like the idea you could get a loan and then max out existing credit cards and do a bunk.
Other than that it could be someone you are financially attached to, either a partner with a shared account or family member living at same address with iffy credit.
I understand the access to credit liability but I have 20 years top notch history. All loans paid on time and paid off. No bad/iffy credit with anyone else in household. I don't think its that easy to do a so called bunk these days but if that was your intention then it wouldn't matter what rate you was offered you will still do it anyway.
Even amongst friends and family I have never known them to get the lower rates. Good luck for those that do though.
We're ALL on a "descent" wage at the moment... except the financial sector!!!
I have a top notch credit rating, and every promotional rate (loan or credit card) I've applied for I get the best rate. I also keep my credit card limits low and close any unused accounts - so I guess you must be doing something wrong
If they are advertising 4.3%, 51% of people have to be given that rate!
It reminds me of something I was told one time by a car salesman: something about if they think you are buying on HP you can get them down more on the price of the car. (Because they are making it back and more on the loan, obv.) Then pay of the HP quickly if the agreement allows for it.
Thanks for this interesting info. I must try to remember it if I ever go for a loan or next time I get a car.
santander-products.co.uk/loa…G45
Edit, you need to be Santander 123 customer
IS this one only for santander customers?
Hmm, I'm with HSBC and have a 978 credit rating. I got the advertised rate.
So it is possible... Now he has his shiny new car (& making all the repayments I may add) but sadly I don't have a license... though the car is automatic, hmmmm..
The roads aren't ready for me yet
In reality a lot will be typing it on an ancient PC on dial up in a dank bedsit.
I know it makes sense to use interest free and leave the savings in the bank but they don't look at the amount you've got saved, only the amount borrowed and in that regard, anyone with borrowings on cards looks the same as someone who continually lives in la la overdraft land and indebted to the credit cards.
No. People need to seriously question the debt they take on. Mortgage is the only debt we should ever 'need'. Everything else can be saved for. Even consolidating existing debt doesn't pay off for most as it doesn't fix the underlying problem of spending more than you have coming in.
You can choose to trade in petty insults but you're going to be worse off in the long run. That's more akin to your description.
Can't borrow for a house deposit though, well unless you can convince the bank that's not what it's for!!
Best i got was 9.9% for getting a new car, didn't go with it decided to keep the shed i have for now
7000 min to get that rate it would never be advocated that you should take out more than you actually need as a lover amount at a higher interest rate could work out better over the term than taking a higher amount just to obtain a lower rate but paying more on interest over the whole term.
So think about how much you actually need
No as mentioned a personal loan can not be used for buying a house.