What is the cheapest loan at the moment ( £6000 )

13 replies
Found 20th Mar 2008
Have found a deal through your personal loan which is 6.8 apr.
Just cant find anything better does anyone know if this can be beaten?
A lot of the loan companys have stopped lending money now for some reason.
I have got a good credit history

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13 Comments

I dont know if it can be beaten but have you tried ]zopa? worth a look if you haven't

Original Poster

Thanx Bella .....but no luck there

there was that big bank in america....and now its hard getting loans and credit etc.....cant remember why now tho

Original Poster

I did hear something mentioned on the radio that a lot of lenders have stopped lending at the moment.
Dont know if this a temp thing or not.
I am just glad that I have a mortgage now as it looks bleak for any 1st time buyers

Sounds like you lot dont read the papers.

Basically a couple of years ago the big lending companies in the USA were looking for more people to lend money to. They had already lent to their "normal" lenders (middle class folks in good jobs) so now began looking for a new audience.

So they started lending to people who should not really have been lent the money. These were the poor, those on welfare, those without regular incomes etc.

This drove up the prices of houses so everyone was happy.

Then interest rates went up and all of a sudden all these people could not afford to pay back their loans. They defaulted on their mortgages and gave their house back to the mortgage company.

Houses plummeted in value and nobody had the money to buy them. Thousands of houses stood empty and the large banks had to write off BILLIONS of dollars in bad debts.

A similar thing happened here with Northern Rock, who lent too much money to people who could not pay it back, and confidence in the bank dropped like a stone.

The credit squeeze in the USA has sent shivers round the world and now many UK banks will not lend money to anyone unless they feel there is an excellent chance of them getting it back.

Many people think we are in a recession, slump or depression, call it what you will.

Here is an example of a US bank writing off bad debts.

Morgan Stanley wrote off 9.4 BILLION dollars of bad debts in late December

news.bbc.co.uk/1/h…stm

And UK banks have written of 6.8 BILLION pounds in bad debts

telegraph.co.uk/mon…xml

No wonder they are reluctant to lend money at the moment.

Original Poster

this seems to be the best deal at the moment if anyone else is interested in taking out a loan. I have tried some haggling with banks and building societies but they dont want to know.]https//ww…uk/

were heading into a recesion, so most places aren't lending money due to the risks being to great. This isn't a good time to be taking out a loan anyway

Armed (Or rather not) Robbery provides a interest free loan which only has to be paid back with time in prison!*

*This is a joke*

t0mm;1755109

Armed (Or rather not) Robbery provides a interest free loan which only … Armed (Or rather not) Robbery provides a interest free loan which only has to be paid back with time in prison!**This is a joke*




chances are you'll only get a week in prison anyway :whistling:

j/k

Kitten13;1755209

chances are you'll only get a week in prison anyway :whistling:j/k



that's probably true.
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