Hello all I am quite new to this group. I have recently got a permanent contract after a year out of work. I am looking to taking out a loan from one of the high street banks, or building society to help me initially, my own bank natwest has said that they are willing to lend me min of 3k .For the moment I am looking at other banks and which would offer me lower interest , any recommendations. And are there any websites which give advice or info on this. Many thanks
advise on acquiring loan
May 16, 2004
2 Replies
Two points.
- In general avoid high street banks as they are rarely the best deals for personal loans.
- Beware "risk-based pricing", where there is a headline rate, but they take your personal circumstances into account before deciding what (probably higher) rate they will actually offer you.
Try this site:
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I said I was 35 and wanted to borrow 5000 for 5 years and got two best buys at 5.9% - Northern Rock and Marbles.
HTH
Brian
Northern rock is a typical APR as well, so it is not guaranteed at 5.9%.
What the OP needs to remember is that he has just got a permanent contract after a year out of work. His credit Score might not be high enough to get the "best" deal.
And lets be honest the difference between 5.9% and 7.9% APR is about a fiver a month at most.
I when I wanted my first loan went to my own bank, and took an 8.9%, and then after that my score was high enough to apply for the best ones.
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