Best loan to apply for KMwindows

#1
Hello



I would be grateful for any views that people have on the best loan to apply for to borrow £17,000 jointly with my husband for home improvements. We have a mortgage and credit card that we pay off in full every month.



I know that Sainsbury's offer one of the lowest APRs for the amount that we are looking to borrow, but it seems that if you don't get offered the lowest rate, they can instead offer a much higher rate. I am essentially looking for advice on what banks/building societies offer a 'good' (not necessarily the best) APR but where the chance of getting the advertised rate is high.



I do understand that APR is just the rate that needs to be offered to 51% of customers, but it seems very unfair that you need to apply for the loan before you find out the actual rate that you will be offered, at which point even if the rate offered is significantly higher than the APR, it is more difficult to apply for a loan elsewhere because the first application will appear on your credit score.



Any advice would be very much appreciated!

#3



at which point even if the rate offered is significantly higher than the APR, it is more difficult to apply for a loan elsewhere because the first application will appear on your credit score.



Any advice would be very much appreciated!
Originally posted by KMwindows




No such thing in the financial world as a credit score, that's just BS for the consumer.





As no one can know which bank will offer you the best APR for you until you apply, I would go to your current bank and one other to get a loan - 2 credit searches on your credit file will not make too much difference, may be apply for £8500 each - your more likely get accepted that way.





Good luck

#5



Hello



I would be grateful for any views that people have on the best loan to apply for to borrow £17,000 jointly with my husband for home improvements. We have a mortgage and credit card that we pay off in full every month.



I know that Sainsbury's offer one of the lowest APRs for the amount that we are looking to borrow, but it seems that if you don't get offered the lowest rate, they can instead offer a much higher rate. I am essentially looking for advice on what banks/building societies offer a 'good' (not necessarily the best) APR but where the chance of getting the advertised rate is high.



I do understand that APR is just the rate that needs to be offered to 51% of customers, but it seems very unfair that you need to apply for the loan before you find out the actual rate that you will be offered, at which point even if the rate offered is significantly higher than the APR, it is more difficult to apply for a loan elsewhere because the first application will appear on your credit score.



Any advice would be very much appreciated!
Originally posted by KMwindows


Its very fair indeed.



How else are lenders to know what your like with money, if you run up debts if you dont apply for the loan ?



There would be banks losing a tonne of money if banks didnt have customer apply for loans but gave the money away willy nilly.



Loans dont appear on your credit score, they appear on your credit history.



An eligibility checker is your best best.



Look for a lender who provide a soft loan check, no mark is left on your credit file whereas hard checks leave a footprint.



Try your own bank.

#6
Hi,

An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment. I think, different banks offered different APR rates for a loan, so you can concern with bank advisor.

Thanks!!

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