20k personal loan

[popegregory]

Afternoon all.

Looking to buy a car and clear current loan with 20k. Was just talking to current bank (who I assumed we’d go through) who slipped in that there were probably better deals out there. Is anyone offering decent rates at the moment? Experian seem to think I’m a full score at the moment if that helps. I’ve run searches through money supermarket and Martin Lewis but am reluctant to go with a new lender who then jacks the rate up and puts that I’ve searched on my credit score.

[bogie]

Try Zopa.com

last time I needed some low rate finance got 3.5% . All very efficient and fast, no messing around.

[warp9]

Just gone through virgin money with clysedale bank. 3.2% all online, very easy, approved and funds in my bank within 3 hours.

[towser44]

Halifax are 2.9% for 20,000 over periods up to 5 years (but looks like it's for existing customers, not sure if you bank with them)

[Whistle]

I recently borrowed £20k off Nationwide @ 2.9%. Applied on line and had the money in my bank in under 2 hours.

[rgw2012]

TSB did 2.8%, I couldn't find anything cheaper 3 weeks ago

[SimonTheSailor]

towser44 said:

Halifax are 2.9% for 20,000 over periods up to 5 years (but looks like it's for existing customers, not sure if you bank with them)

Can't see this offer and I'm a customer ? Best is 3.5%

[anonymous-user]

Before the pandemic, Barclays who I bank with, kept offering me up to 50k for 3% pre approved. Since March, the max they are now offering is 10k and they’ve stopped bombarding me with offers to borrow from them. My circumstances haven’t changed and I don’t even want to borrow at the moment but I was surprised by the bank’s appetite to lend at the moment.

[Odhran]

bogie said:

Try Zopa.com

last time I needed some low rate finance got 3.5% . All very efficient and fast, no messing around.

Last time I looked at zopa (admittedly 2/3 weeks ago their interest rates were set to 17% for some reason )

[DanL]

wormus said:

Before the pandemic, Barclays who I bank with, kept offering me up to 50k for 3% pre approved. Since March, the max they are now offering is 10k and they’ve stopped bombarding me with offers to borrow from them. My circumstances haven’t changed and I don’t even want to borrow at the moment but I was surprised by the bank’s appetite to lend at the moment.

That’s interesting - I was shown the same offer every time I signed on to the phone app, but during March I moved and now have a much larger mortgage so assumed the reduction was due to that. I’m surprised to hear it might be everyone that no longer has the approval!

[MattS5]

DanL said:

wormus said:

Before the pandemic, Barclays who I bank with, kept offering me up to 50k for 3% pre approved. Since March, the max they are now offering is 10k and they’ve stopped bombarding me with offers to borrow from them. My circumstances haven’t changed and I don’t even want to borrow at the moment but I was surprised by the bank’s appetite to lend at the moment.

That’s interesting - I was shown the same offer every time I signed on to the phone app, but during March I moved and now have a much larger mortgage so assumed the reduction was due to that. I’m surprised to hear it might be everyone that no longer has the approval!

Must be their attempt at sensible lending practice during this period.
The very same offers have ceased appearing for me too since end of March.

[anonymous-user]

If they're lending as low as 2.8% it's not surprising savers are getting negative real! Bonkers. Makes no sense IMO when credit card rates are still c.20%. Shows how upside down the whole thing has become.

[popegregory]

Cheers all. In addition, is it worth asking for £19999 instead of £20k, does this affect the rate? Same with the term, a low rate means I can go for a shorter term - is 5 years better than six?

[yajeed]

wormus said:

Before the pandemic, Barclays who I bank with, kept offering me up to 50k for 3% pre approved. Since March, the max they are now offering is 10k and they’ve stopped bombarding me with offers to borrow from them. My circumstances haven’t changed and I don’t even want to borrow at the moment but I was surprised by the bank’s appetite to lend at the moment.

I had the same with Barclays. They seem to have dropped the high pre approved limits but will still provide loans, presumably after checking your circumstances haven’t changed; it seems it’s just a precaution with the current situation rather than a fundamental change

[SimonTheSailor]

popegregory said:

Cheers all. In addition, is it worth asking for £19999 instead of £20k, does this affect the rate? Same with the term, a low rate means I can go for a shorter term - is 5 years better than six?

You'll only know that by playing around with their loan calculators ?

[popegregory]

SimonTheSailor said:

popegregory said:

Cheers all. In addition, is it worth asking for £19999 instead of £20k, does this affect the rate? Same with the term, a low rate means I can go for a shorter term - is 5 years better than six?

You'll only know that by playing around with their loan calculators ?

I know what you mean but I was referring to the rate mysteriously changing once you’ve done the application; is under £20k more likely to go through as it says rather than on it or over?

[BeeBopp]

If you use the likes of clear score, you get soft searched and then get offers at guaranteed prices plus a score indicating likelihood to be acccepted

[Kent Border Kenny]

popegregory said:

I know what you mean but I was referring to the rate mysteriously changing once you’ve done the application; is under £20k more likely to go through as it says rather than on it or over?

The representative rate is offered to at least 51% of successful applications. It’s only once you do a full application and they get all your details of credit history that they can decide if you’re in that 51%, or if you are viewed as higher risk so pay more.

[vulture1]

I got 2.9% from nationwide. Halifax were offering as well. It is mega cheap to get just now.

[DaveH23]

Another one for Nationwide, I applied on Friday and got an instant decision at 2.9%