Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Where can I get a low fixed rate personal loan

(8 Posts)
Purple999Red Tue 16-May-17 10:50:40

I am planning to consolidate my debt and do some home repair, is it a good decision to get a personal loan? Where can I get a low fixed rate personal loan and what documents do I need?

19lottie82 Tue 16-May-17 23:43:17

How much existing debt do you have? What's your income and how much do you want to borrow?

A lender will only offer you a low rate if you are an appealing candidate and if you're looking to consolidate (which is usually a bad idea in it's self) then chances are you won't be.

The money saving expert site and forums and a good place to compare rates and look for advice.

RebelAllianceUK Tue 16-May-17 23:51:17

How much do you need?

If you have a good credit record you might try RateSetter (p2p and for full disclosure I'm a lender). The advantage is that you can pay it off early with no penalty fees whatsoever.

19lottie82 Wed 17-May-17 00:06:34

It's not just to do with credit history (your rating doesn't actually exist), a lender will look at your income, existing debt and financial commitments.

KindraLamb Wed 17-May-17 07:29:29

If you want a personal loan to pay off credit card or other debt, the absolute fastest and most effective way to lower the interest you pay is to apply for a balance transfer, with a 0% rate. But a balance transfer isn’t for everyone, especially if your credit score isn’t perfect or if you need to borrow cash.

Apply for several loans to check rates. You can apply to each personal loan company separately.

check out this article about personal loans www.thesimpledollar.com/best-unsecured-loans/

TinselTwins Thu 18-May-17 00:54:41

If you need cash can you not do it by cascading credit cards?

I.e. take out a new credit card (A), withdraw cash - this will not be 0% will be a high percent as cash. Take out a 0% balance transfer card (B), balance transfer from B to A. A is now paid off, and all the debt from the cash withdrawl now qualifies for 0% interest because as far as credit card company B is concerned, and the debt is now all on B, the debt is a balance transfer from another credit card.

ems123465 Tue 23-May-17 11:51:21

I had trouble with my debt for the last 3 years i did not know what to do also i had a week old baby who was awoken by phone call after phone call they called me from 8am-8pm this got me very stressed which also made my partner stressed. I went on to facebook and found a link called debtmate as soon as i sent the form they called me and helped me with understanding how much i could afford. If it wasn't for them i would probably be in the same boat now. I was so happy

Herewegogo Tue 23-May-17 11:53:06

Zopa are good, but agree that 0% cards are the way to go if it's possible for you.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now