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Original poster

Offered a loan. Am I being ripped off?

47 replies

emmarighty · 13/07/2019 00:12

Hello,

I was offered a loan tonight but I'm worried that I'm making the right decision. I need 5000 found a website called realrates.com on google that's said I'm preapproved for 13.1%. Is that good? Is this a legit website?

I tried money supermarket but they declined me!!! But I don't want to take money from a website I've never heard of.

Any advice? Should I go elsewhere?

OP posts:
Userplusnumbers · 13/07/2019 00:14

Well it depends on your credit rating OP. 13.1% isn't a great rate to be honest.

Have you tried your own bank?

serenadoundy · 13/07/2019 00:15

Money supermarket don't give loans. Who did you apply to?

Original poster
emmarighty · 13/07/2019 00:17

The cheapest deal was Hitachi?

OP posts:
Original poster
emmarighty · 13/07/2019 00:19

My bank wasn't on this comparison website. Should I go to my bank instead?

OP posts:
MyDcAreMarvel · 13/07/2019 00:19

Not really, when we took out a loan for home improvements it was 3.3 with NatWest.

MyDcAreMarvel · 13/07/2019 00:20

Yes , go to your bank.

serenadoundy · 13/07/2019 00:22

Who did you apply to for a loan? You said you were declined, so who declined you?

Original poster
emmarighty · 13/07/2019 00:25

I went to my bank's website and they declined me!!!!! What should I do? I can afford this other deal on that other website but never heard of them

OP posts:
hadthesnip2 · 13/07/2019 00:26

Interest rates can vary on a personal loan from 5% to double digits. I keep getting offers through for a pre-approved loan of £7500 at 7.5%. Just dont look at payday loans though.

Original poster
emmarighty · 13/07/2019 00:27

Serena my bank has declined me. I'm worried now

OP posts:
serenadoundy · 13/07/2019 00:28

You said in your OP you had been declined. By who?

serenadoundy · 13/07/2019 00:29

Meantime, stop applying for loans online. The more you do it the less chance of actually getting a loan at this point.

Original poster
emmarighty · 13/07/2019 00:30

Hadthesnip where can I get a loan for 7.5%? TBH i don't really understand. Looking at this other website again it says only real interest rates no rep APR. What does that even mean?

OP posts:
blaaake · 13/07/2019 00:33

Yes please stop applying for so many loans online. It hurts your credit score!

serenadoundy · 13/07/2019 00:39

Who declined you?

Original poster
emmarighty · 13/07/2019 00:43

Serena I was declined on this website by Zopa, Shawbrook, Lendable? And there were some other websites that it says couldn't quote me?

OP posts:
serenadoundy · 13/07/2019 00:46

Shawbrook bank? And now your own bank? And brokers that won't quote you?

Are you a homeowner?
Reasonable income?
Other debt?
Credit card?

Original poster
emmarighty · 13/07/2019 00:47

Ok I'll stop applying. Is Hitachi a good option then? Is this realrates.com a legit website then if they found me a deal?

OP posts:
serenadoundy · 13/07/2019 00:48

It's unlikely you will be accepted now as you have at least 2 loans declined tonight

Original poster
emmarighty · 13/07/2019 00:50

Serena no I don't own a house. My husband and I are comfortable. We have a couple of credit cards and our cars are on finance. We're looking at 5000 to pay off our credit cards and buy something

OP posts:
hadthesnip2 · 13/07/2019 00:52

Mine was via my credit card company- Creation. But have been with them for over 10 years & had a loan previously with them.

Sounds like your credit rating is not very good. It might be good to stop applying to all & sundry and do a soft search. There are websites (I thought money supermarket was one) where they will tell you who will give you a loan if you put in all your details.

Why do you keep getting turned down ?? Do you have a bad credit history ?? Have you defaulted before or missed payments ??

serenadoundy · 13/07/2019 00:53

Can you use the credit cards to buy the 'something' and then use the money you would be making your loan repayments to reduce the balance on the credit cards?

Just cut them both up after buying the something and focus on repaying?

MyDcAreMarvel · 13/07/2019 00:56

Op I didn’t mean apply to your bank tonight, I meant speak to them.
The hitachi loan won’t be available now as you applied to other companies.
It’s probably for the best, you would be better paying of the cards you have .
You don’t sound very financially aware.

Original poster
emmarighty · 13/07/2019 00:57

Oh ok. This website I used said something about a soft search?

Just gone back to the website and it says it'll tell me who will accept me, rates are guaranteed and below the button it says no impact on your credit score. So I don't think I've been applying for loans have I?

OP posts:
MyDcAreMarvel · 13/07/2019 00:58

Ah sorry soft searches are fine .