Personal Loans
09 January 2002, 01:13 PM
#2
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Your friend might want to consider using a credit card instead. Morgan Stanley are offering 4.9% on balance transfers until the amount is paid off.
Check out www.morganstanley.com/cards
Check out www.morganstanley.com/cards
09 January 2002, 01:20 PM
#3
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I got an Egg card which had 0% APR for 6 months and transfered my balance from my MBNA card. Once this 6 months was up I transfered the balance back to my MBNA card as they are currently doing 2.9% APR on all balance transfers for 6 months.
Problem is that because your friend has a bad credit history they are probably not going to give him a 10K limit...
Problem is that because your friend has a bad credit history they are probably not going to give him a 10K limit...
10 January 2002, 10:35 AM
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Even with some adverse history it can be done. It is easiest if you own property but even without there are possibilities.
Find a broker (independant) who can shop around for you. Some of the broker websites around are good, www.charcoalonline.co.uk and www.purplequote.com, but don't rely on them as they often just show an interest rate that is a best case scenario and the borrower won't always get that.
Interest rates will be higher because of the increased risk but it can often be worth paying those higher rates as you can use the loan to repair your credit history.
Find a broker (independant) who can shop around for you. Some of the broker websites around are good, www.charcoalonline.co.uk and www.purplequote.com, but don't rely on them as they often just show an interest rate that is a best case scenario and the borrower won't always get that.
Interest rates will be higher because of the increased risk but it can often be worth paying those higher rates as you can use the loan to repair your credit history.
10 January 2002, 12:36 PM
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As above try http://www.moneysupermarket.com or http://www.moneyextra.com for good loan comparisons.
Dave
Dave
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01 September 2002, 05:28 PM
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Have to agree with the advice about credit cards.
I just took out a Tesco cc.1.5% fixed until June/July.Works out @0.124% per month.
Either Nationwide or Abbey National do a 0% fixed till the summer.
I also remember reading about one through British Airways fixed at a decent rate till it was paid off.This was only on balance transfers.Any new purchases were at a higher rate.
If its for a car purchase i know my local BMW dealer would let me pay up to £4000 on card on a £7000 car with no charge.
When you say low credit score do you mean,
1.Not much history of borrowing/repaying loans/credit or
2.Do you mean bad credit history ie defaulted on a loan etc.
[Edited by paulr - 1/9/2002 5:31:47 PM]
I just took out a Tesco cc.1.5% fixed until June/July.Works out @0.124% per month.
Either Nationwide or Abbey National do a 0% fixed till the summer.
I also remember reading about one through British Airways fixed at a decent rate till it was paid off.This was only on balance transfers.Any new purchases were at a higher rate.
If its for a car purchase i know my local BMW dealer would let me pay up to £4000 on card on a £7000 car with no charge.
When you say low credit score do you mean,
1.Not much history of borrowing/repaying loans/credit or
2.Do you mean bad credit history ie defaulted on a loan etc.
[Edited by paulr - 1/9/2002 5:31:47 PM]
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