If you are looking for a loan at the moment, Nationwide has a price promise pledge that they will beat any other loan rate. M&S are offering the "lowest" ever personal loan rate ,from 3.5% which means if you use the Nationwide offer you can get it as low as 3%. Rates vary with amounts borrowed.
Also don't shoot the messenger if you have ever had a loan cheaper than the lowest rate of 3.5%. :)
new and existing customers, you will have to open an account with them though to get the discount. Their accounts are excellent so shouldn't be an issue.
Top comments
baggs1981
8 Oct 1517#20
All these published deals are bs to get you through the door and harm credit files with adding a search to your file only to say "congratulations you have been approved... for 10% higher than the rate in our advert! multiple times in the past I have checked all my credit files are perfect before applying and still never been offered the advertised rate from any lender. One of the biggest cons going.
mocmocamoc
8 Oct 1516#17
You could also take the £20k and bet it on a horse.
mcormack to Peter9588
9 Oct 155#36
To enjoy the benefit immediately rather than wait 5 years.
kingbal to andyyak
9 Oct 153#45
Don't see what indian has to do with it this happens with all different types of people
Latest comments (60)
mskumar
18 Oct 15#60
When I applied they quote rate as 19% horrible
londonguy
9 Oct 15#55
expensive just took out a 10k loan of £277.77 p/m over 36 months
ShaunnyBwoy to londonguy
9 Oct 15#56
Done one better. I robbed a bank! Only fools pay back money! :sunglasses:
Budden to londonguy
12 Oct 15#59
From your dad?
looneytunejo
11 Oct 15#58
Nice one! Oh I just got fed up saying they couldn't read payslips after 5 weeks when they should have been a lot further on in the process , they actually still haven't got back to us and that was over a week ago now. I move in on thurs thanks to Halifax :smiley:
cossy3
10 Oct 15#57
Of course they will look at personal loans. They are looking at your bank statements and outgoings with a tooth comb. Signs of risk, are you betting online? Are you taking out credit? All these things will affect affordability and the overall picture but will be more significant to those on the lower end of the earning scale which are also people likely to be taking out personal loans so no, it's not a load of rubbish.
markbick
9 Oct 15#54
Interesting debate here as I am trying to raise significant funds (for me anyway) to help buy out my future ex-wife and pay off any debts between us as well. But I'm looking more in the region of £60k so I suspect I'd have to do this on a new mortgage instead really (mortgage owed now plus debts combined so about £280k in total!). Would be interested if anyone has been through something similar as I'm concerned it might not be doable.
Tymondo
9 Oct 15#53
What a load of rubbish. MMR was about reshaping the underwriting process of a mortgage in terms of consistency, affordability and irresponsible lending, nothing to do with whether a client has a personal loan in the background.
An underwriter may questions if someone has recently applied for a personal loan and then remortgaged while capital raising. Apart from that, i cannot see any problems what so ever with someone taking out a loan within months of making a mortgage application.
mikeyp
9 Oct 151#52
You've already had the formal offer i.e. they have already done all their credit checks. So you will probably be safe.
Gonz
9 Oct 15#51
The best way to get money is to bet on all the loads of casino adverts. do a few of the many lotteries, bet on the horses, dogs, chickens and rats. and claim for an accident that wasn't your fault :smiley:
PierremontQuaker
9 Oct 15#50
Heat added - if your looking at a 20k loan then this is good - if your looking for a loan of 10k or under I would go with a credit card and transfer to a zero balance card (providing you can get the credit of course).
baggs1981
8 Oct 1517#20
All these published deals are bs to get you through the door and harm credit files with adding a search to your file only to say "congratulations you have been approved... for 10% higher than the rate in our advert! multiple times in the past I have checked all my credit files are perfect before applying and still never been offered the advertised rate from any lender. One of the biggest cons going.
dunc360 to baggs1981
9 Oct 15#49
I got my last loan at the exact interest rate they advertised at the time of researching the right company to apply to. Granted I have experienced the above before like you have but there are lenders out there that do end up giving you the rate you expect.
Budden
9 Oct 15#48
Interesting, I had my formal mortgage offer this week via the post so all signed off. I have just applied for the credit card as would like to do the 3k transfer to help pay for furniture etc when we move in. Should I be worried??
andyyak
9 Oct 152#43
Just get one from every bank and enjoy ur life spend it on women booze n holidays then go bankrupt n do it all again. Or Indian style buy a house in ur parents name(and a merc this is standard) with the money then go bankrupt. I work in insolvency it's just too easy to do.
kingbal to andyyak
9 Oct 153#45
Don't see what indian has to do with it this happens with all different types of people
davidbrent to andyyak
9 Oct 15#47
looneytunejo
8 Oct 152#10
Just don't go with them just now if ur getting a mortgage!
antmatz to looneytunejo
8 Oct 15#25
Please expand, I was looking to switch deals with them in a couple of weeks?
markinoxon to looneytunejo
8 Oct 15#26
Eh?
Deal0rN0Dea1 to looneytunejo
8 Oct 15#28
What do you mean by this?
Budden to looneytunejo
9 Oct 15#39
Why?
yorkie to looneytunejo
9 Oct 15#46
I did this recently, yest it can be a long winded process but I think that is partly due to current legislation, whilst it didn't all go smoothly, when I complained they quickly sorted the problems and recompensed me to the tune of £150.
Hot deal btw!
ShaunnyBwoy
9 Oct 151#44
Big picture is, if you don't need a loan, and have great credit because you've paid off all your loans, this works great for you. If do really need a loan because you're trying to consolidate all your loans, but have moderate to poor rating, well forget it :man:
This is why banks suck for poor people.
cossy3
9 Oct 15#42
Because the new mortgage market review process does not look favourable on loans. Not to mention your credit file might take a hit. Don't apply if you've got a mortgage or remortgage coming up.
looneytunejo
9 Oct 15#41
They have dragged their heels for over 5 weeks with my mortgage application, three financial advisors I have spoke to say mortgage companies are terrible at times and Nationwide seem to be the company that are terrible at the minute. Ended up having to leave the mortgage offer and apply with Halifax, who got further through my application in ONE HOUR than nationwide done in 5.5 weeks.
TITBAG
9 Oct 151#40
May take the 20k loan and bung it all on the Oil Price. Its bound to rise 30% over the next 5 years so that would be 6k profit. Offset the 1.5k interest you will have to pay and bobs your uncle, £4,500 profit.
phil001
9 Oct 152#38
just a little note - if you want to borrow a small amount (say 3k), consider getting something like http://uk.virginmoney.com/virgin/credit-cards/money-transfer/ credit card.
You can transfer cash to your bank account for a 2.29% fee, then pay it off at 0% for 34 months.
Just another option, with slightly more flexibility on repayments (could be a good or bad thing!)
Peter9588
9 Oct 151#37
Thanks for all your replies. Interesting...
Peter9588
9 Oct 15#31
I have to ask what do people use loans like this for? Bar a mortgage or if a car has 0% finance, I would always rather save up over 3/4/5/6 or however many years so I could pay for the goods outright.
Just intrigued why people borrow money like this?
v8griff to Peter9588
9 Oct 15#32
Home improvements? I'm going for a dining room extension, will have to check mortgage rate, but this may be a cheaper way to raise the capital. Thanks for posting op!!
eslick to Peter9588
9 Oct 15#33
loans like this are used for all sorts of large finances purposes, some people cant save but can budget with a loan going out. home improvements, not tying the funds for the life of your mortgage, cars (lets not start the debate on leasing:) ), boats, some even put holidays but never understood that. Even the very rich use financing to fund purchases like this, all very common.
mcormack to Peter9588
9 Oct 155#36
To enjoy the benefit immediately rather than wait 5 years.
scouser100000
8 Oct 152#2
Fantastic. Going to apply for £20k and stick it all in the Santander 123 account and use the interest to pay the loan!
sofiasar to scouser100000
8 Oct 151#3
How much interest do you get for 10k??
jackvdbuk to scouser100000
8 Oct 152#5
are you accounting for the 5 fee and tax? you get 2.4 after tax.
dalepowell98 to scouser100000
8 Oct 15#9
How does this work out then after tax?
Houstieboy to scouser100000
8 Oct 152#13
That's one of the most moronic things I've ever heard.
davek to scouser100000
8 Oct 151#14
Dont think you've thought that through.
Its a loan not an interest only mortgage, you pay capital and interest back each month so you'd have to have a hell of a interest rate on that current account for that plan to work ;-)
mcormack to scouser100000
9 Oct 152#35
CLOWN.
fr3dy77_sp33d
9 Oct 15#30
will they match 0% bank mum and dad? getting paid 5% interest for my loan will be great! :smiley:
jonneyt to fr3dy77_sp33d
9 Oct 15#34
0.5%
effingandjeffing
8 Oct 151#29
cold : they wont price match wonga
baz84
8 Oct 15#27
yeah yeah :wink:
Manly69
8 Oct 15#24
Sorry mistype above 20k loan at 3.1% is what I got
Manly69
8 Oct 152#23
I applied for 20k loan from cahoot the other night at 3.6%. I got accepted for loan straight away. Went into nationwide today and applied for same loan, they offered me 3.9%. I then showed them cahoot paperwork (cahoot is Santander). They matched cahoots 3.6 and further discounted 0.5%. So 29k loan at 3.1%. There were 2 credit checks in total. If u have decent credit history then a credit check shouldn't be a problem
scouser100000
8 Oct 151#22
It was a joke
stphnstevey
8 Oct 15#21
nice
ardouse
8 Oct 151#16
You could put it in 2x £10k stocks and shares fixed 5 year term is as The best ones are paying out something like £18k over 5 years on a £10k investment. Do one late March and one on Apr 1st. Pay off your 20k loans over 3/4 year term and take a tidy profit! Be aware you could lose the lot though.
Mikey1610 to ardouse
8 Oct 15#18
LOL
Vatman95 to ardouse
8 Oct 15#19
April 1st being a clue to how sensible this idea is.
mocmocamoc
8 Oct 1516#17
You could also take the £20k and bet it on a horse.
kpsagon
8 Oct 15#15
Same 3% interest from Santander, you can't break even if taking the monthly fees into consideration.
rajaraja
8 Oct 151#11
Reading terms from nationwide, it says you need to have a offer from there competitor with a offer. basically have multiple searches against your credit file might go against you.
spenspuma to rajaraja
8 Oct 15#12
Exactly.
matthewmarsh
8 Oct 151#6
Nationwide main current account holders only, might be worth putting that at the top but a great deal none the less.... I'm off to dream of loft conversions :smiley:
eslick to matthewmarsh
8 Oct 151#8
you can open an account and get the loan, will add it though :smiley:
sailo
8 Oct 15#7
Good offer. Heated!
sofiasar
8 Oct 15#4
Op could you post some examples on a loan of 20k. Might buy a little garage
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Opening post
Also don't shoot the messenger if you have ever had a loan cheaper than the lowest rate of 3.5%. :)
new and existing customers, you will have to open an account with them though to get the discount. Their accounts are excellent so shouldn't be an issue.
Top comments
Latest comments (60)
An underwriter may questions if someone has recently applied for a personal loan and then remortgaged while capital raising. Apart from that, i cannot see any problems what so ever with someone taking out a loan within months of making a mortgage application.
Hot deal btw!
This is why banks suck for poor people.
You can transfer cash to your bank account for a 2.29% fee, then pay it off at 0% for 34 months.
Just another option, with slightly more flexibility on repayments (could be a good or bad thing!)
Just intrigued why people borrow money like this?
Its a loan not an interest only mortgage, you pay capital and interest back each month so you'd have to have a hell of a interest rate on that current account for that plan to work ;-)
http://www.nationwide.co.uk/products/loans/service/loans-price-promise
M&S link
http://bank.marksandspencer.com/banking/personal-loans/overview/
more info
http://www.thisismoney.co.uk/money/cardsloans/article-3261950/M-S-Bank-launches-lowest-loan-rate-just-week-Nationwide-pledge-undercut-rivals-0-5-make-difference-borrowing-costs.html
no idea how this made it to misc asked for it to be moved to deals