card loan??

Discussion in 'Finance, Property, Law' started by sirbhp, Mar 19, 2013.

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  1. sirbhp

    sirbhp LE Book Reviewer

    Today it was suggested to me that i might wish to take out a Barclay card loan at 1.5 & and pay it off each month or not as I like .

    I have been out of the fiance game for 10 years or so but I still smell a rat . obviously if i don't make the full monthly payments the intrest goes up so will the cost of the loan to me .

    Any of you troops had experience of such a loan . Nat west want 5.9% as do Tesco etc .
     
  2. Do you really mean 1.5%, or is that a typo? Their site quotes 5.1%APR.
     
  3. Look at the Money Saving Expert forums, lots of cards available offering 0% interest for 12/18 months on balance transfers.
     
  4. sirbhp

    sirbhp LE Book Reviewer

    the blurb i have is 1.5% non secured for a ten k conservatory loan. I will delve deeper as in the first instance i just though it not lightly to benefit me . I assumed that they work on the basis that you either miss or part pay each month so you pay more charges etc .
     
  5. if the rate quoted is 1.5% - that will be per month. If you were Beardie Branson you wouldn't get offered that rate PA !!
     
  6. Does it say "£ 10k loan FROM 1.5%"?

    Then when you apply and they credit score you, it's suddenly 5.9%.

    If they say they've pre-approved you, I'd question how they can do that if you haven't agreed to be credit searched, as it's illegal to credit search someone without their consent.

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  7. Is it car loan or "card loan?" WTH is a card loan, do you mean a credit card?

    Also those ******* at Barclay's didn't want to give me a credit card, **** em!
     
  8. Fiance game..?
     
  9. Probably not wife material if she's on the game.
     
    • Like Like x 1
  10. If he/she has a bcard might they have the option to check this. If not take the bastards to court.
     
  11. It's an expensive one.
     
  12. From when I worked in finance, the initial agreement to the credit search was for the application of the initial credit card/loan/whatever only.
    Every time a credit search is carried out it's noted on your credit file. Too many searches in a short period of time will adversely effect your credit score (it can be a fraud indicator).
    Therefore, your permission HAS to be sought before carrying out a credit search. Otherwise you could genuinely be applying for something and be declined because your various credit card companies have been racking up the searches on your credit file without you knowing.

    Posted from the ARRSE Mobile app (iOS or Android)