Loan application, good or bad? 2000GBP 19.23% 1 year.?
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I am thinking about raising money for a small venture, the company, yes loans. They quoted on phone just over 19% interest rate, and the total to pay back is about 2300 GBP But initially they require a 50GBP admin cost to process the loan, they say in the letter and during the call, the loan is approved. Does that mean it is confirmed approved,, or that once i give them 50 quid, they then process it and could come back and say no you don't meet the standards, and they are 50 quid the richer.
Also if I pay it off early, it refers to a minimum rebate rate as set by the 1983 laws, so if i pay it off after 6 months, then i pay the remaining monthly payments, 6X193pm.GBP of thereabouts, less a rebate, is that a percentage set, does anyone know what the rate is. I suppose borrowing 2k and paying back 2300 is ok for the priveldge of borrowing it, but i just wondered.btw, any people in the business, please ask boss's to quit add on promos pressure, it was too much, not professional at all!
Loan application, good or bad? 2000GBP 19.23% 1 year.?Avoid this loan as if it were plague ridden.
19.23% is very expensive to start with, then they are charging you an upfront admin fee which incidentally doesn't guarantee you the loan. The loan is 'approved' subject to underwriting criteria, they have the right to turn you down at any time.
Finally to add insult to injury it is a 'Rule of 78' loan, look this up on Google, moneysavingexpert.com have a good explanation. They catch you for the interest even if you pay it off early.
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