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Author Stupid question RE: Credit crunch
Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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22nd Sep 08 at 18:53   View User's Profile U2U Member Reply With Quote
I take it that is why the APR on loans at the moment is fucking ridiculas

AndyKent
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Registered: 3rd Sep 05
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22nd Sep 08 at 18:54   View User's Profile U2U Member Reply With Quote
Its always been rediculous hasn't it?
Ash_EP3
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Registered: 15th May 07
Location: Melksham, Wiltshire
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22nd Sep 08 at 18:54   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Jambo
I take it that is why the APR on loans at the moment is fucking ridiculous



corrected for you sir!

Yes I believe so
Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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22nd Sep 08 at 18:58   View User's Profile U2U Member Reply With Quote
Thanks, and no apk not always been silly, i had a £6k loan a while back that wasnt much on the apr side of things tbh.

Near on 20% for alot of places
Jake
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Registered: 24th Jan 05
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22nd Sep 08 at 18:59   View User's Profile U2U Member Reply With Quote
possibly, they're not making the money from mortgages at the moment
Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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22nd Sep 08 at 19:00   View User's Profile U2U Member Reply With Quote
Yes on the most part.

Its now more risky for the bank to lend due to peoples income (in a lot of cases) becoming lower than it previously was. They therefore cover their backs somewhat by having a higher charge to borrow the money.

Their are other reasons too (such as cost of money for the banks, etc.) but the above is the main reason.
Phi
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Registered: 8th Jan 07
Location: South
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22nd Sep 08 at 19:00   View User's Profile U2U Member Reply With Quote
20% !! what!

what bank was that
Phi
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Registered: 8th Jan 07
Location: South
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22nd Sep 08 at 19:02   View User's Profile U2U Member Reply With Quote
12,4% if you apply online with natwest but phone up and get better deal/fixed rate if you have gold account
Theham85
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Registered: 29th Nov 06
Location: Brisbane Queensland
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22nd Sep 08 at 19:03   View User's Profile U2U Member Reply With Quote
Is it also because people are getting scared and withdrawing their money?
Phi
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Registered: 8th Jan 07
Location: South
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22nd Sep 08 at 19:04   View User's Profile U2U Member Reply With Quote
is there an official website you can check banks out?
like i will be getting a new loan next year and ican get a fixed rate lower apr with the account i have, but whats other banks like? do i stay with my bank ?? its all very confusing
Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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22nd Sep 08 at 19:08   View User's Profile U2U Member Reply With Quote
im with natwest but the figures on what you pay monthly and pay back do not add up to 12.4%.

I just did a quick look on moneysupermarket.com
Phi
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Registered: 8th Jan 07
Location: South
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22nd Sep 08 at 19:10   View User's Profile U2U Member Reply With Quote
well mine has always been the same as what i got it online as...
Phi
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Registered: 8th Jan 07
Location: South
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22nd Sep 08 at 19:11   View User's Profile U2U Member Reply With Quote
if i do a sample of what my loan is on the 'calculator' on the website -its still same even with credit crunch thingy.
Theham85
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Registered: 29th Nov 06
Location: Brisbane Queensland
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22nd Sep 08 at 19:13   View User's Profile U2U Member Reply With Quote
I'm with HBOS, I better not get fucked over.
Phi
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Registered: 8th Jan 07
Location: South
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22nd Sep 08 at 19:16   View User's Profile U2U Member Reply With Quote
what hsbc like with loans anyone?
Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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22nd Sep 08 at 19:16   View User's Profile U2U Member Reply With Quote
Figures you see online are often the best they can offer, and they try to make it as few as possible that actually walk away with that figure for obvious reasons.
ed
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Registered: 10th Sep 03
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22nd Sep 08 at 19:21   View User's Profile U2U Member Reply With Quote
They're usually Bank of England base rate (interest rate) + something for themselves. The base rate is high, loans are high
Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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22nd Sep 08 at 19:23   View User's Profile U2U Member Reply With Quote
Just got a quote with egg for 9.9%
Ian
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Registered: 28th Aug 99
Location: Liverpool
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22nd Sep 08 at 19:27   View Garage View User's Profile U2U Member Reply With Quote
quote:
Originally posted by ed
The base rate is high, loans are high
But the base rate is low.

The margins are what are driving personal borrowing up. That and only lending to people who will pay you back!
Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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22nd Sep 08 at 19:28   View User's Profile U2U Member Reply With Quote
i have good credit history and always pay shite back, had credit cards since i was 18, missed like 2 poayments in 7years.
ed
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Registered: 10th Sep 03
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22nd Sep 08 at 19:45   View User's Profile U2U Member Reply With Quote
I've just paid back the balance on my card. Was only £200 like, but that's the limit anyway Feels nice
Tiesto
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Registered: 6th Jun 02
Location: Hinckley, Leicestershire
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22nd Sep 08 at 20:24   View User's Profile U2U Member Reply With Quote
Alliance & Leicester is good for loans, if your willing to open a current account with them that is.
Richie B
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Registered: 18th Apr 04
Location: Newcastle
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22nd Sep 08 at 21:26   View User's Profile U2U Member Reply With Quote
Depends a lot on your credit rating/history too.
Colin
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Registered: 4th Apr 02
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22nd Sep 08 at 21:27   View User's Profile U2U Member Reply With Quote
Not a good time to borrow money tbh, the banks are struggling to borrow themselves!
Stu_22
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Registered: 25th Mar 02
Location: Luton
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22nd Sep 08 at 23:00   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Jambo
Just got a quote with egg for 9.9%


How much and over how long I used to be able to get 7% APR now I cant get it under 16

New mortgage should be fun in a couple of years

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