Look, I hate to preach here, but PLEASE consider this. Only borrow ifHi,
I have never taken out a bank loan before, but I'm looking for ways to
reduce the interest I'm paying on my credit card debts. I bank with
FirstDirect and their usual loan rate is 9.9% APR. (Rather high, I
know.) I'd be looking to borrow £10,000 to pay off credit cards which
charge a higher rate than that (average approx 15%APR). Here are some
Is there any advantage to getting the loan from my usual bankers
(FirstDirect), who I have been banking with for about 10 years and
with whom I have proved reliable and responsible in the management of
my account (dispite the rather high 9.9% rate)? I want to avoid too
much detailed disclosure of my financial circumstances, and I want to
avoid securing the loan on my house if possible. They saw fit to give
me a credit card with a £19,000 credit limit (which I never use due to
the high APR), so I'm hoping they's use the same reasoning to give me
an unsecured loan of half that amount.
Or are bank loans always secured loans?
What, if any, are the main DISadvantages of bank loans?
you are going to cancel, not cut up, the cards OR you are absolutely
guarenteed not to run up the debt again. You will end up with a loan,
and be back at square one in 18 months if thats not the case..