MarkSp;243136 wrote:
Rates for a 25k fixed loan over 5 years. All used real personal details and a reason for loan as "Home Improvement"
4.9% - 12.9%
All rates from ordinary names that we all will know well.
Lloyds was the most expensive - supermarket banks were the cheapest
:)
I just tried the same loan application with Halifax and was offered 4.4% on a "highly likely" to be approved basis, which is odd as they are owned by Lloyds. Maybe it helped that I have a current account with them. So that's an effective real interest rate on an unsecured loan of about minus 5% at today's level of inflation.
I have a few credit cards, with a combined limit of over £50K, but only use them for the perks, like cashback, coupons, air miles, purchase protection, and fee-free overseas spending. They all get paid in full every month, and always have been, so I don't suppose that I make much money for the providers. I'm actually a bit surprised that they are willing to take so much risk on me, as I might be sacked or drop dead.