www.iva.co.uk

Posted: **Fri Mar 18, 2011 11:37 am**

What is the accepted credit score by money lenders? Say I would like to take a personal loan of Â£5000.00 with APR 25%. Share your experience.

Posted: **Fri Mar 18, 2011 11:47 am**

Hello and welcome --- for a start 25% is exhorbitant for a personal loan and, secondly, not many posters here take credit any longer -- so recent experiences will be few and far between.

Posted: **Fri Mar 18, 2011 11:55 am**

Hi Tom.ee

If you have been offered a loan at this rate then your credit score may be a bit lower and hence the reason for the APR of 25%. I agree with Foggy and it is on the high side

Posted: **Fri Mar 18, 2011 2:07 pm**

Credit scoring - is very much up to the provider - unfortunately they wont publish their acceptible scores due "sensitive business information". maybe useful to use a comparison site - but be careful to dont make multiple application - as this will go against you

Posted: **Fri Mar 18, 2011 2:25 pm**

Hi from me too. An offer at 25% suggests they see this customer as high risk. All lenders' criteria is individual but similar so you can try elsewhere but I suspect the rates offered will be in the same ballpark. Credit score will be just one element that goes into the customer's risk profile. x

Posted: **Fri Mar 18, 2011 4:06 pm**

Hi and welcome.

Have you been in an IVA Tom? This will make a difference to any lending criteria.

Posted: **Fri Mar 18, 2011 4:13 pm**

Unless you are extremely desperate don't take out a loan at that level of interest. My stomach churns at the thought. You will end up paying christ knows how much. These rates should be outlawed. I saw something in a money lending shop window yesterday on my travels, and it quoted some horrendous APR of over 2000%, how can that be legal. The money will be in you account in 15 minutes, i bet it will, and within half an hour you will owe them a fortune!

Posted: **Fri Mar 18, 2011 4:16 pm**

I imagine that would be a payday loan Howard and I wouldn't touch them with a ten foot barge pole!

Posted: **Fri Mar 18, 2011 4:47 pm**

Jan - you haven't had your ten foot barge poll out in ages!

Posted: **Fri Mar 18, 2011 5:00 pm**

It has to come for an outing occasionally BOL!

Posted: **Fri Mar 18, 2011 5:05 pm**

Only 2000% - Howard.- thats cheap!!!!

There is one on TV ("Wo****")that has a APR at 4212%

Posted: **Fri Mar 18, 2011 5:11 pm**

I know they will all profess to use secret codes and algorithms but i wonder if they just pick a ludicrous number out of thin air, double it, add a bit, have a giggle and double it again just for a joke!?! X

Posted: **Fri Mar 18, 2011 5:19 pm**

Possibly! I never even entertained such loans, even when I was desperate!

Posted: **Fri Mar 18, 2011 6:00 pm**

4212% APR!!! I think if I've worked it out right on borrowing £1,000 over 12 months you'll end up paying back around £5,200.

No wonder Jan has her 10 foot barge pole out!!!

Posted: **Fri Mar 18, 2011 6:07 pm**

Probably longer than that!!!!!!