I got my loan for home improvements through Northern Rock. Lots of home improvements, so a lot of capital was needed.
I did it all over the phone, just called the number and answered all the questions. Nothing out of the ordinary, the usual questions apply.
The guy on the phone made things very easy to understand and went through all the options for repayment with me. IE, I can pay the agreed monthly sum for the duration - or I can pay a lump sum off the capitol as and when I wish, which will bring down the duration. If I want to pay a lump sum off the capitol with a view to reducing my monthly payment, I can do this by re-starting the loan at the new reduced amount.
Lots of options, which suites me fine.
The only down side - which I didn't consider a downside really, was that when you are calling for a quote, even if you don't want to go ahead with the loan, they do a live credit check. Most companies will do a virtual check based on what you tell them, without bringing their credit scoring method into play. This means that you could get a quote of X amount, but its subject to you matching their individual credit scoring methods.
Because Northern Rock do the live check anyway, you get the absolute correct quote. I don't mind this, because, don't forget, all that will appear on your credit file is that you've been searched by a company. If you don't choose to go with them, it doesn't mean that you were refused credit.
Lots of confusion can happen over that one.
All in all, very pleased with Northern Rock - I got £15,000 at £272.00 monthly payment.
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Aug 10th, 2004
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