Loans: have you ever taken one out?

[betty swollocks]

Why?
With whom?
How did you decide?
Did you consider the terms fair?
What security did you offer/ was required.
Quick and easy?
Satisfied? Why? If not, why?
Doing some research.
Your impressions of the overall experience?

Thanks in advance for any feedback.

 

[defy-one]

my mortgage is my only loan. If you need a loan to buy something, it generally means you can't afford it. start saving

 

[TVC]

Why? I wanted to buy a house
With whom? A building Society the became a bank that became a foreign owned bank.
How did you decide? They offered the best rate at the time (1993)
Did you consider the terms fair? I did then, but we all know Endowments are poo now.
What security did you offer/ was required. The House
Quick and easy? They threw the money at me with little checking of my ability to pay.
Satisfied? Why? If not, why? Satisfied because that was the best on offer at the time.

I have not taken out as loan for anything since buying the house, I save and borrow from myself - the interest terms are much better.

 

[Andrew_Culture]

On the whole my only debt is my mortgage, but when I was 'elf employed I needed a short term loan so...

Why? - cashflow
With whom? - Zopa
How did you decide? - Zopa are sort of crowd sourced, and therefore aren't a bank, and they have no early repayment penalty which was useful because I only needed to borrow money for a few months
Did you consider the terms fair? - Very
What security did you offer/ was required. - None, but I think I got a lower rate because I'm a homeowner, so that was probably my security
Quick and easy? - Surprisingly so
Satisfied? Why? If not, why? - Very satisfied, terms were good, website was very easy to use
Doing some research. - okay, is this a question?
Your impressions of the overall experience? - Great, but as I say, my experience is limited.

 

[Andrew_Culture]

Quick and easy? They threw the money at me with little checking of my ability to pay.

Sounds like my Northern Rock mortgage! 100% with 5% cashback given to someone under 25. Mad, but was bloody handy!

 

[Drago]

My mortgage is my only loan. I've always paid in full for capital purchases, once or twice borrowing from my Dad and repaying him at zero interest when I was post divorce and still recovering.

Got a credit card but that's generally paid off in full each month. It's there really for unforeseen emergencies that might outweigh my current account at anyone particular moment,

But in the normal scheme of things (aside for my house) if I can't afford to buy it, I simply don't buy it. Too much of an "I want it now" culture these days for things people can't afford, and rubbish that'll be obsolete in 3 years anyway.

 

[vernon]

Why?
With whom?
How did you decide?
Did you consider the terms fair?
What security did you offer/ was required.
Quick and easy?
Satisfied? Why? If not, why?
Doing some research.
Your impressions of the overall experience?

Thanks in advance for any feedback.

In the past thirty years I have borrowed money from a range of banks and mortgage providers to buy houses, cars and motor cycles. I always chose the cheapest loans. All the terms were fair otherwise i wouldn'y have taken the loans out. Only the mortgages were secured on property the rest were unsecured. Totally painless. Satisfied because I got what I wanted when I wanted how I wanted at a price that I wanted.

In the current financial climate your experiences might be very different from mine. Have a look at price comparison sites for a idea of what's on offer.

 

[EltonFrog]

Don't care who it's with, but if I want a loan to purchase an item I'll put it on an interest free card.

 

[Archie_tect]

Repayment mortgage with building society...endowments made a packet....so,
Endowment mortgage with same society... endowment will be less than half the sum borrowed when it matures...
Moral? Only borrow if you can afford to pay it back and don't go for any loan terms or rates that look too good to be true, there will be a catch!

 

[twentysix by twentyfive]

Why? House buying
With whom? Halifax
How did you decide? I had savings accounts with them
Did you consider the terms fair? Seemed so at the time
What security did you offer/ was required. Letters from my employer regarding salary
Quick and easy? Not too difficult IIRC
Satisfied? Why? If not, why? Yes in general. I had an endowment mortgage which didn't pay out as much as expected. I didn't lose tho' whilst a bunch of some folks did.

It was over 30 years ago tho' when I took the loan out. It's been paid off for ages. I expect the landscape has changed more than once since.

 

[shouldbeinbed]

Various over the years, mainly mortgages and loans to cover financial and family bad luck I wouldn't wish on someone I hated. I got terribly shafted before identity theft was sexy and interesting to people. I sold a £40,000 mortgaged house for £2,000 after the scum had utterly destroyed it in revenge for me reporting them. Whilst still paying that off on a deed of covenant I had to fund my exisitng family life and living in Liverpool for nearly a year when my son was poorly in Alder Hey.
There is no one in my family rich enough to have spare cash lying around in that quantity to help out and between loans and credit cards simply to pay off other peoples criminality and to live its been a tough decade of being in a decent job and living practially hand to mouth to meet the obligations. The end is almost in sight, no cards, one loan with 4 years to go and that will fund paying my mortgage off within 8 or so years after that. IF my wage remains as it is now, which is highly doubtful. one cut already and more on the cards. Just when I could start to see the light at the end of the tunnel.

Why: necessity By choice I wouldn't be in the position I've been in, With whom (also fits how did I decide): at a point anyone who would, in general I'm a loyal Halifax customer and they've not let me down in the past fair terms - mortgages & loans, yes, credit cards - never in this life & even in my darkest moments I never considered the usury of the x000% interest payday loan and freaky puppet advertised companies. Security - house for the mortgage, luckily back in the day a secure and well paid job (both less so now although its the same job) got me unsecured credit as needed quick and easy frighteningly so, in hindsight. Satisfied: had to be, no choice in the matter - generally yes, I've never had cause to complain to the high street lenders (Halifax etc) over their loans and mortgages. Halifax were pro-actively steering me away from endowments years ago when they were still all the rage, using the fall short arguments that came to pass for a lot of people
In terms of the ID fraud & I know Its become a hot topic since and is handled in a more touchy feely manner, but credit card companies, what would be now online credit/loan companies and the credit companies behind retail outlets were utter heartless couldn't give a s**t scum - to this day I remain very bitter to several and wouldn't p**s on them if they were on fire.

 

[betty swollocks]

Thanks so much everyone.
Keep 'em coming.
and shouldbeinbed: sorry indeed to read of what you've been through. I sincerely hope it all works out for you.

 

[gbb]

Various over the years, cars, mortgage etc etc

Why?
1. Endowment Mortgage
2. Car
3. Car
With whom?
1. Peterborough Building society. (My normal building society)
2. Co-operative Bank (my normal bank)
3. Their finance company
How did you decide?
1. I have an account with them
2. Their rates were favourable at the time
3. Cheaper than my bank at that time
Did you consider the terms fair?
1. At the time, yes
2. Definately yes.
3. Yes, but understanding it was a bit dodgier if anything went wrong, also finishing the loan early was costly.
What security did you offer/ was required.
1. The house
2. Unsecured, but of course, ultimately if it went toes up, your house is on the line anyway.
3. As 2
Quick and easy?
1. Yes
2. Definately yes.
3. Yes
Satisfied? Why? If not, why?
1. No, they effectively were selling a dead duck, but still actively encouraged me to continue, even after their forecasts showed i was slipping behind.
2. Definately satisfied.
3. Yes, i knew the terms were worse han my bank, but understanding the risk, i was happy to accept
Doing some research.
Your impressions of the overall experience?

A long term account holder with my bank, they're very quick and easy to use.
They're not always the cheapest and going to someone else may be cheaper, but brings extra difficulties if it goes wrong.
I was going to say its ridiculously easy to borrow money, but obviously my credit rating allows it.
\I'm relaxed about taking loans, i'm lucky enough to be able to repay it all if i lost my job.

 

[rich p]

Nope,although I nicked a couple of quid out of my Mum's purse.

 

[pplpilot]

Only loan ive ever had was my mortgage over 15yrs. Paid it off 3 years early 5 years ago and i couldnt really afford it then, things changed though. i was lucky. Everyone has loans for differing reasons dont let people say 'you cant afford it if you need a loan' . Thats bollocks.