I Need An Unsecured £30,000 Loan. Who Offers £30k?

Q: I need an unsecured £30,000 loan. Who offers £30k? ~ Harry, Blackpool.

A £30,000 loan would be outside of what most banks offer with the maximum usually being set at £25,000. There are 2 exceptions to this though that includes Barclays and Sainsbury’s. With the Barclayloan you can actually receive as much as £50k. To apply you must however be an existing banking customer or be willing to switch across. The supermarket giant on the other hand has no such requirement in place. Nectar cards holders just usually get a slightly cheaper deal, although this isn’t the case at 60 months that is the maximum selection term for this queried sum. If you borrowed £25k you’d strangely be offered an extended repayment of 84 months.

It is a shame that they don’t extend their complete term range that would help to cut down the monthly repayments due here. We’ll follow with the pricing example of an unsecured £30,000 loan over 60 months (this is also the max term at Barclays). Their APR is 7.3% and total cost would be £5699.08. Sainsbury’s come in cheaper at 6.9% and their charge would be £5380.20. As well as the lower rate, a nice touch with their product is the ability to take a 2 month repayment holiday at the start. This would be handy in preparation for the chunky monthly repayments that in our examples are just below £600.

The noted rates are not the lowest available from each that can be accessed when borrowing £10k. These best rates are 3.4% (SB) and 4.9% (B). Regardless of how much is borrowed, a good credit score would be required to qualify. You can bet as well that each would be extra selective at this level of funding. There wouldn’t be any chance of a bad credit £30,000 loan. Logbook Lenders do promote very high sums like this, but they would in fact only be loaning around 70% of your motor’s value. The only other subprime route would be to seek a lender who’ll let you secure the contract against your home.

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