Lloyds tsb loan???

I have a current account with them and a personal loan , I wanted to re-finance the loan and pay some other debts off because I have been a bit skint recently. I have kept up to date with the payments to the bank but does anyone know if they will have to carry out a credit check to re-finance the existing loan ? Thankou.

You are refinancing your existing loan and increasing the current balance of the loan to accomodate other debts.

The Bank will probably process this as a new loan and use the new loan to repay your exisitng loan and give you the rest to pay your other items.

As such it will be seen as new borrowing and a credit check will be necassary.

they shoudl let it go through if you have kept up with all your repayments so far.

They probably will carry out an automatic credit check because your new loan would still be credit scored. Also, bear in mind, that you will sign up to Terms and Conditions which will explicitly state that you are not witholding facts that may affect their decision to lend to you. If there is something in your credit record that would stop you getting a loan you run a big risk in not declaring it, especially if you find yourself with problems making the repayments down the line.

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