I have a question on loans and interest rates, if u guys can help me out

[BTL]

im trying to find the answer online but im having trouble.


i recently got approved for a loan for 15k, they gave me a interest rate that im ok with... now its looking like i might need a higher loan, if i go back and ask for a bigger loan will they give me a higher interest rate?... im thinking a higher loan would equal a higher interest rate... i really dont know how this stuff works.


i apologize for my ignorance.

[2ofEverything]

Why don't you ask them?

[Sugar Adam Ali]

Depends on the bank, your relationship and past credit history, and what the loan is for, and also why you didn't know the correct amount in the first place.. That will probably be a red flag for some banks

[El-blanco]

No need to apologize, it's how you learn. A higher loan doesn't necessarily equal a higher interest rate. Usually banks give you more than you ask for. Did you specifically ask for 15k? If you asked for 15k and they gave it to you, unless they specified that that's the max amount you qualify for, it's possible they might give you more at the same rate. That being said, I'm not sure how far into the process you are, it might not be possible to dissolve that loan.

[El-blanco]

Depends on the bank, your relationship and past credit history, and what the loan is for, and also why you didn't know the correct amount in the first place.. That will probably be a red flag for some banks

He wanted to buy a Toyota , now he wants a Benz.

[kadyo's]

im trying to find the answer online but im having trouble.


i recently got approved for a loan for 15k, they gave me a interest rate that im ok with... now its looking like i might need a higher loan, if i go back and ask for a bigger loan will they give me a higher interest rate?... im thinking a higher loan would equal a higher interest rate... i really dont know how this stuff works.


i apologize for my ignorance.

how much is the interest rate? what kind of interest, simple interest or compound interest? we need those infos to help you.

[jreckoning]

It's possible it could actually be lower or the same because the bigger the loan the more money they make..... but it's not a one-size fits all thing, don't know your circumstances/finances etc...

[-MEGA-]

Boats are an investment my man. Go for it.

[BTL]

Why don't you ask them?

thats the plan, im just eager to know the answer now.

[Furn]

Its all about the comparison rate not the flat interest.

And it depends, generally a bank wont give you more because they think its dodgy that you didn't apply for that in the fiorst place but it depends on a number of factors.

Generally the less you need a loan the less interest you pay.