Actual Loan Rates

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Jonathon_Oliver
Jonathon_Oliver Posts: 2 Newbie
in Loans
Hello All

I am doing some research into personal loan rates. I can see all the headline rates for the various loan sizes but I'm trying to find out what % of applicants actually end up with actual personal loans at these rates.

Conversely, has anyone any accurate data on personal loan rates achieved over, let's say, the last 12 months?

I would really appreciate some advice &/or pointers.

Thanks in advance...

Kind regards

Jonathon

Comments

  • Gaz83
    Gaz83 Posts: 4,047 Forumite
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    50% + 1 of successful applicants must be offered the headline rate.
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  • KJSmith
    KJSmith Posts: 152 Forumite
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    You're unlikely to obtain the information your seeking. Those with access to such data probably aren't in a position to publish it.

    The above poster isn't correct either. The requirement for representative APRs are that they must reflect at least 51% of business expected to result from the advertisement. This means that the percentage of successful applicants who do attain the headline rate could well be at least 51% but it could also be less than this.
  • Jonathon_Oliver
    Jonathon_Oliver Posts: 2 Newbie
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    Thank you for the heads up. I thought that was the case...
  • glennstar
    glennstar Posts: 282 Forumite
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    KJSmith is probably right to point out the difference between more than half (Gaz87's definition) and 51% which is the FCA's view of the world.

    I don't entirely agree with KJSmith's definition of RAPR though. A Representative APR is, according to the FCA, an APR at or below which the firm communicating or approving the financial promotion reasonably expects, at the date on which the promotion is communicated or approved, that credit would be provided under at least 51% of the credit agreements which will be entered into as a result of the promotion.

    I think where you say "the headline rate could well be at least 51% but it could also be less than this" is probably a relaxed interpretation of the definition because the Lender is empowered to ensure (except through under subscription) that the 51% level is met, even if it is financially punitive to them... which is obviously the whole point of it.
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  • andyfromotley
    andyfromotley Posts: 2,038 Forumite
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    Not much use but anecdotally from the many many posts we have seen on here from people who dod not get the headline rate (even with apparently good credit histories) Being offered 7-10% seems to be the norm.
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