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  • FIRST POST
    • tightasagnats
    • By tightasagnats 10th Oct 17, 9:43 PM
    • 343Posts
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    tightasagnats
    Which companies likely to offer APR advertised?
    • #1
    • 10th Oct 17, 9:43 PM
    Which companies likely to offer APR advertised? 10th Oct 17 at 9:43 PM
    Any idea who might be more likely to offer loans at the so called typical APR? I have very good credit history, and no missed payments etc. Applied for Sainsbury's loan, accepted in prinicple but APR above the 2.9 advertised as possible (they haven't yet disclosed what they will offer)....

    I know Nationwide are offering a 0.5 undercut so may apply with them.
Page 1
    • zx81
    • By zx81 10th Oct 17, 9:49 PM
    • 14,378 Posts
    • 15,160 Thanks
    zx81
    • #2
    • 10th Oct 17, 9:49 PM
    • #2
    • 10th Oct 17, 9:49 PM
    All of them are equally likely, as 51% of successful applicants will get the headline rate.

    What you need to work out is whose criteria you are most likely to fit. Have you used an eligibility checker?
    • Pixie5740
    • By Pixie5740 10th Oct 17, 9:55 PM
    • 11,196 Posts
    • 15,643 Thanks
    Pixie5740
    • #3
    • 10th Oct 17, 9:55 PM
    • #3
    • 10th Oct 17, 9:55 PM
    Loans are advertised with a representative APR not a regional APR. All lenders must offer the representative rate to 51% of successful appliacants. Therefore, to answer your question all lenders in the UK are likely to offer the representative rate to successful applicants.

    Making the 51% will depend on a range of factors which includes past dealings with the lender, affordability, and credit history. You need to be that lenderís ideal borrower and since lenders donít publish their criteria whether you cut the mustard is anyoneís guess.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • tightasagnats
    • By tightasagnats 10th Oct 17, 9:58 PM
    • 343 Posts
    • 96 Thanks
    tightasagnats
    • #4
    • 10th Oct 17, 9:58 PM
    • #4
    • 10th Oct 17, 9:58 PM
    Thanks. I think it'll be affordability, and whilst I know I can afford it, they may think it's tight. I have lodger income which I don't include, perhaps I should.
    • StopIt
    • By StopIt 11th Oct 17, 8:21 AM
    • 1,449 Posts
    • 1,239 Thanks
    StopIt
    • #5
    • 11th Oct 17, 8:21 AM
    • #5
    • 11th Oct 17, 8:21 AM
    Thanks. I think it'll be affordability, and whilst I know I can afford it, they may think it's tight. I have lodger income which I don't include, perhaps I should.
    Originally posted by tightasagnats

    If the term of the loan is longer than the lodger being there, that may not be too wise.


    Either way, the only way to fully know what APR you'll get is to apply. While the soft checkers are useful, they do not know the criteria for each lender, especially for calculating what APR they offer you.
    • fozmcfc
    • By fozmcfc 15th Oct 17, 9:41 AM
    • 2,991 Posts
    • 2,185 Thanks
    fozmcfc
    • #6
    • 15th Oct 17, 9:41 AM
    • #6
    • 15th Oct 17, 9:41 AM
    For me, the answer was my own bank.

    I got the representative rate with them a couple of years ago and I don't reckon I would have got it anywhere else.

    They can see what I put in each month and that I have savings with them.

    Others wouldn't take my savings into account. Looking at my credit report, it is reported that I have a very low chance of acceptance for cards/loans due to how much I have outstanding debt wise and my repayments. This is despite, the debt, being all on 0% spending cards, all payments well above the minimum and 6 years of green ticks.

    Of course, the credit report, also doesn't take into account I have 10 times as much in savings compared to the outstanding debt.
    • mad2477
    • By mad2477 15th Oct 17, 10:46 AM
    • 4 Posts
    • 1 Thanks
    mad2477
    • #7
    • 15th Oct 17, 10:46 AM
    • #7
    • 15th Oct 17, 10:46 AM
    Didn't read this thread before posting mine - apologies. Sounds like we're in the same boat. Saino's & nationwide price promise. Hope we're both part of the 51%. Good luck
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