Loan application is Bait and Switch

Polhemic

So here's my grumble. I've recently applied for a personal loan from a table topping loan provider. Their loan appeared in the tables with a rate of 8.4%

Now, while they confirm my loan I am told on the phone that they have not given me the advertised rate but, due to my credit rating (and I can't see why) the rate they are offering me is in excess of 10%.

Since they have performed a recent credit check on me there is no way that an application to their competition is going to be sucessful. So essentially they have tied me in to a rate that I didn't want and I have no other choice.

*GRR*

At least I do have a choice. Having run the numbers, I can get a *much* better deal sliding it onto a 0% rate for a year - even including the transfer fee. So I've cancelled some old stoozing cards (that registered as available credit) and I'm waiting as long as possible before applying for the card.

Banks: Can't live with them, can't live without them. blast.

_Andy_

Frustrating but that's how the vast majority (possibly all) loan providers work.

Since they have performed a recent credit check on me there is no way that an application to their competition is going to be sucessful.

That's not the case.