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Any LTSB staff answer this one?
simax
Posts: 1,977 Forumite
Just a quick one...
... was bored the other day so was having a play with the internet banking, and tapped in a quote for a loan (I don't need one, just wanted to see how it worked online) and it quoted me an APR of 19.9%.
Bored at work today, I was playing again, but it shows an APR of 24.9% today.
Can anyone explain why? Had the account 5 weeks.
Cheers
... was bored the other day so was having a play with the internet banking, and tapped in a quote for a loan (I don't need one, just wanted to see how it worked online) and it quoted me an APR of 19.9%.
Bored at work today, I was playing again, but it shows an APR of 24.9% today.
Can anyone explain why? Had the account 5 weeks.
Cheers
I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂
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Comments
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Your risk rate to the bank has deteriorated.
How far did you go with the online application - did it credit score you ? how much did you 'apply' for?0 -
It said how much? I just put in 1000. Over 24 months and then clicked proceed. The next page showed the repayments and APR. I cancelled after that so I wasn't credit scored, as I don't actually need a borrowing facility..
Was just curious on how all the Internet banking applications were tied into my account, as NW wasn't this integrated.
The account is run well, was opened with (and has never gone below) a four figure sum.
That'll teach me to fiddle with things!!
Confused.com
I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂0 -
Sorry but 5 weeks is no way long enough for you to decide that it is well run.
If you want the best rates you need to have a loan for at least £7.5k0 -
They increment the APR if you're applying from work.
It's an artifice agreed between employers in order to counter the dramatic decrease in productivity, resulting from bored employees trawling the 'net!
If you want to test the depth of the water .........don't use both feet !0 -
...even if I don't use a works computer?
I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂0 -
jonesMUFCforever wrote: »Sorry but 5 weeks is no way long enough for you to decide that it is well run.
If you want the best rates you need to have a loan for at least £7.5k
I know it's only 5 weeks but my NW account was excellently run over the last 5-6 years and I have moved my banking across. Nothing has changed. The balance will not go below 4 figures and will always increase by at least 500-600 a month due to lots of disposable, so even if LTSB say it's not well run, in my eyes it is due to previous banking history and LTSB will see that in time. I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂0 -
Yes, i am familiar with this and so far they have not offered any good explanation other than say come into the branch and we shall see what we can do.
First the rate it offers is dependent on the amount and term you request for.
Few months ago, they advised 7.5% rate for loans of £7500 if you are a premier customer etc. I logged in online, keyed in £7500 over the term advised but it offered me 14.9%.
I called them to ask as follows: Is this rate illustrative or set in stone. They answered that it was set in stone and was determined after assessing my score etc. I argued that my account was well conducted and my external credit record with CRA was okay but they said no.
I didnt want to waste my time applying and be credit scored if i wasnt happy with the rate.
They told me my internal score is assessed monthly and that i should check online again. I have since checked and no difference even though my account is still in order.
Maybe perhaps we need to find out what their internal scoring looks for. Do they want customer to credit 10k a month into their account?0
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