Loan Interest Rates increased

TessTickles

I applied for a loan and was accepted - but the loan advertised and applied for was at 8% the paperwork has come through at 13% they say that it is because of the risk assessment and credit score. Before applying for the loan both I and my partner purchased our credit score and both of us had perfect scores.

It is a reputable company but...Is this a scam?

_Andy_

Standard practice - risk based lending.

TessTickles

What do they base the risk on? - if I have a great credit score - what do I need to get the advertised rate?

_Andy_

Every lender scores differently. The credit score you've seen is meaningless.