Barclayloan

odowdchr

Applied for £10,000 on the typical 5.7% rate, got approved at 6.9%.
Excellent rating, no dependent kids or debts except mortgage, long term customer with partner, secure job, few credit cards with low debts, never missed a payment...the perfect reliable customer etc...
Rang to query the 6.9%....they said it was based on the credit rating and weren't able to discuss it but probably trying to restrict how much i borrow in case of future repayment difficulties (!).
Logged into online banking and am pre-approved for up to £25K.

So what's the game? Do they stiff you with a higher rate just because they reckon you can afford to pay more, is that how it works?

Luke

Once you've paid off a chunk they will send you a letter offering a lower rate if you take out more credit.