Warning - misleading loan information

loanhunter

Hello,

This is my first time posting and the reason for it is that I wanted to warn you of a misleading loan rate practice which has lost me a few valuable days.

The rate advertised by this company for a loan of £7,500 was a fantastic 7.8%, which I saw here on Monday. I have just had a car accident which led to my car being an insurance write-off. I have no spare cash and needed a replacement quickly as my minimal insurance doesn't cover aftercare.

I applied for this loan in good faith, immediately received an email telling me I was successful, and that the paperwork would be sent out in the post. Tonight I received it - and the APR is 14.9%. I can't afford the repayments on this and have therefore lost time in trying to secure the funds for the car I desperately need to get me to work (I live rurally and there are no easy alternatives).

I realise that this is based on my credit score, which is fair enough, but I had no idea that the rate would depend on my personal credit score. I thought I had been accepted at the 7.8% rate.

If you're looking for a loan, try to check this out with the company first, otherwise you may find yourself back to square one, as I am. I rang the company to register my disappointment but obviously they will not change their decision.

Sigh.

jonesMUFCforever

Every lender works like this.
Don't take it personally.

PC_Gabriel_Kent

What does applied for the loan in good faith mean?