Alliance and Leicester Loans

Johnss24

As I had a loan with A & L in the past in joint names with my partner which was paid off early with no defaults I applied for their much advertised 5.9 percent loans. Firstly for my partner in his own name he wanted to by a motorcycle, he was refused the loan. I then applied in my own name and was told yes I could have the loan but at 6.9 per cent. I asked them why not at 5.9 per cent and they said my credit rating didn't allow it.
I then went to Equifax did a rating check and I was excellent plus. Sent a letter to A & L asking them if I didn't merit 5.9 per cent loan who did! As I suspected they were at it, now had the loan reduced to 5.9 per cent. They probably do that to everyone!

POSSETTE

if you dont push and argue you dont get anything...well done!

lynzpower

you may find that A&L only offer the lowest loan rates for the larger amounts.

I was amazed yesterday when I was looking for a loan that if I borrow 3k the rate is 6.1 if i borrow 2k the APR is 12. something.

As theres no early repayment charges on this loan then Ill borrow the 3k, and save myself 6%

Loans are a minefield. I dont like them, they just dont seem to be clear enough

Johnss24

What you have suggested may be correct with some loans but why then did the A & L instantly reduce the interest on my £5,000 loan when I told them I had an excellent plus credit rating. The same loan they tried to charge 6.9 per cent on.