Loan Offer Help please?

BoyLaver

I went for a loan for certain home improvements with M&S @ 6.0%. I recieved an email saying I was successful with my application however when the letter came it states a higher interest rate than the 6.0%.

In my book that doesn't sound like successful, do I have anyway of requesting they honour the successful application email at the 6.0%?

Thanks in advance, my first time posting something even though I have followed MSE since Birth (MSE's website birth, not mine!)

[Deleted User]

You've been successful in getting the loan, but at a higher rate than the majority (51%) get, due to your risk profile (or them already having given out enough loans at that rate).

You can ask, but it's unlikely you'll get the lower rate.

iolanthe07

The headline rate is 6%, but M & S are only obliged to offer this rate to 51% of successful applicants. You have been offered the loan at a higher rate. This is normal, and will happen to almost half of all successful applicants.

DCFC79

No you can not get M&S to honour the 6%, the % is an apr which to get to need to fulfill certain criteria.

KingElvis

You just don't meet the criteria for the best rates, simple as.

Apples2

Great rate of 6.0% APR representative on loans between £7,500 and £15,000 over 12 to 60 months

Key word in red.

Do you fully understand this bit? Many have gone for this only to shout victim afterwards.

Repayment holidayYou have the option to defer the payments on your loan for 3 months. Interest is charged throughout the full loan term – including the optional 3 months before the repayments start. So for a 60-month loan you’d pay interest over 63 months.

http://money.marksandspencer.com/loans/personal-loans/overview/#further-details

DCFC79

Apples2 wrote: »

Key word in red.

Do you fully understand this bit? Many have gone for this only to shout [STRIKE]victim[/STRIKE] its a con/scam afterwards.

http://money.marksandspencer.com/loans/personal-loans/overview/#further-details

Corrected that for you