Got Loan From Santander- Is Interest Rate ok?

gunner786

Just got a loan from santander.
20k over 5 years at 14.9% apr.
meaning i pay back 28k.

In their adverts i see they are advetising around 7% so why have i been charged nearly double?
they said its based on my credit score.
is that true?

Also the loan has been accepted but from now till the time the money comes into my account can they change their mind? they accepted it in branch

[Deleted User]

they only have to give the headline rate(7%)to 51% of those who apply and get a loan,otherwise its based on risk assessment
have they confirmed the offer by mail or e mail yet?

gunner786

well i applied for it in branch and they accepted it.
the guy said pending further security checks should be in my account in 3-4 days

Muscle750

This really annoys me they check peoples credit score and anyone who is "slightly tarnished" gets charged alot more than someone who is squeaky clean, there again if your squeaky clean and got excellent credit file you probaly wont be in the market for a loan anyway

bengalknights

Damn that is quite a appalling rate

But as stated by others they only need to give it to 51% of people to advertise the rate everyone else gets a open option

CLAPTON

given we know nothing about your circumstances it's impossible to say whether the rate is good or bad

Muscle750

Doesnt strike me as competitive if your "clean"

gunner786

record is clean and good credit history. apparently its very hard to get 20k loan so must be quite good.

they still havent sent the money though its been week

dealer_wins

Hope the £8000 in interest is worth it!!

Th1984

I have never missed a payment on anything but also got a 14.9rate on my 20k Santander loan, was quite hard finding someone to lend that amount to me so took the rate...

Overpay if you can!!!

BugsyBrowne

Muscle750 wrote: »

This really annoys me they check peoples credit score and anyone who is "slightly tarnished" gets charged alot more than someone who is squeaky clean, there again if your squeaky clean and got excellent credit file you probaly wont be in the market for a loan anyway

What so everyone who has excellent credit ratings won't be on the market looking for a loan, how do you think they got these excellent credit ratings.