Applying online for a loan

elmwood8

Hi all,

I am just in the process of acquiring my first bank loan. I am attracted by the low 5.9% APR that Sainsbury's currently offer.

However as stated "this may vary depending on personal circumstances".

Therefore my question is, will they display my personal rate during the online application process or even prior to agreeing to the loan, or will this be divulged once I have already signed up?

The reason being I don't want to sign up for the loan and then have a nasty surprise of an 11% interest rate!

Thanks in advance for your time.

elmwood8

Just wanted to say that I answered my own question. The final stage of the application process states your personal rate.

Luckily this is the advertised 5.9% for myself which is a very good rate indeed.

If anyone else is trying to check what rate they would be granted make sure you follow the process through to step 7 (for Sainsbury's) and this will display very clearly your rate, monthly repayment and total interest/total amount repayable.

Hope this helps somebody like myself!

danuk

question for you..... the wife just took out a loan with sainsburys and it has confirmed agreed in principle with credit agreement being sent by 1st class post.

Does

a) the document require any additional documents i.e. wage slips etc?

b) did the rate you was offered stay the same as advised during application process?

Thanks in advance..