Fagan

j_r_beattie

I’ve tried to get a personal loan from Nationwide and Tesco as they both advertise representative low loan rates.

After spending time applying to Nationwide they quoted me over 20% and Tesco over 11%.

Does anyone achieve the low rates advertised?

I feel conned into spending time and effort to achieve a loan, only to find out it seems impossible to get anywhere near their reprehensive rate.

happycamel_2

The advertising is regulated so yes, some people would, mostly the kind of people that don't need a loan in the first place though.

[Deleted User]

were you asking to borrow less than 7.5k?

Tixy

Does anyone achieve the low rates advertised?

Yes 51% of successful applicants get the representative rate or better.

The other 49% get offered a loan at a higher rate (but are still considered a good enough risk to lend to).

Many others get declined outright.

Apples2

j_r_beattie wrote: »

I’ve tried to get a personal loan from Nationwide and Tesco as they both advertise representative low loan rates.

I think you'll find all the sensible loan adverts are representative..... what's Fagan got to do with anything?

SnowTiger

j_r_beattie wrote: »

I feel conned into spending time and effort to achieve a loan, only to find out it seems impossible to get anywhere near their reprehensive rate.

Have you considered claiming compensation?

_Andy_

Yet another hilarious thread - MSE is getting to be pure comedy these days. What I love about this one is the informative title 'Fagan' - icing on the cake.

DCFC79

_Andy_ wrote: »

Yet another hilarious thread - MSE is getting to be pure comedy these days. What I love about this one is the informative title 'Fagan' - icing on the cake.

I was wondering about that myself. I thought it the thread was in the wrong place with a title of 'Fagan' and it was about the fagan from 'Oliver Twist'.

~Brock~

I clicked on this thread thinking that it might be about Donald Fagan, of Steely Dan fame and whose latest album 'Sunken Condos' is a regular choice on my iPod at the minute.

Having been so badly let down - even though it was arguably down to my own downright stupidity - I now feel that I was conned into wasting my time on this matter because this thread is being mis-sold. Can I seek compensation for stress and inconvenience? Only sensible replies please

SeanG79

I'm assuming he chose "Fagan" to highlight his perceived flaws in the design of their advertising vs. underwriting procedures...

~Brock~

Oh I see...... you think he means FAGIN ?? (with an 'I')

I personally couldn't imagine that someone would register on the forum, then wait exactly four years before making their first post only to mis-spell their very first written word......:rotfl: