Fagan

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tonkinator wrote: »

Do you not think he has a bit of a point?

TV ads you see state headline rates of 7% and such. People on here are often shocked at getting rates of 14-15% because they see adverts of 7% .

No matter what the small print may say, some people see the big flashy rate and think they'll get that.

Not everyone is financially educated to a basic level.

It's pretty much impossible to borrow loans under £10K anywhere near that rate, even with good credit rating.

Not saying it's full on outright lying, but shrewd marketing IMO

If only a small amount of people got the headline rate, then maybe you would have a good point, but a large amount of people do get them.

Perhaps, showing somewhere the average APR rate over the past 12 months or so, could be given as well.

But there has to be some leeway for advertisers, to allow them to attract customers. Imagine if they were forced to say, we offer some customers 21.9% APR, it could easily put off customers who could get a much lower APR from applying.

Same when advertising other products FROM...like Holidays etc...as long as a reasonable amount are available at the lowest price, then not a problem.

When applying for anything financial, the customer should always read everything applicable to their application.

With every financial product I have applied for other the past 20 years or so, it has been made clear that rates depend on circumstances and will vary. It is generally clearly explained in the key points before the application starts as well and not buried in 100 different points.