loan 24 hours rate change

zoro45

Hi i applied for a loan online and was accepted at a rate of 5.1apr, i was asked to submit but wanted to talk to my fiance, but as she was working nights i could not do this till the next day. After talking to her we decided to resubmit the loan the next day less than 24 hours after the initial acceptance. We were in absolute dismay when the rate had increased to 8.4apr, is this common practice as i feel the bank is taking advantage of people who they feel may be in a desperate need for the loan whatever rate they then decide they want to charge. very dissapointed with the yorkshire bank

jonesMUFCforever

Their money their right I'm afraid.

[Deleted User]

8.4% is still a good rate atm,have you spoke to them and asked for an explanation?might be worth a try

zoro45

thanks john but i think its a ploy to obtain more money for themselves, knowing some people have nowhere else to turn for financial help,fortunately i am in a position where i can choose to go elsewhere, it was a point i had to make just to make others aware of the greed that is out there .

jobdone1

try nationwide they carry out what is called a soft search which will give you a figure without the full credit search print.

Apples2

Who offered a loan at 5.1% Apr?

I thought tesco's 5.2% was the lowest rate at present.

Are you sure you weren't being scammed?

BugsyBrowne

Apples2 wrote: »

Who offered a loan at 5.1% Apr?

I thought tesco's 5.2% was the lowest rate at present.

Are you sure you weren't being scammed?

Was going to write the same thing.

Treadmill

Maybe it's a secured loan.

zoro45

yorkshire bank is 5.1 but the scam is it only lasts for a few hours then after that go's up to 8.4 or above

Tixy

When you say you resubmitted the loan the next day - do you mean you applied again from scratch?
If so then its quite possible that the earlier application and search could be the reason the second showed a higher rate. When they looked at your credit file a second time, they will have seen a recent application for credit has been made - but your credit file would not show them that it was in fact to their own organisation.

Or it could be that there had been a different change on your credit file between the first and second application.

Its not a scam, its a representative rate, based on your circumstances and credit file on the day you apply.

zoro45

hi good advise, i have a mortgage with them and was offered a loan at 5.9 if i changed my current account with them, but yorkshire was 5.1 and thought it would have no catches, but you live and learn