Sainsburys loans misleading

cmd1980

Hi

I am a financial adviser and wanted a cheap loan for a car for my wife. I applied for the 5.1% Sainsbury's loan. I know given my job my credit rating is extremely high.

What I received is an offer at 9.1% which I think is pretty disgraceful given the online indication was 5.1%

Equally this was very much in the 'small print' of the documentation. I have since been offered a loan at 4.8% with another lender.

I do not think Money Supermarket should be promoting loans that have no intention of honouring advertised rates.

Chris Dixon

CLAPTON

cmd1980 wrote: »

Hi

I am a financial adviser and wanted a cheap loan for a car for my wife. I applied for the 5.1% Sainsbury's loan. I know given my job my credit rating is extremely high.

What I received is an offer at 9.1% which I think is pretty disgraceful given the online indication was 5.1%

Equally this was very much in the 'small print' of the documentation. I have since been offered a loan at 4.8% with another lender.

I do not think Money Supermarket should be promoting loans that have no intention of honouring advertised rates.

Chris Dixon

as a financial adviser you know the answer already

gb12345

cmd1980 wrote: »

Hi

I am a financial adviser and wanted a cheap loan for a car for my wife. I applied for the 5.1% Sainsbury's loan. I know given my job my credit rating is extremely high.

What I received is an offer at 9.1% which I think is pretty disgraceful given the online indication was 5.1%

Equally this was very much in the 'small print' of the documentation. I have since been offered a loan at 4.8% with another lender.

I do not think Money Supermarket should be promoting loans that have no intention of honouring advertised rates.

Chris Dixon

51% of successful applicants get the headline rate - you obviously don't fit Sainsbury's desired profile for their best rates, but fitted another lender's.

John1993_2

cmd1980 wrote: »

Hi

I am a financial adviser...

...I do not think Money Supermarket should be promoting loans that have no intention of honouring advertised rates

Oh, come on!

You know that they give the headline rate to at least 51% of succesful applicants. You not being in that fraction is no reason to allege that they don't honour the rates.

I don't know what you want people to say here, especially with your opening line.

chalkie99

cmd1980 wrote: »

Hi

I am a financial adviser and wanted a cheap loan for a car for my wife. I applied for the 5.1% Sainsbury's loan. I know given my job my credit rating is extremely high.

What I received is an offer at 9.1% which I think is pretty disgraceful given the online indication was 5.1%

Equally this was very much in the 'small print' of the documentation. I have since been offered a loan at 4.8% with another lender.

I do not think Money Supermarket should be promoting loans that have no intention of honouring advertised rates.

Chris Dixon

Warning to anyone needing financial advice:-

Steer clear of anyone called Chris Dixon calling himself a financial adviser.

He doesn't understand loan applications and is none to keen on small print.

Apples2

cmd1980 wrote: »

Hi
I am a financial adviser and wanted a cheap loan for a car for my wife. I applied for the 5.1% Sainsbury's loan. I know given my job my credit rating is extremely high.

Tell us your real job, a Financial Advisor it most certainly isn't.

You didn't apply for a 5.1% loan, you applied for a Loan with representative rate of 5.1%.

Your type of employment has absolutely ZERO impact on Credit Ratings.
A Credit Rating is all about how you demonstrate your ability to manage money.

gb12345

Apples2 wrote: »

A Credit Rating is all about how you demonstrate your ability to manage money.

You should know better than that Apples .

ch3101

If you go online and look at their terms and conditions you will see this :

"*APR representative, for Sainsbury's shoppers with a Nectar card which has been swiped instore in the last 6 months. We may check your Nectar account to verify this. Sainsbury's Bank reserves the right to vary rates without notice. Different rates apply if you don't have a Nectar card. The rate you are offered will depend on your personal circumstances, credit assessment procedures and other related factors. Double Nectar points and bonus point promotions don't apply to Standard Loans."

That is not hidden away in the slightest

sinizterguy

Really ?

As a Financial Adviser, how can you make a post such as this, and retain any pride in your job ?

cmd1980

I understand clearly how loans work and I am saying with my credit score that there is no genuine reason for Sainsburys to offer a rate that it 4% higher.

I highlight this as an issue as as I say it is not clear within the documentation sent to me that the loan rate has changed from the online application which I believe to be misleading.

Highlighting this issue is therefore something I wanted to do for others applying for the same loan.

Not quite sure why people wish to 'troll' at this when this could potentially stop someone signing for something without reading the small print.

Also surprised how so many people are willing to 'jump' to Sainsbury's defense as I thought this was a forum to champion people dealing fairly with organisations.

C Dixon

YorkshireBoy

cmd1980 wrote: »

I understand clearly how loans work

:rotfl:

there is no genuine reason for Sainsburys to offer a rate that it 4% higher.

They haven't...they've offered a loan which is 4 percentage points higher! Hope you're more accurate with the information you give your clients!

it is not clear within the documentation sent to me that the loan rate has changed from the online application

I'd put my mortgage (if I had one!) on the fact that it CLEARLY states 9.1% APR on the documentation...in a font which is no smaller than the other text included.