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sudden increase in bank interest rate for loans
I have been toying with the idea of getting a personal loan to buy a new car, as opposed to hire purchase. I took a look at my bank's pre Ok'd possible loans a couple of weeks ago and they were quoting 9.9%. However I rechecked today and this has now changed to 19.9% (a masive increase) for no apparent reason. Obviously I have no intention of applying at this interest rate. My income hasn't changed nor any other details. This seems a little weird.
Has anyone else had similar experiences?
Has anyone else had similar experiences?
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Comments
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Maybe their own attitude to risk has changed.0
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I have been toying with the idea of getting a personal loan to buy a new car, as opposed to hire purchase. I took a look at my bank's pre Ok'd possible loans a couple of weeks ago and they were quoting 9.9%. However I rechecked today and this has now changed to 19.9% (a masive increase) for no apparent reason. Obviously I have no intention of applying at this interest rate. My income hasn't changed nor any other details. This seems a little weird.
Has anyone else had similar experiences?
Who do you bank with?"You know when it's cold outside when you go outside and it's cold"0 -
Possibly not in the market for new business at the current time.0
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Thanks for all the replies. My bank is Barclays and I have been with them for about 20 years. Strangely they have also increased my available credit card limits this month too, almost as if they are trying to encourage lending on the card but not personal loans.0
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Could it be that you have had a couple of searches on your file and now you are looking a bit desperate for a loan?0
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The increases in your limits could have had an effect on your affordability, which could be the reason the rate has gone up0
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no new searches on credit as far as I can see and I have always paid credit card in full every month but thanks for your suggestions0
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Barclays pre approved offers are also based on internal factors. Like has been said.
How much loan business they want, how much they have to give in overdrafts, how much they can give in loans etc.
They can go up and down, even without external factors or changing your account usage.0
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