Best Rates,the * & loan calculators

phil2015

I have just applied for a personal loan and my application was for money to help with home improvements and with any left over to consolidate a credit card. The cards 0% was due to expire soon and the transfer rates didn't seem much lower than loan i saw which had an APR of 3.9% if you were a customer of theirs (which i was).

upon filling out the details online I was approved but with a not at 3.9% rate advertised but at 9.9%

i phoned the bank as i was quite happy and flexible to change the parameters (value,length and reason for loan) to achieve the 3.9% and i assumed that the loan adviser would be able to help.

Unfortunately not, they said they would have to run another application with another credit check and let the computer decide with no guarantee that the rate would change. I could have be £1000 or £1 out and they had no idea

i suppose the moral to this is to read the * and remember the online calculator to find out what you can borrow and the rate you can achieve doesn't actually mean a thing and that advisers are nothing more than people that input data into a computer.

who knows how many have achieved the 3.9%?

[Deleted User]

phil2015 wrote: »

who knows how many have achieved the 3.9%?

I do. At least 51% of accepted applicants.

phil2015 wrote: »

Remember that they could advertise a 0% loan but with a * saying "The rate is subject to change and the representative APR may not be the rate you'll receive. We'll offer you a rate based on our assessment of your personal financial circumstances" they can apply whatever rate they want.

Subject to the 51% above.

malaikaa

It is a huge mistake and if you did not check your loan will be approved for 9.9% and you have to pay triple interest. So always verify these kind of things.