Yorkshire bank loan - watch out

Thrugelmir

Macblack wrote: »

I suppose the question of the lender telling you why you weren't accepted is just naivety on my part.

May be as simple as the fact that you don't meet their target market customer. There's nothing personal in the decision.

DCFC79

Nothing to watch out for here.

jonesMUFCforever

Exactly and the adviser gave a very good reply to why the rate offered differed to the advertised one - they were not a customer so had no past history of repaying debt with them.
OP's bank would be my next choice.

kloana

Macblack wrote: »

I have a really good credit rating so I wasn't surprised to see that I had been accepted for the loan.

However on checking the confirmation details the loan now had an APR of 24.9% and a monthly repayment of £794, that's almost £220 more a month!

This happens all the time. It's a pain, but they've done nothing wrong (in terms of industry compliance). Ever seen those adverts that offer Peugeot car finance ("Just Add Fuel") for £155 per month? Yeah, I did a quote a few years ago...it came out at £290 per month (and I had a good deposit, good credit history, was looking into getting the smallest/cheapest car, and had a good driving history). The salesman was like "Ah yes, the £155 is for 55-year old vicars with a lifetime of driving history, and a billion years' no-claims". It's the same thing.

Watch out if you think you are thinking of getting a loan with them..

You have to "watch out" for every lender in this respect. They all do it.

chambta

Macblack wrote: »

Well, I went to my own bank and despite the rate being slightly higher (6.9%), it was accepted.

No, I'm not paying for the £14.99 for the credit score company, I signed up for a free trial and will cancel this now.

I suppose the question of the lender telling you why you weren't accepted is just naivety on my part. I just assumed they would look at your actual spending history through the likes of Experian and not qualify the decision based on what was put on the application form.

I have no intention of getting into more debt that's why is cutting up time...

If you were going to apply for a rate like this wouldn't it have made more sense to apply to Tesco/Sainsburys etc, rather than a bank who generally only lends to its own customers?

Macblack

chambta wrote: »

If you were going to apply for a rate like this wouldn't it have made more sense to apply to Tesco/Sainsburys etc, rather than a bank who generally only lends to its own customers?

Well I realise this now . Tesco states 6.1% but of course I don't know "my" real rate until I apply. So I suppose 6.9% isn't too bad.