Sainsbury's Loan False Interest Rate Claims

aidanmowatt

I am in the process of taking out a loan to part cover the costs of a new vehicle.

Being a regular shopper at Saino's I thought I would give them a try for a loan.

The advertised rate of 3.9% went completely out of the window at the end of the application, instead I was being offered 10.9%.

I am of upstanding credit history and it annoys me of the claims they make to lure you in. Does anyone actually see this 3.9 rate? Jamie Oliver perhaps?

DevCoder

51% of *successful* applicants will get the advertised rate.

Kind of a misleading thread title, Sainsbury obviously don't rate your credit worthiness as well as you do.

aidanmowatt

Lol, thats true.

I still think that 51% claim is ambitious though, are these claims monitored do you know or can they just do as they wish?

Pixie5740

The 51% is a legal requirement.

Joanygq

I went for their loan of over 7K that was advertised at rate of around 3.5%.

They called me to tell me that I wouldn't be able to get the advertised rate and instead offered me 3.8% which i was happy enough to take.

I've had 2 loans through them so far and they've both been great rates compared to what my own bank offered which I think was around 9/10%

DCFC79

aidanmowatt wrote: »

I am in the process of taking out a loan to part cover the costs of a new vehicle.

Being a regular shopper at Saino's I thought I would give them a try for a loan.

The advertised rate of 3.9% went completely out of the window at the end of the application, instead I was being offered 10.9%.

I am of upstanding credit history and it annoys me of the claims they make to lure you in. Does anyone actually see this 3.9 rate? Jamie Oliver perhaps?

Define upstanding credit history ?

Whatever it is it doesn't mean you qualify for a loan at the advertised rate.

All lenders will most likely have they're own system to score borrowers on.

PeacefulWaters

It's not a false claim, is it?

Terrible thread title.

Air_Cooled_75

I got 3.9% in October, I did notice (on their ad) it had gone up to 4.9% a few days later.

NobodysChild

Sometimes, even having no debt can give you a low credit rating and make you a high risk to money lenders.

For example, if someone wants to borrow money, and they have never had a loan before, or credit cards, or any kind of borrowing, then there is no record to say if that person is good at paying back money they borrowed.

Therefore, it can make you a high risk, even if you have never been in debt.

Thrugelmir

aidanmowatt wrote: »

I am of upstanding credit history and it annoys me of the claims they make to lure you in.

That's totally irrelevant. Much in the same way you can choose whether to buy your groceries in Sainsburys or Aldi. Sainsburys can choose who to advance loans to. There's no right to credit.

Cycrow

how much did you actually borrow ?

as the low rates are often limited to a specific range. So if you dont borrow and amount within this range you will never get the headline rate anyways.

its usually £7.5k - £15k