Sainsbury's loan

kevin63

I applied yesterday: 8,500 over 3 years at 3.6%

At the end it said I had been auto accepted however the next paragraph said I hadn't received the advertised rate. It didn't tell me what I had got though. Anyone else had this?

I checked MSE eligibility calculator beforehand and Sainsbury's was 93% but I guess this is acceptance and no rate.

Is it worth me applying to M&S in the meantime to try get 3.6% off them or will I be damaging both applications aswell as my credit history?

Currently waiting for email off Sainsbury's and post should be with me soon. Not hopeful on a good rate though.

P.s I have always had credit cards and never missed a payment and my only real debt is finance on a car which again is up to date and no missed payments.

redpete

I think it would be daft to apply for another loan until you know the outcome of the first.

lavinia21

hi kevin63 most of the time you don't get the rate advertised i know when i got mine it was something like 4% and the offered me at 6% so be aware that there will be a jump and you will find this with most loans you apply for. I wouldn't suggest applying for another one.

ViolaLass

lavinia21 wrote: »

hi kevin63 most of the time you don't get the rate advertised i know when i got mine it was something like 4% and the offered me at 6% so be aware that there will be a jump and you will find this with most loans you apply for. I wouldn't suggest applying for another one.

51% of those who get the loan have to get the advertised rate.

pvt

ViolaLass wrote: »

51% of those who get the loan have to get the advertised rate.

I wonder who audits this and how?

JethroUK

redpete wrote: »

I think it would be daft to apply for another loan until you know the outcome of the first.

Even dafter that companies wont tell you terms, condition and rate without applying

kevin63

Hi Guys,

Thanks for all your help.

I got the letter off sainsburys today and the rate is.... 8.7%

Not something i'm happy with but arr well. Shame they don't tell you at least an estimate of what you are going to get before you hit submit.

Is it not worth applying elsewhere as they'll all probably offer me the same rate?

Thanks

DevCoder

8.7% is still a good rate to be honest.

DevCoder

pvt wrote: »

I wonder who audits this and how?

The FCA (aka the old FSA) when they do an arrow audit. They will pick up on every small point even if it is best practise If you are a financial institution then you are best taking "best practise" as "you just do this or else".

BrookesAndrew

I applied for a Sainsbury's loan and they said one rate and then when I got my paperwork it was a different rate. It wasn't much higher though.

kevin63

BrookesAndrew wrote: »

I applied for a Sainsbury's loan and they said one rate and then when I got my paperwork it was a different rate. It wasn't much higher though.

What was the difference?

I'm in two minds what to do now as I think 8.7% is high, it's roughly costing £1200 to borrow £8500