Eligibility checker gave me Rate Setter then George Banco-Is it all a con?

mikeb222

This is my story with trying to get a £2000 using the eligibility checker from this site.
The results said I would have a 70% chance of a loan for £2000 with Rate Setter, so I applied.

Accepted my application, but then declined me for reasons unknown. Unfortunately, I innocently ticked the "If we decline you, we will ask one of our partners to contact you".

So I was immediately contacted by George Banco, who said they will certainly give me the loan on receipt of application.
I completed this, then was phoned by them saying "we're gonna have to check with underwriters so let you know tomorrow adn the interest rate will be 65%"
Tomorrow arrived and they contacted me again, this time saying "Sorry, we have declined your application, even though your credit record isn't too bad, and we now would like to offer you the loan if you find a guarantor. I declined at this point feeling as though I had been stitched up like a kipper.
I was going to decline anyway as the interest rate is ridiculous.

I am now wondering about the whole ethics of this eligibility checker?
Is it just there to lead you down the path to high interest rates and secured guarantor loans.
It all seems very geared towards making you pay extra and getting a guarantor.

I'm writing this to warn others using the checker to be wary of the results.
Then be extra wary if you deal with either Rate Setter or George Banco, coz I feel very annoyed at being used this way to squeeze extra money out of me!

Herzlos

To be fair, the checker said you had a 70% chance, and this time you fell into the 30%.

If you're being declined for £2000 at 65% then your credit sounds pretty badly beaten.

Pixie5740

What is your credit history like? Any late payments, defaults, CCJs?

What about affordability? Do you have other credit commitments already?

To get declined by Rate Setter and George Banco (unless you can provide a guarantor) at a rate of 65% APR then there must be something amiss with your credit history, affordability or both.

I know that you don't get the best rates on low value loans but 65% APR is steep.

Dan-Dan

When i recently used the credit card eligibility checker , i only applied for the products it told me i was 95% sure of getting

I obtained all 3

I wouldnt have dared apply for something that said 70% chance , far to high margin of error for my liking

mikeb222

Herzlos wrote: »

To be fair, the checker said you had a 70% chance, and this time you fell into the 30%.

If you're being declined for £2000 at 65% then your credit sounds pretty badly beaten.

Hi,

That's whats bothering me.
When I first applied Rate Setter quoted a rate of 18%, but then they declined me, that's when Banco stepped in with their 65%

I'm wondering how many other people have had the same "scam" (that's how it feels to me) done against them. Perhaps they do it to everyone who has a not perfect record.
Perhaps MSE is helping that along via it's eligibility checker.
That's my point!

Pixie5740

If you had been a bit more careful about what you have been ticking then George Banco wouldn't have contacted you at all so it's not much of a scam.

Do you really think it's a scam or are you upset that someone won't lend you £2k without a guarantor and an exorbitant rate of interest?

forgotmyname

I thought 18% was bad but 65% is dreadful and your answer should have been hang up the instant that figure was mentioned.

I don't see a con though, you were declined and took up the offer of accept contact from a 3rd party that offered loana to those that fail the mainstream lender.

Define not too bad though? What is your history actually like?

Nebulous2

Lending money to people is big business. They regard it as business too, whereas for you borrowing money is very personal.

At the prime end of the market there is a lot of competition for cheap loans. As the risks increase the lenders drop out, until there are few left. Unfortunately the borrowers at that end are often desperate. A mix of hard-headed business and desperate people is a recipe for a great deal of misery.

robatwork

Should you or anyone be tempted to go down the 65% with guarantor route.....

Much better to borrow the £2k off the guarantor and pay them back at maybe 5%. If the guarantor hasn't got £2k to lend you then they shouldn't be a guarantor.