Need a Loan?

BenjaminClarke

Doubt that anybody here cares but I said I'd let you know what NatWest offered us. The interest offered was 6.1%. Therefore, my advice is sound: go to your bank first, they will offer you a much better rate and the whole process will be much more personal.

As it stands we have decided to just pay the debt from our savings anyway but the above offer is what we received. Oh and NatWest offered us this WITHOUT searching our credit file.

Pixie5740

That's not necessarily true for everyone though as 51% of successful applicants will receive the representative headline rate it's just that you were one of the 49%.

BenjaminClarke

Pixie5740 wrote: »

That's not necessarily true for everyone though as 51% of successful applicants will receive the representative headline rate it's just that you were one of the 49%.

Prove it.

How can you be so faithful in lenders? You think that just because they say 51% of people get this rate it's true? I was told, on this forum, that I wouldn't be eligible for the 3.4% anyway because that rate is for people borrowing more money than £5000.00. That just helped my argument though because I told them the criteria of the loan! I input, on the comparison website, that I wanted a loan for £5000.00 over 5 years. I clicked search and the rates being offered were 3.4%, which doesn't even exist on loans for £5000.00 according to people on here. How you think that isn't misleading is beyond me. So that's honesty is it in your book?

Pixie5740

This is from Tesco Bank's website. I entered the details you have given; consolidation, £5k over 5 years. It clearly says the representative APR is 4.7% in those circumstances so you were never going to get 3.4%.

I wouldn't go so far as to say I have faith in the banks but I do know for a fact that some people are offered the headline rates. I also understand that banks are there to make profits for the shareholders and that nobody has a right to credit.

BenjaminClarke

Yeah I thought that was obvious Pixie.... we all need to make money at the end of the day. Please try to keep up though, I didn't use their website, I used a price comparison website. Plus you have only helped my argument by posting the above. Its you that said the 3.4% on offer would go to 51% of customers, not me.

So, say you wanted the above loan. Try to expand your mind here ok? You apply for the above loan and Tesco say they'll give you an answer in two working days. Two weeks later you get a response from them saying the interest is now 15.8% and you noticed they searched you file. How would you, the mighty Pixie of moneysavingexpert.com forum, respond? That's what everyone wants to know.

Pixie5740

i said, "51% of successful applicants receive the representative rate", which for a £5k loan from Tesco is 4.7% APR. I didn't say anything about the representative rate for your £5k loan being 3.4% APR.

If I applied for a loan and didn't get the headline rate and was offered 15.8% instead after a credit check was done my response would be to decline the loan and think of a less expensive way of financing whatever it was I was trying to achieve. A number of years ago I was invited into my bank to discuss my finances and I mentioned I was thinking about a loan for some home improvements. Since my current account and credit card were also with that bank I had been pre approved for a loan, the rate was 26.9% APR which the salesperson tried to convince me was a good rate (she must have thought my head buttons up the back) but I just said thanks but no thanks. I didn't get upset about it. I didn't feel the need to vent anywhere.

BenjaminClarke

Well you are different from me aren't you? We are all different Pixie. I came on here, yes to vent a little, but also to gauge what people thought. I expected a calm discussion from knowledgeable people. Instead I got "boo hoo". That was my only mistake in all of this: I should never have posted on this negative forum and instead vented to my friends who'd have much better input. I can't be sure but I'd be surprised if you didn't vent to somebody about your experience.

Pixie5740

Yes I am different to you. I don't have to lie and cheat my way through life for a start and I don't sweat the small stuff like the APR I'm offered on a loan. There are more important things in this life.

Well now know what people think, and what "representative APR" means.

BenjaminClarke

You are the one that felt it necessary to post negative comments. So who focuses on the small things in life? Trust me; I will not be on this forum for much longer at all. I'm just waiting until everyone has had their pop then I'll be off. I also will have forgotten all about Tesco Bank in a week. I will still shop there though because I don't blame Tesco for what happened. I don't blame anyone. It's just a simple case of me being aggrieved, over nothing really, as you say. I just don't see why you care so much, that's all?

Pixie5740

You joined a forum just to start a negative thread. What sort of response were you expecting?