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Comparion loan rate not given
saraslav12
Posts: 1 Newbie
in Loans
We have applied for a loan based on the cheapest rate being 3.1%, however when the loan has been approved it is actually 9.3%. This just seems to defeat the whole point of using a comparison website, if we wanted a rate that high we would have applied for a rate that high.
The only reason we applied with Sainsburys was purely for the lower rate, it is completely unfair to waste a credit reference search if you are not going to be given the rate advertised.
The only reason we applied with Sainsburys was purely for the lower rate, it is completely unfair to waste a credit reference search if you are not going to be given the rate advertised.
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Comments
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Only 51% of accepted applicants need to be given the headline rate.
They may have rated you a slightly higher risk and were unable to give you that rate.
But better than applying for 9.3% and getting 15.9%.0 -
Lenders are required by law to make it clear that not everyone will be given the advertised rate, and that the actual rate offered will depend on a person's circumstances. They have to give the advertised rate to 51% of successful applicants."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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Not another thread about not getting the lowest rate !!!0
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saraslav12 wrote: »We have applied for a loan based on the cheapest rate being 3.1%, however when the loan has been approved it is actually 9.3%. This just seems to defeat the whole point of using a comparison website, if we wanted a rate that high we would have applied for a rate that high.
The only reason we applied with Sainsburys was purely for the lower rate, it is completely unfair to waste a credit reference search if you are not going to be given the rate advertised.
The comparison sites aren't lenders so have no idea of your suitability, each lender has a way to determine if your a risk eg high or low and what Apr to offer based on what's on your credit report.
Lenders most likely have a target market they like to lend too, there have been various threads on here from posters and Sainsbury's have been the lender not offering a suitable rate.0 -
foxy-stoat wrote: »Not another thread about not getting the lowest rate !!!
Perhaps the health warnings need to be clearer before applications are made if too many people are missing them.0 -
PeacefulWaters wrote: »Perhaps the health warnings need to be clearer before applications are made if too many people are missing them.
Maybe Mr Lewis can campaign for change and get a warning in big bold letters to be the first thing you see before you start a loan application or have a tick box with a sentence saying the rate offered may differ from the representative rate.0 -
foxy-stoat wrote: »Not another thread about not getting the lowest rate !!!
Not sure if it the headline rate or miss-sold threads are the most common on here. Maybe we could have a league table."We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0
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