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How high can they go...?
Evening,
I'm posting this out of curiosity more than anything. My wife and I were applying for a £10,000 loan. RBS Was advertised as 3.9%apr however we were told that we would be offered a rate of 20.9%. Looking at Sainsbury's with an advertised rate of 2.9% we applied there but got an email saying the rate we would get would be higher however didn't mention this rate and said they would send paperwork out.
I'm curious - how high can they hike the APR to?
Yes I'm aware that applying for two loans in quick succession blah blah and that the advertised rate is representative etc. Just curious as to how high I can expect Sainsbury's to go to if anyone has had dealings before
Thanks
I'm posting this out of curiosity more than anything. My wife and I were applying for a £10,000 loan. RBS Was advertised as 3.9%apr however we were told that we would be offered a rate of 20.9%. Looking at Sainsbury's with an advertised rate of 2.9% we applied there but got an email saying the rate we would get would be higher however didn't mention this rate and said they would send paperwork out.
I'm curious - how high can they hike the APR to?
Yes I'm aware that applying for two loans in quick succession blah blah and that the advertised rate is representative etc. Just curious as to how high I can expect Sainsbury's to go to if anyone has had dealings before
Thanks
0
Comments
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Evening,
I'm posting this out of curiosity more than anything. My wife and I were applying for a £10,000 loan. RBS Was advertised as 3.9%apr however we were told that we would be offered a rate of 20.9%. Looking at Sainsbury's with an advertised rate of 2.9% we applied there but got an email saying the rate we would get would be higher however didn't mention this rate and said they would send paperwork out.
I'm curious - how high can they hike the APR to?
Yes I'm aware that applying for two loans in quick succession blah blah and that the advertised rate is representative etc. Just curious as to how high I can expect Sainsbury's to go to if anyone has had dealings before
Thanks
50% maybe.
Going by some of the posts on here Sainsburys can be picky with who they lend to and what apr they offer.0 -
As above really, its their money their rules0
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I have a feeling the maximum APR is 29.9%, anything higher and Sainsburys would just straight out decline you.0
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I think theirs a legislative cap on how much they can charge... worth investigating0
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Aliana_Johnson wrote: »I think theirs a legislative cap on how much they can charge... worth investigating
Wrong in the context of the OP, right in the case of pay day loans which are capped at something over 1000% APR . Eeek
Rob0
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