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Loan accepted but not at advertised rate - can i apply for a different one?
princesst84
Posts: 641 Forumite
in Loans
Hi
Ive never had a loan before so I dont know much about them. My partner applied for a loan for home improvements with Sa1n$burys as they were offering the cheapest rate. I did the pre eligibility check on here and it was 80%. Now the paper work has arrived we havent been offered the advertised rate. There are other loans showing on the eligibility check with 90% offer rate and cheaper interest.
How would we stand applying for a different loan? Is it detrimental to your credit file as we have already applied for one? Would this lessen the chances of us being offered the advertised rate?
My partner has no bad credit and a good wage but everything is in my name so he doesnt actually have much on his credit file which is why I think we havent got the advertised rate.
Thanks for your help
Ive never had a loan before so I dont know much about them. My partner applied for a loan for home improvements with Sa1n$burys as they were offering the cheapest rate. I did the pre eligibility check on here and it was 80%. Now the paper work has arrived we havent been offered the advertised rate. There are other loans showing on the eligibility check with 90% offer rate and cheaper interest.
How would we stand applying for a different loan? Is it detrimental to your credit file as we have already applied for one? Would this lessen the chances of us being offered the advertised rate?
My partner has no bad credit and a good wage but everything is in my name so he doesnt actually have much on his credit file which is why I think we havent got the advertised rate.
Thanks for your help
0
Comments
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It will show as another search, which could make lenders more wary.
I would risk one more, but stop after that. If he hasn't got the best credit history, don't go chasing the cheapest rate.0 -
* Sainsbury's0
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princesst84 wrote: »Hi
Ive never had a loan before so I dont know much about them. My partner applied for a loan for home improvements with Sa1n$burys as they were offering the cheapest rate. I did the pre eligibility check on here and it was 80%. Now the paper work has arrived we havent been offered the advertised rate. There are other loans showing on the eligibility check with 90% offer rate and cheaper interest.
How would we stand applying for a different loan? Is it detrimental to your credit file as we have already applied for one? Would this lessen the chances of us being offered the advertised rate?
My partner has no bad credit and a good wage but everything is in my name so he doesnt actually have much on his credit file which is why I think we havent got the advertised rate.
Thanks for your help
Did you apply as a joint loan or did he apply for it on his own name? Whose details did you enter for the eligibility checker?
Sainsbury's seem to crop up a lot on here for people applying and not getting decent rates:
https://forums.moneysavingexpert.com/discussion/5292916I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Most likely indicative of their market share as people chase the lowest headline rate.Candyapple wrote: »
Sainsbury's seem to crop up a lot on here for people applying and not getting decent rates:
https://forums.moneysavingexpert.com/discussion/52929160 -
Candyapple wrote: »Did you apply as a joint loan or did he apply for it on his own name? Whose details did you enter for the eligibility checker?
Sainsbury's seem to crop up a lot on here for people applying and not getting decent rates:
https://forums.moneysavingexpert.com/discussion/5292916
Its in his name solely, i did it all for him as hes rubbish with this kind of thing but did it all in his name. I will have a look at the link now, thanks for that
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Out of interest, what rate did he get given?I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0
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princesst84 wrote: »4.1%. Advertised rate 2.8%
That's still not bad compared to the advertised.0 -
princesst84 wrote: »4.1%. Advertised rate 2.8%
Agreed, that's not a bad rate at all. I thought you were going to say something like 10% upwards.
What was the loan amount and for how many years?I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Thanks for your help, much appreciated.0
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