Admiral loan

AJRimmer

Followed money supermarkets links for loans,and chose admiral for best rate.

My credit rating is excellent,but when the acceptance came through the rates,monthly payback and apr all jumped massively.

Can anyone explain this as right now it seems like a scam to me,where you get lured into a loan and if you are not careful about checking the forms will get stung.

or is this now normal practice and money super markets system is useless for offering deals ?

[Deleted User]

It's not a scam.

It's risk based pricing and only 51% of accepted applicants need to get the headline rate.

Although it's nice that a CRA has given you a high score, lenders neither see nor care about their opinion.

Try elsewhere, but don't overdo it on the searches.

PeacefulWaters

51% of successful applicants get the advertised rate.

Welcome to the 49%.

DCFC79

AJRimmer wrote: »

Followed money supermarkets links for loans,and chose admiral for best rate.

My credit rating is excellent,but when the acceptance came through the rates,monthly payback and apr all jumped massively.

Can anyone explain this as right now it seems like a scam to me,where you get lured into a loan and if you are not careful about checking the forms will get stung.

or is this now normal practice and money super markets system is useless for offering deals ?

No scam involved, it is how it is.

A classic example of credit ratings not meaning much. Had to stop myself yesterday when the lady in the bank mentioned thst my credit score will be used for the application, wanted to say bolloxio to that.

Have you applied via your bank, maybe they would offer something worthwhile.

What is on your credit files ?

AJRimmer

DCFC79 wrote: »

No scam involved, it os how it is.

A classic example of credit ratings not meaning much. Had to stop myself yesterday when the lady in the bank mentioned thst my credit score will be used for the application, wanted to say bolloxio to that.

Have you applied via your bank, maybe they would offer something worthwhile.

What is on your credit files ?

no debt,no ccj etc,completely clean for 38 years

tried applying to my bank but they recently stopped loans,they now only offer something called learning loans for students.

before this i was a tad proud to be debt free,but if this is how the system works i think i`ll just do as usual and save then buy.
certainly wont be trusting deal sites again if they cannot offer a deal that stays a deal until you get the papers to sign.
only to find a shylock waiting at the end

DCFC79

AJRimmer wrote: »

no debt,no ccj etc,completely clean for 38 years

tried applying to my bank but they recently stopped loans,they now only offer something called learning loans for students.

before this i was a tad proud to be debt free,but if this is how the system works i think i`ll just do as usual and save then buy.
certainly wont be trusting deal sites again if they cannot offer a deal that stays a deal until you get the papers to sign.
only to find a shylock waiting at the end

Was it Moneysupermarket ?

The rates are just based on what data you enter. Try 1 of the high street banks.

marliepanda

You did better than me. Despite coming up as a 95% approval chance on moneysupermarket I got a decline! Oh well

Pixie5740

Why don't you apply for a loan from whichever institution has given you an excellent credit rating?

marliepanda

Pixie5740 wrote: »

Why don't you apply for a loan from whichever institution has given you an excellent credit rating?

At no point does the OP say thats the only factor like many. He states plenty of other things too.

Its not as if hes on here all 'I have a score of 99999999 why does no one want to lend to me.'

Pixie5740

AJRimmer wrote: »

Followed money supermarkets links for loans,and chose admiral for best rate.

My credit rating is excellent,but when the acceptance came through the rates,monthly payback and apr all jumped massively.

Can anyone explain this as right now it seems like a scam to me,where you get lured into a loan and if you are not careful about checking the forms will get stung.

or is this now normal practice and money super markets system is useless for offering deals ?

marliepanda wrote: »

At no point does the OP say thats the only factor like many. He states plenty of other things too.

Its not as if hes on here all 'I have a score of 99999999 why does no one want to lend to me.'

Really? What other suggestion does the OP give for the higher rate?

It's just another thread from someone with "an excellent credit rating" who doesn't understand representative APR.

AJRimmer

Pixie5740 wrote: »

Really? What other suggestion does the OP give for the higher rate?

It's just another thread from someone with "an excellent credit rating" who doesn't understand representative APR.

What other suggestion would you like ?

and i think i understand representative APR ,you apply for a loan going by the low rate,then they hike the rate above the others in the hope you are desperate enough to take it.

in any other business it would seem like a scam,they should post a rate and refuse or accept,and so far i have never been refused a loan etc,so i guess my credit rating is more than fine.

I had a phone call from that loan i mentioned in OP after he saw the refusal,and he wanted to drop the rate, 3 times ? yet wouldnt go to the rate moneysupermarkets calculator was offering.
and to be frank,if he had i would still have refused it,trust goes both ways and i certainly wouldnt take anything admiral offered after this.

I would stand my rating and history next to anyone of the same age.