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Loan accepted but increased APR
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ShakySaver
Posts: 6 Forumite
in Loans
Hi all.
I applied for a loan with Hitatchi today thinking I would get the 3.5% APR but when I got to the congratulations page they had boosted the APR up to 14%.
Also applied with Admiral expecting 3.5%, got accepted but it went up to 10% at the acceptance page.
Is there any possibility of calling Hitatchi and/or Admiral and asking if the APR could be reduced? Would be good to know if anyone has tried and succeeded, or would it be a waste of a phone call. I won't bother getting the loan at all at either of those APRs.
I applied for a loan with Hitatchi today thinking I would get the 3.5% APR but when I got to the congratulations page they had boosted the APR up to 14%.
Also applied with Admiral expecting 3.5%, got accepted but it went up to 10% at the acceptance page.
Is there any possibility of calling Hitatchi and/or Admiral and asking if the APR could be reduced? Would be good to know if anyone has tried and succeeded, or would it be a waste of a phone call. I won't bother getting the loan at all at either of those APRs.
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Comments
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You could ask. They'll probably say no as they both appear to be categorising you as higher risk, but you never know.0
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Only 51% of successful applications get the advertised rate, the rest are assessed on risk. Did you apply for both at same time or one directly after the other? And how mush debt do you have already in relation to income?0
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ShakySaver wrote: »Hi all.
I applied for a loan with Hitatchi today thinking I would get the 3.5% APR but when I got to the congratulations page they had boosted the APR up to 14%.
Also applied with Admiral expecting 3.5%, got accepted but it went up to 10% at the acceptance page.
Is there any possibility of calling Hitatchi and/or Admiral and asking if the APR could be reduced? Would be good to know if anyone has tried and succeeded, or would it be a waste of a phone call. I won't bother getting the loan at all at either of those APRs.
Maybe just maybe the 2 rates you mention are the best you can get.0 -
Very few people get offered the headline rate.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£162.90
Save £12k in 2025 #1 £12000/£70000 -
The most important word in these loans is REPRESENTATIVE. 51% get the highlighted low APR and the other 49% get a variable.
It just seems everyone on this board gets the higher %
Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0 -
14% is the rate they are willing to lend to you at, following their assessment of your credit worthiness.ShakySaver wrote: »Hi all.
I applied for a loan with Hitachi today thinking I would get the 3.5% APR but when I got to the congratulations page they had boosted the APR up to 14%.
Usually they do not change their minds on these things, but you can but try.
The small print covers exactly what rate of interest you will be expected to pay, and how they use your information, to determine this figure.
Normally only top earners, with perfect credit records, who have a low borrowing compared to income ratio, get the headline rates advertised.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
enthusiasticsaver wrote: »Very few people get offered the headline rate.
I believe at least 51% get the headline rate. In other words, the majority get it, hardly just a "few".0 -
I used to work in a bank call centre during the PPI days. If you ring them and tell them you've got a better APR with another company, they'll usually try and match it. But the lowest you can usually get them to knock off is 2%0
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