Sainsburys Bank loan rate dishonesty

Ergates

Urbanshyne wrote: »

It seems reasonable to expect that something advertised as 'representative' might mean something more than a 51% chance of approval.

What percentage of customers do *you* think should be offered the given rate for banks to be allowed to advertise it? 55% 65%? 95%?

More that half (51%) seems a reasonable cut off to me.

BoGoF

Why single out Sainsburys......every single lender will advertise a representative rate.

Ergates

andybrookes11 wrote: »

Stumbled across your post having been duped by Sainsburys in the same way as you.

How were you "duped"? Did you sign a contract for a loan at one rate only to find they were charging you a different rate?

Do you get angry when you go into a shop with "Up to 50% off" signs on the window and find that not everything is 50% off?

troubleonline

I think you did not do your homework on MSE before applying!

I just applied today to Sainsburys and got instantly accepted at the advertised rate (3%) but you also have to remember their best rates require you to be a nectar card holder. Did you enter a nectar card number during the application process?

foxy-stoat

I dont think the OP is coming back - the responses were not what they wanted to hear.

ed67812

I thought Sainsburys were excellent when we had a car loan a few years back.
Very easy process of taking loan and same when we settled early.

DCFC79

ed67812 wrote: »

I thought Sainsburys were excellent when we had a car loan a few years back.
Very easy process of taking loan and same when we settled early.

They were excellent and still are, it's just that some people don't like it when they don't get the representative rate like the OP.

wilson1972

To be honest ive always thought it is pretty obvious that the rate on the site is representative?

I do wish soft search quotes would reliably show the exact rate however, is there a reason soft searches cant be more accurate?

Craig1981

wilson1972 wrote: »

To be honest ive always thought it is pretty obvious that the rate on the site is representative?

agreed... couldnt be any clearer

copied from loan page, before clicking or typing in anything:
""Credit subject to status. The rate you may be offered will depend on your personal circumstances, credit assessment procedures and other related factors""

prowla

Well, I think that the "up to" or "representative" rates in adverts are underhand and I don't understand the attacks on the OP here.


Yes, you can walk away from the proposed deal, but the lender is trying to hook you.


OTOH, at least it wasn't Wonga!