Sainsburys Bank loan rate dishonesty

Pixie5740

prowla wrote: »

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!

I don't know why you've put "up to" and "representative" in small font. If you look at the Sainsburys Bank website the words "representative APR" are in the same size font as the rest of the page, how much clearer do you need it to be?

How would you propose the loans are advertised if the representative APR is the rate offered to the majority of successful applicants?

The attacks, as you call them are probably due to the fact that the OP is just one in a long list of the 49% who join the forum just to post another misinformed rant about not being offered the representative APR. Boo hoo.

wilson1972

prowla wrote: »

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!

I certainly wasnt trying to attack the OP. I just thought the terms on loan sites fairly straight forward.

I would love to know why soft searches are not more accurate though?

Pixie5740

wilson1972 wrote: »

I certainly wasnt trying to attack the OP. I just thought the terms on loan sites fairly straight forward.

I would love to know why soft searches are not more accurate though?

How can they be if the soft search only searches some of the credit history and not all the credit history? The only way to search all the credit history is with a full (hard) credit check which will leave a search recorded on your credit file(s) which will be visible to other lenders.

AstroTurtle

Ahh the age old bite the hand that feeds.

IF YOU DONT GIVE ME WHAT I WANT, I'LL TAKE MY DEBT ELSEWHERE.


You're told your approved rate before you sign the dotted line. Nothing underhand about it unless you decide to not read things properly.

As for people whining that its a bad practice etc if only 51% get approved, Thats like getting angry at vouchers that say savings UP TO or a shop having a 80% OFF SALE and kicking off when you find 1 item is only 60% off.

Banks and Lenders dont even have to look at your credit score or even care whats on it. Their money their decisions on how to lend it too you, IF you dont like their terms. Don't borrow it?

People's self centered attitudes astound me. They aren't their to serve you it's a business it serves itself first in the interests of it's shareholders. How does this still surprise people after 100's of years.

wilson1972

Pixie5740 wrote: »

How can they be if the soft search only searches some of the credit history and not all the credit history? The only way to search all the credit history is with a full (hard) credit check which will leave a search recorded on your credit file(s) which will be visible to other lenders.

Is there a technical reason a soft search cannot be as thorough as a hard search? Why does a quotation search need to only do part of the history?

I agree with many here that it is clear the rate is representative, and i was told my rate before i agreed to it

I would just think in todays age things could be more accurate...

AstroTurtle

wilson1972 wrote: »

Is there a technical reason a soft search cannot be as thorough as a hard search? Why does a quotation search need to only do part of the history?

I agree with many here that it is clear the rate is representative, and i was told my rate before i agreed to it

I would just think in todays age things could be more accurate...

Hard search can affect your ability for future applications in a short period of time.

Soft search doesn't affect your ability for future applications in a short period of time.

Soft search will give a "Summary" of sorts for a lender to gage whether or not they are likely to be able to quote you. A hard search is a formal search that will quantify if they are comfortable or not.

Soft searches are in the interests of customers to enable them to shop around more but it's all based on slim data and some lenders dont even care to much about credit profiles as they are more interested in Affordability assessments.

Pixie5740

wilson1972 wrote: »

Is there a technical reason a soft search cannot be as thorough as a hard search? Why does a quotation search need to only do part of the history?

I agree with many here that it is clear the rate is representative, and i was told my rate before i agreed to it

I would just think in todays age things could be more accurate...

I can't say for certain but I suspect it has to do with which organisations can carry out a quotation search. For example, insurance companies when you are obtaining quotes. Is there a need for them to see all that a full credit check shows? No otherwise they would be doing a full search already. If there is no need for them to see all that a full search shows then do you as a consumer want them to be able to access all that information?

wilson1972

Pixie5740 wrote: »

I can't say for certain but I suspect it has to do with which organisations can carry out a quotation search. For example, insurance companies when you are obtaining quotes. Is there a need for them to see all that a full credit check shows? No otherwise they would be doing a full search already. If there is no need for them to see all that a full search shows then do you as a consumer want them to be able to access all that information?

That is a good point. Thanks.