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Loan offered, but not at advertised rate, should I apply elsewhere for a better rate?
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Hi all,
Just looking for a bit of advice. I applied for a loan with Sainsburys bank & have been offered the loan requested, but not at the advertised rate of 2.8%, they have offered at 4.1%. Do you think it is worth applying with another lender at a lesser rate?
Just looking for a bit of advice. I applied for a loan with Sainsburys bank & have been offered the loan requested, but not at the advertised rate of 2.8%, they have offered at 4.1%. Do you think it is worth applying with another lender at a lesser rate?
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Comments
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Hi all,
Just looking for a bit of advice. I applied for a loan with Sainsburys bank & have been offered the loan requested, but not at the [STRIKE]advertised rate[/STRIKE] representative APR of 2.8%, they have offered at 4.1%. Do you think it is worth applying with another lender at a lesser rate?
It might be worth applying to another lender to see if you are offered a better rate. One more application won't hurt but beware of making multiple applications within a short time frame.
https://www.moneysavingexpert.com/eligibility/loans-calculator/0 -
Hi glo1967,
I think 4.1% is a good low rate and it probably reflects your application and the data held in your credit file. If it were me, I would stick with the 4.1%
Good luck!!I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
Hi all,
Just looking for a bit of advice. I applied for a loan with Sainsburys bank & have been offered the loan requested, but not at the advertised rate of 2.8%, they have offered at 4.1%. Do you think it is worth applying with another lender at a lesser rate?
Give it a try, 4.1 is still a good rate.
A sensible poster who is reasonable about not being offered the representative rate.0 -
How much interest would you save if you did get offered a loan 1.3% less interest?0
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foxy-stoat wrote: »How much interest would you save if you did get offered a loan 1.3% less interest?
The difference is probably around £600.0 -
On those figures I calculate (guess) £15000-ish over 7 years-ish.
You have the offer at a cost of £85 a year against not having any offer at all. Depends how much the need is.0 -
why not check with nationwide and rate setter? they have free soft search quotations which will give you an idea of APR with them.
only 51% of applicants will be given advertised rate. 4.1% is a really good deal. if you not making any further applications in the near future, then give it go... try Tesco, they give decent rates to clubcard holders too.0
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