Online loans advertised rates are simply a phishing con trick

Nick_C

kwame41 wrote: »

Some people do get the advertised rate, some don't its always been the same.

Most people get the advertised rate

foxy-stoat

nubian wrote: »

Well forgive my scepticism and distrust of the financial services sector, I think you will find that most ordinary people are of the same opinion. There is a lack of accountability and almost manic sense of commercially secrecy linked in no uncertain terms to power.


Having visited their site what is clear is the FCA does not make it easy to find information, it certainly does not publish outcomes regarding what or if they collect this data, how or if they verify and validate it.


In a world where the customer is increasingly isolated, electronically pigeon holed and denied of the empathy of human contact in favour of profit algorithms, this industry which has the potential to wreck life plans or make them must be forced to be more transparent and demonstrably fair.


I know the responses will be cost saving & competiveness etc. etc.! but I remember going to speak with my bank manager as a young working man and working through an application for a loan, which was refused but she gave me a real world explanation on how that could be changed, I did and I was able to purchase my motorcycle less than a year later because of that advice. It wasn't about cynically learning the tricks to manipulate what the "computer says" it was proper business and advice given ethically and transparently.


Since that concept was discarded, the industry "progressed" to a point where they almost bankrupted the world, so forgive me if I am somewhat cynical when they cry commercial sensitivity or as in my kids experience, "yes we will give you the money" but "we will financially stress you to the limit to get it" surely the Oxymoron is quite obvious to many.


So there we are, I am forced to accept with no data or explanation, that these two individuals are in the 49% but the worst of it is they have no idea how to responsibly improve that situation, which even in the criminal justice system would not happen.


Its not whining my friend its just challenging the status quo without which the worst of conservatism prevails but I thank you and the others for the interventions; I may not agree with you but at the very least, I think you all deserve to know why.

Good credit history will help for sure - who knows if they will ever be in the 51%.

Good lucks

nubian

In my experience and now backed up it seems by some private messages coming to me MOST people is patently not the case but of course it would be easy to determine if the data was available from the FCA which clearly it is not.

Willing2Learn

I don't understand why you are getting so stressed about something so simple. I mean, you started this thread just after 0900 and the time now is 1200. That is three hours, getting worked up, over something you cannot change....Let it go....

dealer_wins

Why not steer your kids in to saving up for big purchases rather than helping trying to get loans and get sucked into a cycle of debt and interest.

Or are you trying to get them to borrow on your behalf?

Pixie5740

nubian wrote: »

In my experience and now backed up it seems by some private messages coming to me MOST people is patently not the case but of course it would be easy to determine if the data was available from the FCA which clearly it is not.

51% is the majority i.e. the most. The only people sending you private messages, if we are to believe anyway has messaged you about this, are in the 49% gang themselves so hardly a representative sample and I expect the sample size would be too small to be of any use anyway.

I don't recall anyone saying that the data was available from FCA just that FCA regulate lenders. The FCA website does however have the facility to report a misleading financial advert so if you believe your children, with limited credit history, were mislead by a Representative APR why not report it instead of continuing your diatribe about your children being in the 49%?

nubian

Its because I care about the future for young people like my kids. So I continue to rage against the machine. If I and like minded others don't, then who will?

You will know as a support worker that advocating for people when the system is unnecessarily but automatically discriminating against them is difficult and frustrating.

I know this also, as I gave up a lucrative career to become a support worker and assisted many people with so called learning difficulties to leave long stay, passively and actively abusive "care situations" or "hospitals" as they were grotesquely called. eventually enjoying the simple benefits of security and being in their own homes as tenants; eventually becoming a regional director for a not for profit Voluntary and serving the care sector for a total nearing16 years.

So I guess I honed my values around confronting the everyday unfairness and prejudices that these people faced all day everyday many for the better part of the adult life.

Again thank you for you observations, I respect then of course but the financial service sector is a runaway mutating cancer and needs to be confronted at every opportunity in IMO

foxy-stoat

I thought every loan advertised as the words ;

Representative
51% of applications get the head line rate
Subject to application
Subject to status

Seems what they SHOULD say is:
"you may or may not get the quoted interest rate it is JUST an advert"

DCFC79

If you feel so strongly about it then do something about it, start a petition on change.org, as advised speak to the FSA.

foxy-stoat

nubian wrote: »

the financial service sector is a runaway mutating cancer and needs to be confronted at every opportunity in IMO

All the more reason to teach folk how to save and be clever with their money - not spend £12,000 on a car so they can get to work....I spent £5,000 on a perfectly good car to get to my work that does the job well, when I was a young'un the most I spent on a car was £2500 that did the job at the time.

Don't get me wrong, I would like my daughter (when she is of age) to have the best, safest car I can put her in but at some point you have to be realistic and reasonable practicable about life and expectations. Dropping £12K on a car when you have to borrow it isn't the cleverest way to drive to work.