Interest Rate Lies / Scam?

rigsbyx

Hi everyone,

I feel proper done by. I have excellent credit, and wanted to make life easier by borrowing a small amount of money for a car, but even though the interest rate on this website showed a company called Zopa was offering 3.4%, once I had gone through the actual application process it came back approved but with 13.5%. That has now been marked against my good credit rating, and I’m really mad about it.

Surely, this is a scam to hoodwink people in applying for a loan with them, but they knew all along those rates didn’t ever exist. Bloody scam!

Now what should I do?

I have since also applied through Tesco, but have to wait for their approval. In the meantime, I don’t want to apply a third time because that will also be marked against me. Grrr!

marcarm

They only have to offer the headline rate to 51% of applicants. You fell into the other 49%

Rates also go up if you are only borrowing a small amount

Willing2Learn

rigsbyx wrote: »

I feel proper done by. I have excellent credit, and wanted to make life easier by borrowing a small amount of money for a car, but even though the interest rate on this website showed a company called Zopa was offering 3.4%, once I had gone through the actual application process it came back approved but with 13.5%. That has now been marked against my good credit rating, and I’m really mad about it.

Surely, this is a scam to hoodwink people in applying for a loan with them, but they knew all along those rates didn’t ever exist. Bloody scam!

Did you not read where it says at the very beginning: "the rate and fee you are offered will depend on your individual circumstances"?

The good news is that no-one uses your score. Zopa didn't. Zopa would have used the data in your credit file(s), added to the data you submitted in your credit application, to determine the risk, affordability and the applicable APR.

Make your application with Tesco and see if they offer you a lower rate. It is good to shop around.

rigsbyx

Did you not read...

How rude! No doubt you talk down to others on Twitter like that, too! Be nicer to people please. And yes, I did �� I just think it’s a scam, tbh

Willing2Learn

It is not a scam when it explains everything in black and white, several times, throughout the whole application process.

Edit: Sorry if you felt I was being rude. I simply thought I was being truthful in my post...

Gaz83

rigsbyx wrote: »

How rude! No doubt you talk down to others on Twitter like that, too! Be nicer to people please. And yes, I did �� I just think it’s a scam, tbh

It's not rude. Surely if you read it, you'd realise that not everyone gets the headline rate? Only 51% of successful applicants get that, everyone else gets an APR determined by their own circumstances.

rigsbyx

Thanks, I understand the entire process and was looking for help, not the obvious

rigsbyx

Yes it was rude. Delivery is everything. And it wasn’t helpful. I asked what next, not the obvious to something I already knew, haha!

Willing2Learn

Willing2Learn wrote: »

The good news is that no-one uses your score. Zopa didn't. Zopa would have used the data in your credit file(s), added to the data you submitted in your credit application, to determine the risk, affordability and the applicable APR.

Make your application with Tesco and see if they offer you a lower rate. It is good to shop around.

rigsbyx wrote: »

Yes it was rude. Delivery is everything. And it wasn’t helpful. I asked what next, not the obvious to something I already knew, haha!

Did you not find the 2nd and 3rd paragraphs helpful? They were meant to be constructive. I have requoted them, just in case you missed them the first time round.

BoGoF

"I have excellent credit".......who told you that?

SnowTiger

Gaz83 wrote: »

It's not rude. Surely if you read it, you'd realise that not everyone gets the headline rate? Only 51% of successful applicants get that, everyone else gets an APR determined by their own circumstances.

I think the Slidy thingy on Zopa's website is misleading because it displays their best rates, probably offered to a lot fewer than 51% of punters, rather than representative rates.