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Santander Personal Loans

edited 19 July 2019 at 8:34PM in Loans
2 replies 1.1K views
Josh_7Josh_7 Forumite
1 posts
edited 19 July 2019 at 8:34PM in Loans
Hi,

I was hoping for some advice and to see if anyone else has been in the same situation.

I applied for a personal loan today for the sum of £7,500 over 4 years with santander hoping to get the advertised rate of 3.0% APR.
They came back with acceptance within 30 minutes however at a revised APR of 11.9% APR...

I tried calling and basically got fobbed off and told that the 11.9% is the best they can offer and they can’t tell me why I’m not allowed any lower?? I’m trying to appeal but am going to have to write a letter and it can take up to 14 days to complete...

Is this normal for Santander? Or based on the facts am I in the wrong for questioning?

Any helps much appreciated

Replies

  • boo_starboo_star Forumite
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    Probably not much point in appealing. Even if they offered a lower interest rate on appeal I can't see it getting anywhere near 3%

    I'd just try somewhere else if it was me.
  • edited 20 July 2019 at 8:33AM
    DCFC79DCFC79 Forumite
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    edited 20 July 2019 at 8:33AM
    Josh_7 wrote: »
    Hi,

    I was hoping for some advice and to see if anyone else has been in the same situation.

    I applied for a personal loan today for the sum of £7,500 over 4 years with santander hoping to get the advertised rate of 3.0% APR.
    They came back with acceptance within 30 minutes however at a revised APR of 11.9% APR...

    I tried calling and basically got fobbed off and told that the 11.9% is the best they can offer and they can’t tell me why I’m not allowed any lower?? I’m trying to appeal but am going to have to write a letter and it can take up to 14 days to complete...

    Is this normal for Santander? Or based on the facts am I in the wrong for questioning?

    Any helps much appreciated

    The 3% is the represemtative rate, Santander are entitled to offer you a higher rate, in fact any lender can do the same, whether its normal for Santander is hard to say, maybe theres something on your report they didnt like ( they will have scored you based on your credit file and your application), they can dictate the terms as they are lending the money.

    Maybe the 11.9% is the best you can get, only way to find out is by applying elsewhere.
    Who is your current account with ?
    Got any debts, ccjs ?

    Try a letter but you will need to convince them why you should get the 3%.
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