Santander Personal Loans

Josh_7

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

boo_star

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.

DCFC79

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%.