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Representative APR question
gazzaman28
Posts: 38 Forumite
in Loans
Hi all,
I applied for a Tesco loan of £15k over 5 years, the representative APR was 2.9% but the offered APR was 11.9%, which makes monthly repayments far too much for me. My question is, if I apply to borrow less money (or just as an example, if I apply to borrow the money over a shorter period of time) would that be likely to reduce the APR, or is that figure determined purely by my current credit situation as decided by Tesco?
Thanks.
I applied for a Tesco loan of £15k over 5 years, the representative APR was 2.9% but the offered APR was 11.9%, which makes monthly repayments far too much for me. My question is, if I apply to borrow less money (or just as an example, if I apply to borrow the money over a shorter period of time) would that be likely to reduce the APR, or is that figure determined purely by my current credit situation as decided by Tesco?
Thanks.
0
Comments
-
Some lenders have different rates for different borrowing levels.
However, given the risk they've assessed that you represent, it's unlikely to shift it dramatically.
You may want to look elsewhere.0
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