Significantly Different Loan APR Rate Offers

Wicked_Doddy · 5 July 2020 at 10:58PM

I used the 'Loan Eligibility Calculator' at moneysavingexpert.com and applied, via the links given, for the 'top of the list' lowest rate with Cahoot at 3.84%. I received an email from Santander (Cahoot are a division of Santander UK plc) offering me a loan at 17.9% APR and was advised "This rate is based on an assessment of your disposable income and outgoings plus a credit check conducted with one or more credit reference agencies." I was unhappy with their assessment and so, via the 'Cheap Personal Loan' pages at moneysavingexpert.com, I found John Lewis Finance loan for 3.6% APR which required an application direct to the lender. I made this application and was accepted. Don't just accept the first rate you are offered without question, especially if you believe it to be too high for your risk profile.