We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

TSB Loan

Hamiltonc
Hamiltonc Posts: 103 Forumite
Fourth Anniversary 10 Posts
TSB advertising loans for 2.8% up to 25K
When I go to apply the first bit is a quote bit. For this I enter 23K and 4 years. 
This meets the criteria advertised on their site but at quote stage 9.9% is appearing. Why is this? Id expect 2.8% to appear. 
I'll contact them tomorrow too. 
«1

Comments

  • DrEskimo
    DrEskimo Posts: 2,379 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    The first part of the application is a soft search based on just your basic personal details.

    Clearly from that they already see you as higher risk than the people they are willing to offer £24k to for 2.8%.

    The rate could change subject to your full application (likely just to go up, than down).
  • Hamiltonc
    Hamiltonc Posts: 103 Forumite
    Fourth Anniversary 10 Posts
    DrEskimo said:
    The first part of the application is a soft search based on just your basic personal details.

    Clearly from that they already see you as higher risk than the people they are willing to offer £24k to for 2.8%.

    The rate could change subject to your full application (likely just to go up, than down).
    Thanks, I'll see what they say too
  • Clive_Woody
    Clive_Woody Posts: 5,896 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hamiltonc said:
    TSB advertising loans for 2.8% up to 25K
    When I go to apply the first bit is a quote bit. For this I enter 23K and 4 years. 
    This meets the criteria advertised on their site but at quote stage 9.9% is appearing. Why is this? Id expect 2.8% to appear. 
    I'll contact them tomorrow too. 
    You met their criteria for them to offer to lend you money, but at a higher rate than the typical APR.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • macman
    macman Posts: 53,128 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The adverts are for 2.8% representative. Only half of those accepting will get 2.8%.
    No free lunch, and no free laptop ;)
  • DCFC79
    DCFC79 Posts: 40,611 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 3 November 2020 at 7:10PM
    Hamiltonc said:
    TSB advertising loans for 2.8% up to 25K
    When I go to apply the first bit is a quote bit. For this I enter 23K and 4 years. 
    This meets the criteria advertised on their site but at quote stage 9.9% is appearing. Why is this? Id expect 2.8% to appear. 
    I'll contact them tomorrow too. 
    The 2.8 is just an example what you could be offered, not a dead cert, 50 to 1 everyone will get that low rate.

    The 9.9% isnt bad, could be higher.
  • macman said:
    The adverts are for 2.8% representative. Only half of those accepting will get 2.8%.
    Reading several thread, it's like hardly anyone here shows up as being on the headline rate.

    Maybe the headline rate borrowers are too happy to post here.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Adams18 said:
    macman said:
    The adverts are for 2.8% representative. Only half of those accepting will get 2.8%.

    Maybe the headline rate borrowers are too happy to post here.
    Of course they are. That's simply human nature.
  • cymruchris
    cymruchris Posts: 5,551 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Adams18 said:
    macman said:
    The adverts are for 2.8% representative. Only half of those accepting will get 2.8%.
    Reading several thread, it's like hardly anyone here shows up as being on the headline rate.

    Maybe the headline rate borrowers are too happy to post here.
    Yes they will be. Those that get offered the headline rate rarely come to forums to boast about it. It's generally those that don't get the headline rate that come and ask the question as why that is. Hence you'll see more posts about not getting the headline rate than those getting it. 
  • Batesy1976
    Batesy1976 Posts: 188 Forumite
    100 Posts Name Dropper
    Adams18 said:
    macman said:
    The adverts are for 2.8% representative. Only half of those accepting will get 2.8%.
    Reading several thread, it's like hardly anyone here shows up as being on the headline rate.

    Maybe the headline rate borrowers are too happy to post here.
    Yes they will be. Those that get offered the headline rate rarely come to forums to boast about it. It's generally those that don't get the headline rate that come and ask the question as why that is. Hence you'll see more posts about not getting the headline rate than those getting it. 
    Or they come to the forums and continually drag up old threads because they're got turned down on eligibility checkers. Wait, never mind.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.