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Got accepted for loan then found better rate elsewhere

oliel
oliel Posts: 222 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
Thought I would share my experience - applied for a loan with tesco online paperwork was sent out and signed and sent back but there was an error on the name i didn't spot so they had to do another credit check and send new paperwork out the rate went from 8.9 to 13.2!!!  I needed the loan but not at this rate so i decided to take the loan and apply for another loan elsewhere - well i got another loan with sainsburys - 9.9 so i cancelled and repaid the tesco loan and took the sainsburys one.   saved myself £1800 on interest.  (ok 1% more than originally offered by tesco but still better than 13.2 - moral of story check paperwork properly and shop around if not happy with rate offered.

Comments

  • Brie
    Brie Posts: 13,514 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I wonder why a simple correction to the name would have changed the interest rate.
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • MallyGirl
    MallyGirl Posts: 7,092 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    as part of the loan checks they will be looking up the person on various databases to see their credit status (CCJs, existing debt, CIFAS markers etc) - an incorrect name might mean that a poor entry was not matched to. Once the name was corrected a match might then be made and the rate would be reassessed.
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • Exactly that.
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