Loan 2.7/2.8% is impossible to get

magicmayhem

Just tried to get a £25k loan @ 2.7% from the AA. Also tried to get £25k @ 2.8% from the TSB. Refused on both.
I don't see why I would be refused. I can only think this is a headline rate that no one has access to?

Has anyone been able to get this low rate?

[Deleted User]

Yes - at least 51% of successful applicants.

You're asking for a large sum, which is a higher risk, but you should also do some housekeeping on your credit files, to see what appears on each.

Sandtree

magicmayhem said:

Just tried to get a £25k loan @ 2.7% from the AA. Also tried to get £25k @ 2.8% from the TSB. Refused on both.
I don't see why I would be refused. I can only think this is a headline rate that no one has access to?

Has anyone been able to get this low rate?

At least 51% of those that accepted must get that rate (or better) but that doesnt mean many people are accepted!

The AA at least do a soft search option that gives you a score out of 10 for chances of being accepted before you make the formal application... what score did they give you? A quick check for myself over 5 years gives a 9.5/10... dont need a loan so not going to go further than that  

Sncjw

Also what is your current financial state.. Did they offer a different rate? 

sammyjammy

Its 51% of loan applicants as well, I suspect the % acceptance for those asking for £25k is substantially less!

Caz3121

magicmayhem said:

Just tried to get a £25k loan @ 2.7% from the AA. Also tried to get £25k @ 2.8% from the TSB. Refused on both.
I don't see why I would be refused. I can only think this is a headline rate that no one has access to?

have you been refused the loan or offered a higher interest rate?
If the former, have a look at your credit files, current income and current debt and see whether the figures stack up. As a rough guide expect total debt to be less than 50% of income - if higher then refusal may be on affordability

[Deleted User]

sammyjammy said:

Its 51% of loan applicants as well, I suspect the % acceptance for those asking for £25k is substantially less!

It's 51% of successful applicants. If 1000 people apply, 100 are accepted and 51 get the rate that is fine.