Loans at 2.7/2.8 % APR

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in Loans
Hello,
I m looking for a loan of 14000 over 60 months, and having looked at ML's section on loans some are advertised at the low APR rates, but why is it that they are only offered to 51% of applicants. ? I've tried applying for a couple but never get the advertised rate.
I m looking for a loan of 14000 over 60 months, and having looked at ML's section on loans some are advertised at the low APR rates, but why is it that they are only offered to 51% of applicants. ? I've tried applying for a couple but never get the advertised rate.
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If you're not getting the headline rate, it's because your risk is too high. Aim for a higher rate lender.
You should also consider whether you need such a large amount, as you'll need a good income to support it.
It's to prevent lenders either:
a) Advertising 'GET YOUR 0.1% APR LOANS HERE' - while in reality only offering it to one person, and giving everyone else a much higher rate, hoodwinking everyone that applies and also hindering their ability to look elsewhere (as they'd now have a hard search on their file).
b) Forcing them to give the loan to 100% of applicants that meet affordability. Lenders have preferences to who they lend to and they deem that certain applicant characteristics are riskier, and would want to change a higher interest rate to offset this risk. If they had to give the rate to everyone that applied, they'd have to hedge their books by increasing the overall interest rate - which isn't good for less risky consumers.
All in the all, the current approach is the best compromise - works well for those who do fit the criteria, and also provides options for those that don't.
The main discontent on these forums about the matter, is from people that think they are well off because they have a 999 score on experian, and are disgruntled to find they are not eligible for the 2.8% loan they planned for!
Jan = £715 / £1,000 Feb = £1,275 Mar = £400 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Oct = £ Nov = £ Dec = £
It's unsurprising you were rejected on the basis of the reason you gave, as if you can't afford food, you can't afford the loan.
What do you mean by a bank that deals well with LPOA? In what regard?
If you can afford food, why did you say the loan was for rising food prices? What is the real reason for the loan?
However, you'll probably find it easier to use it with his existing bank and then apply for a loan with them, rather than try to do it through a new provider.