NEW BLOG. Featuring tips and pics from pet owners of the MSE Forum, we present to you Homemade pet toy ideas. Take a look
Haven’t received guaranteed pre-approved APR Rate

2 Posts

in Loans
Hi,
I’ve recently been looking for a loan to consolidate an existing loan and carry out home renovations to the sum of 15-18k and settled on a pre-approved 100% guaranteed apr of 3.9% with rate setter over 4years yet when I’ve accepted this, submitted my docs the rate jumped up to 19.8% when they’ve asked for my signature.
I’ve recently been looking for a loan to consolidate an existing loan and carry out home renovations to the sum of 15-18k and settled on a pre-approved 100% guaranteed apr of 3.9% with rate setter over 4years yet when I’ve accepted this, submitted my docs the rate jumped up to 19.8% when they’ve asked for my signature.
I’ve asked rate setter about this and say I should get the lower rate so they’ve raised a complaint, any ideas why this happened and or how I can resolve this quickly?
0
Latest MSE News and Guides
Replies
You can't resolve it unless they're feeling generous and are willing to lower the rate.
Your credit rating isn't a factor in lending - that's just a rating the CRAs give for entertainment purposes.. If you're carrying existing debt, are looking to borrow more and need to consolidate, you're always going to be a higher than normal risk.
Jan = £715 / £1,000 - Feb = £1,275 / £1,000 - Mar = £400 / £1,000 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Oct = £ Nov = £ Dec = £
This is, however, the market you're getting into.
Just did a quick check on Clearscore and the bumpf says
When questioned they could not give a justified answer and would not overtur.n, in the end I went to Tesco and got approved at 3.4 with no hassle at all
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance £63,787.16