Looking for loan lender with integrity!

wayjay109

Hello,

Looking for a loan and have looked at the comparison sites, as well as the MoneySavingExpert Tool.

One company that I had a 100% guarantee for, when I clicked on the "Apply Now" link, sent me to a "page not found" page. I then went direct to the website for which that deal was not present!.

Then tried the MSE tool. Cahoots came out tops at 3.1% and Tesco's at 3.2%. Went with Cahoots (now regretting this), which directed me to the Santander website. Filled out an application expecting a decision in Principe at the same time (as per their comments). Have not received a thing, and this morning received an email advising that they are looking at this and that they would get back to me within two days. Having checked online, I see reviews stating that it has taken some people 5 days to get a response, and that the interest rate is much higher than advertised.

Now here is my issue and question. A lot of suppliers advertise a low interest rate, which is fair enough, we know how the world works. However, what I have an issue with is that, once you find a good rate, that you are at 95% chance of being approved for. You need to do a (hard) credit check, which leaves a mark on your credit file, for which mine is excellent. Once you do the credit check, they can then come back with a much higher rate, which I believe to be deceptive, especially as it has impacted your credit score, regardless of how minor.

My credit scope is excellent, have small outgoings and a good income. Therefore, I would very much expect to be approved for the advertised rate.

I now have less time to arrange the loan, and so am wondering if anyone knows a lender with integrity who will give the advertised interest rate for a £20K loan.

[Deleted User]

Before posting this thread it would have been a bit better to read up some of the threads helping new members with this subject.

Hold it there, spend some doing that time before you do anything else - a lot of information is available there and will help you more than you can know.

wayjay109

Catsacor said:

Before posting this thread it would have been a bit better to read up some of the threads helping new members with this subject.

Hold it there, spend some doing that time before you do anything else - a lot of information is available there and will help you more than you can know.

Thanks for that, I'll still welcome comments / feedback from other members on their current views on lenders that display rates with integrity.

P.S. How do you think I found out about Santander with delays and higher interest rates (than advertised).

Ebe_Scrooge

wayjay109 said:

Catsacor said:

Before posting this thread it would have been a bit better to read up some of the threads helping new members with this subject.

Hold it there, spend some doing that time before you do anything else - a lot of information is available there and will help you more than you can know.

Thanks for that, I'll still welcome comments / feedback from other members on their current views on lenders that display rates with integrity.

All lenders display their rates with integrity - 51% of successful applicants will receive the advertised "representative" rate, that's the law, and that's what lenders do.  They're following the rules precisely.

As a slight aside, Martin Lewis is/was running a campaign to get the rules changed such that lenders must display an "average" rather than a "representative" rate.  But until such time as the rules are changed, lender's are running their adverts strictly by the book.