"Pre-Approved" Loans not adhering to rates?!

harrowlh

Hi all,

I needed to borrow some money so went through the MSE loan eligibility tool and the best option was an Admiral product which was "Pre-Approved" this means that if all checks go ok, the rate, amount and length are all as requested. This rate was 9.8%

However I have just got an email asking to submit my ID and connect my bank for checks for my loan at 12.5%. 

Has anyone experienced this before? I haven't seen any paperwork yet (so not sure on how it affects the payments) as I am awaiting the completion of the ID checks.

Any advice is greatly appreciated.

Thanks.

MorningcoffeeIV

The rate is representative, so only 51% of successful applicants need get it.

Your pre-approval was based on acceptance, not rate.

harrowlh

Thats not what the tool says.

Hoenir

You weren't accepted. You were offered an alternative. 

Ferro

Hoenir said:

You weren't accepted. You were offered an alternative. 

The bit in the green box is a tad misleading though. 

DCFC79

Its subject to the checks they carry out, query it with the lender if you like or go elsewhere.

Nasqueron

The bit in green says clearly that it's subject to checks

That is based on soft search estimation, a hard search gives you the actual answer - if you click on More Info it will explain this

enthusiasticsaver

The More Info will have the small print.  The box on the right does say IF you are accepted indicating it is not a done deal.