loans 5.7% (Moneyback bank)

SamMoffatt28

I needed a loan for my hubby to buy a used car - we had found one that we liked and had an above average offer to px our old car so we thought we'd make up the difference with a small(ish) loan. I came onto this site and found that moneyback loans had the lowest APR and as hubby has no bad debts and an excellent credit rating we decided to apply for £5200 to make up the difference. All seemed well, we applied online, but they took 3 days to make a decision and it was only supposed to take 48 hours. Anyway to cut a long story short we rang them and were told that as we had decided not to take out their insurance cover (we already have adequate insurance for unemployment & sickness elsewhere) they told us that the APR was no longer 5.5% as advertised it was now 8.9% and our payments changed from £114 per month to £160!!!! Well anyway I told them in no uncertain terms to stick it and went to Egg Loans who gave us a great deal and the money arrived in our bank 2 days later. I have written to moneyback loans to complain but I don't expect a reply.
Anyone thinking of getting a loan watch out!!!

loubie_lou

I hear A&L have been doing this too!

Bernard_Coleslaw

If it's any consolation, a whole bunch of organisations, including the Financial Services Authority, are looking very closely at people who offer bundled PPI like this, right now.......

BC

tightbarsteward

Alliance & Leicester are Money Back Loans! They tried to tell my partner if she didn't take the PPI the monthly payments would stay the same ie £10 pound more than we were quoted per month. Yeah right. After complaining she conceded it would be the original price quoted.

See my gripe about them which I have recenly posted http://forums.moneysavingexpert.com/showthread.html?t=155017

Steer well clear.