APR Rates

wbafanclub12

The general advertising rule used to be and still is (unless it has been changed) that if a bank gives a typical apr then two thirds of customers who get accepted for a loan should get that rate.

Now if your credit rating is as good as you say then you should be in the top third so should get the top rate. However, how you prove you are in the top third and what criteria are actually used to judge this I do not know. It would be difficult for you to get details of the percentage of people accepted at this rate.

So, you can contact the ombudsman who may investigate or may not. Either way, it will take time and if you need the loan chances are you have not got time. I do believe that all major lenders will adhere to this rule and that it is already checked by the powers that be.

Like someone else has said, I think its time to move on. Be angry with them by all means and do not use them in the future

BenL

Thanks wbafanclub12 for the explanation of what i thought i knew.

Dippy, sorry I hadn't responded again- had a little work to do but my understanding is the same as wbafan12's so i have nothing more to add.

Cheers

Ben

dippy-

Wonderful - thank you to the pair of you... really appreciate all your help...

:A

dippy-

:beer: again thank you to all your advice... I did my homework...

I looked into various banks, ones whome I don't bank with and got better Apr's than lloyds TSB. The best loan was with Nationwide, at 8.9 APR. all I had to do is pass the credit check which I did. Lloyds TSB APR rate started at 17.7, dropped to 15.9 because I applied for internet banking, and the best offer they could give me is 13.5... I spoke to the Loans manager, who apologised for what the loans advisor had said to me the week before, as he should not have said what he did and followed the company line. Not quite the best out come but at least they recognised that they were in the wrong...

So, thank you everyone who gave me advice.

Take care
Dippy
:T

homer_j_3

With APR advertising, the APR could be different on different advertisements too as you have to consider the people that you are advertising too.

For example, if I was to put an advert in the fictitious magazine CCJ monthly, my advertised APR would be higher than my advert in the equally fictitious 100% clean credit monthly magazine as the audience types would deem to be of different credit profiles.

The APR rate within what I do is as someone said the 2/3rd rule.