moneyback bank loan? (merged)

Lovingitifitsabargain

We got letter saying approved 6.9% although it was advertised at 5. something - just a note saying bout PPI that we hadn't taken it but no pressing to take it - got to sign and return - seems ok to me - although it was Moneyback it actually comes from Alliance & Leciester

Headieboy

JS01 wrote:

Every 2 out of 3 applicants should be offered the typical rate - if not MoneyBackBank are breaking the law. I'd like to see what their take up rates are.

I suspect that, like me, several people tell them that they will not be proceding with the loan at the rate they are offered, and that only those who are offered the typical rate and some who cannot be bothered looking elsewhere or don't want extra credit searchs on their record are actually recorded.

I recently got my credit report from Equifax and Experian before applying for a loan. Both told me that I had an 'Excellent' rating. I have a £80k mortgage on a home worth approx £140k, less than £900 on a Co-op bank CC and earn £28k pa. After applying to Moneyback online I got the email to give them a call as my decision was ready. After about 15 minutes on them trying to get me to take PPI, Moneyback told me 'your rate is 7.9%'.:mad:

Phoned Northern Rock and explained the situation to them, as they would have seen the search by Moneyrobbing Bank, and was given the advertised rate of 5.8%:j . New car here I come!!

Phoenix79_2

Hi

Has anyone had any experience of them? And if so did you manage to get their 5.6% rate? Or are they just like Northern Rock where they advertise low rates but hardly anyone seems to get that magical figure

Cheers

nelliebag

Just remember - aint no such thing as a free lunch. There is always a catch with these things eg the rate may be higher; there may be an overhang on any early repayment penalties; you may have to repay the cashback if you decide to repay early.
CAVEAT EMPTOR!!!

chilli_dog

buyer beware

Phoenix79_2

Cashback wouldn't be an issue as the ppi wouldn't be taken out.

Just wondered if anyone had got the 5.6% advertised rate?

parklane_2

Yep, I got 5.6% this week.

loftus

I just got 5.6% despite refusing the very hardsell PPI