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Applied for a loan, rate was changed on last page of application
Hi, so I had the bright idea of getting a loan to pay off my car finance. I’m currently on 9.6% apr so had a look around and found that Sainsbury’s bank was doing 2.9% if you have a nectar card. Perfect! It’d save me a lot of money overall. So I went through the application, did the soft check checker and it said I was highly likely to be accepted.
I went further through the application until the end and pressed submit. I was accepted, awesome! But when I actually read the page it said the interest rate was around 6.9% apr and the payments were £20 more a month than it said on the initial part of the application!
I don’t know if I was too hasty in pressing the submit button and just didn’t notice but I didn’t notice the change in apr mentioned anywhere until after I pressed the submit button. What are my options?? I mean it’s still much better apr than I’m on at the moment but what can I do, I was after the 2.9% ideally...
I went further through the application until the end and pressed submit. I was accepted, awesome! But when I actually read the page it said the interest rate was around 6.9% apr and the payments were £20 more a month than it said on the initial part of the application!
I don’t know if I was too hasty in pressing the submit button and just didn’t notice but I didn’t notice the change in apr mentioned anywhere until after I pressed the submit button. What are my options?? I mean it’s still much better apr than I’m on at the moment but what can I do, I was after the 2.9% ideally...
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Comments
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You can either accept it or decline it.
It may be worth one more application elsewhere before you decide.0 -
2.9% is the headline rate, only offered to 51% of people, therefore when submitting your application they ran through your details, didn't want to offer you that and offered 6.9% Apr instead.
You could try another lender and see what you get, you could leave the Sainsbury's one or you could accept what they are offering.Mortgage started 2020, aiming to clear 31/12/2029.0 -
You are very unlikely ever to be given the headline rate on a second loan when you already have a loan elsewhere.0
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Credit subject to status. We treat all our customers and their applications on an individual basis. The APR we offer is determined by the details you supply and the loan you are applying for, along with an independent verification of your credit and repayment history and will range from 2.9% to 24.9% APR
This is in normal size and font just above the "APPLY NOW" button - well done for reading the last page before accepting the loan and coming on here asking for your options.
As ZX said you can either accept or decline it - up to you.0 -
Do 1 more and see if its better than what Sainsbury's offer.0
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MovingForwards wrote: »2.9% is the headline rate, only offered to 51% of people, therefore when submitting your application they ran through your details, didn't want to offer you that and offered 6.9% Apr instead.
You could try another lender and see what you get, you could leave the Sainsbury's one or you could accept what they are offering.
Ah, makes sense. I have no plans to apply for any more finance after this for quite a while so might be worth trying another lender just to try my luck I guess0 -
Will this affect the offer that has already been made? Will Sainsbury’s do another credit check before sending the money?0
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A lender can always carry out last minute checks, although it's not that common on personal loans.0
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