Unfair Interest Rates based on Address?
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If it's your "soon to be address" then you won't be on the Electoral Roll which would likely make you a higher risk.0
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Don't forget the rate you see on the eligibility checker is not necessarily the rate you will be offered.0
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In answer to your question 'is it legal'. Yes, it's perfectly legal for companies to offer credit at different rates, otherwise everyone would get exactly the same rate.
But that's exactly my point. I am the same person. My income is exactly the same. The only thing different is the address.0 -
Don't forget the rate you see on the eligibility checker is not necessarily the rate you will be offered.
I wasn't using the MSE eligibility checker, I was using the M&S page (can't post the link here). I understand that the rate eventually offered may be different. What I don't understand is how the rate offered varies purely based on address, nothing else.0 -
Then what was the point of your post?!
You have been given reasonable answers, if you don’t like them then ignore them - doesn’t make them any less correct however.
The point of my post is "how can it be legal to give people different interest rates solely based on their address?".0 -
Interest rates are derived from a form of risk assessment - one of many factors will be address, as some errors have higher percentages of people defaulting than others, also if addresses being used don’t match up with credit file this will raise alrarms and may lead to higher rates, time spend at an address... are you finally getting the idea?
In terms of legality and lender doesn’t have to lend to you at any rate or even at all - it is a commercial decision for them alone to make.0 -
The point of my post is "how can it be legal to give people different interest rates solely based on their address?".
The same reason it is legal for insurers to give the same person a different rate depending on their address.
You don't even know what rate your are going to be offered as you haven't made an application.0 -
Have you cross-referenced the addresses with the deprivation score?
Can be interesting.0
This discussion has been closed.
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