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  • FIRST POST
    • hero9989
    • By hero9989 8th Dec 19, 10:02 PM
    • 12Posts
    • 1Thanks
    hero9989
    Applied for a loan, rate was changed on last page of application
    • #1
    • 8th Dec 19, 10:02 PM
    Applied for a loan, rate was changed on last page of application 8th Dec 19 at 10:02 PM
    Hi, so I had the bright idea of getting a loan to pay off my car finance. Iím currently on 9.6% apr so had a look around and found that Sainsburyís bank was doing 2.9% if you have a nectar card. Perfect! Itíd 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 donít know if I was too hasty in pressing the submit button and just didnít notice but I didnít notice the change in apr mentioned anywhere until after I pressed the submit button. What are my options?? I mean itís still much better apr than Iím on at the moment but what can I do, I was after the 2.9% ideally...
Page 1
    • zx81
    • By zx81 8th Dec 19, 10:12 PM
    • 24,815 Posts
    • 27,703 Thanks
    zx81
    • #2
    • 8th Dec 19, 10:12 PM
    • #2
    • 8th Dec 19, 10:12 PM
    You can either accept it or decline it.

    It may be worth one more application elsewhere before you decide.
    • MovingForwards
    • By MovingForwards 8th Dec 19, 11:27 PM
    • 3,027 Posts
    • 3,630 Thanks
    MovingForwards
    • #3
    • 8th Dec 19, 11:27 PM
    • #3
    • 8th Dec 19, 11:27 PM
    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.
    • Ben8282
    • By Ben8282 9th Dec 19, 1:43 AM
    • 4,763 Posts
    • 2,633 Thanks
    Ben8282
    • #4
    • 9th Dec 19, 1:43 AM
    • #4
    • 9th Dec 19, 1:43 AM
    You are very unlikely ever to be given the headline rate on a second loan when you already have a loan elsewhere.
    • foxy-stoat
    • By foxy-stoat 9th Dec 19, 9:16 AM
    • 5,712 Posts
    • 3,540 Thanks
    foxy-stoat
    • #5
    • 9th Dec 19, 9:16 AM
    • #5
    • 9th Dec 19, 9:16 AM
    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.
    • DCFC79
    • By DCFC79 9th Dec 19, 9:28 AM
    • 35,640 Posts
    • 22,491 Thanks
    DCFC79
    • #6
    • 9th Dec 19, 9:28 AM
    • #6
    • 9th Dec 19, 9:28 AM
    Do 1 more and see if its better than what Sainsbury's offer.
    • hero9989
    • By hero9989 9th Dec 19, 9:34 AM
    • 12 Posts
    • 1 Thanks
    hero9989
    • #7
    • 9th Dec 19, 9:34 AM
    • #7
    • 9th Dec 19, 9:34 AM
    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.
    Originally posted by MovingForwards
    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 guess
    • Bobibly
    • By Bobibly 9th Dec 19, 12:51 PM
    • 1 Posts
    • 0 Thanks
    Bobibly
    • #8
    • 9th Dec 19, 12:51 PM
    In the same boat
    • #8
    • 9th Dec 19, 12:51 PM
    Will this affect the offer that has already been made? Will Sainsburyís do another credit check before sending the money?
    • zx81
    • By zx81 9th Dec 19, 12:52 PM
    • 24,815 Posts
    • 27,703 Thanks
    zx81
    • #9
    • 9th Dec 19, 12:52 PM
    • #9
    • 9th Dec 19, 12:52 PM
    A lender can always carry out last minute checks, although it's not that common on personal loans.
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