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    • Josh_7
    • By Josh_7 19th Jul 19, 7:08 PM
    • 1Posts
    • 0Thanks
    Josh_7
    Santander Personal Loans
    • #1
    • 19th Jul 19, 7:08 PM
    Santander Personal Loans 19th Jul 19 at 7:08 PM
    Hi,

    I was hoping for some advice and to see if anyone else has been in the same situation.

    I applied for a personal loan today for the sum of £7,500 over 4 years with santander hoping to get the advertised rate of 3.0% APR.
    They came back with acceptance within 30 minutes however at a revised APR of 11.9% APR...

    I tried calling and basically got fobbed off and told that the 11.9% is the best they can offer and they canít tell me why Iím not allowed any lower?? Iím trying to appeal but am going to have to write a letter and it can take up to 14 days to complete...

    Is this normal for Santander? Or based on the facts am I in the wrong for questioning?

    Any helps much appreciated
    Last edited by Josh_7; 19-07-2019 at 7:34 PM.
Page 1
    • boo_star
    • By boo_star 19th Jul 19, 7:48 PM
    • 2,256 Posts
    • 1,600 Thanks
    boo_star
    • #2
    • 19th Jul 19, 7:48 PM
    • #2
    • 19th Jul 19, 7:48 PM
    Probably not much point in appealing. Even if they offered a lower interest rate on appeal I can't see it getting anywhere near 3%

    I'd just try somewhere else if it was me.
    • DCFC79
    • By DCFC79 20th Jul 19, 7:30 AM
    • 34,788 Posts
    • 22,020 Thanks
    DCFC79
    • #3
    • 20th Jul 19, 7:30 AM
    • #3
    • 20th Jul 19, 7:30 AM
    Hi,

    I was hoping for some advice and to see if anyone else has been in the same situation.

    I applied for a personal loan today for the sum of £7,500 over 4 years with santander hoping to get the advertised rate of 3.0% APR.
    They came back with acceptance within 30 minutes however at a revised APR of 11.9% APR...

    I tried calling and basically got fobbed off and told that the 11.9% is the best they can offer and they can’t tell me why I’m not allowed any lower?? I’m trying to appeal but am going to have to write a letter and it can take up to 14 days to complete...

    Is this normal for Santander? Or based on the facts am I in the wrong for questioning?

    Any helps much appreciated
    Originally posted by Josh_7
    The 3% is the represemtative rate, Santander are entitled to offer you a higher rate, in fact any lender can do the same, whether its normal for Santander is hard to say, maybe theres something on your report they didnt like ( they will have scored you based on your credit file and your application), they can dictate the terms as they are lending the money.

    Maybe the 11.9% is the best you can get, only way to find out is by applying elsewhere.
    Who is your current account with ?
    Got any debts, ccjs ?

    Try a letter but you will need to convince them why you should get the 3%.
    Last edited by DCFC79; 20-07-2019 at 7:33 AM.
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