Loan offered, but not at advertised rate, should I apply elsewhere for a better rate?
Hi all,
Just looking for a bit of advice. I applied for a loan with Sainsburys bank & have been offered the loan requested, but not at the advertised rate of 2.8%, they have offered at 4.1%. Do you think it is worth applying with another lender at a lesser rate?
Just looking for a bit of advice. I applied for a loan with Sainsburys bank & have been offered the loan requested, but not at the advertised rate of 2.8%, they have offered at 4.1%. Do you think it is worth applying with another lender at a lesser rate?
0
Comments
-
Hi all,
Just looking for a bit of advice. I applied for a loan with Sainsburys bank & have been offered the loan requested, but not at the [STRIKE]advertised rate[/STRIKE] representative APR of 2.8%, they have offered at 4.1%. Do you think it is worth applying with another lender at a lesser rate?
It might be worth applying to another lender to see if you are offered a better rate. One more application won't hurt but beware of making multiple applications within a short time frame.
https://www.moneysavingexpert.com/eligibility/loans-calculator/0 -
Hi glo1967,
I think 4.1% is a good low rate and it probably reflects your application and the data held in your credit file. If it were me, I would stick with the 4.1%
Good luck!!I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
Hi all,
Just looking for a bit of advice. I applied for a loan with Sainsburys bank & have been offered the loan requested, but not at the advertised rate of 2.8%, they have offered at 4.1%. Do you think it is worth applying with another lender at a lesser rate?
Give it a try, 4.1 is still a good rate.
A sensible poster who is reasonable about not being offered the representative rate.0 -
How much interest would you save if you did get offered a loan 1.3% less interest?0
-
foxy-stoat wrote: »How much interest would you save if you did get offered a loan 1.3% less interest?
The difference is probably around £600.0 -
On those figures I calculate (guess) £15000-ish over 7 years-ish.
You have the offer at a cost of £85 a year against not having any offer at all. Depends how much the need is.0 -
why not check with nationwide and rate setter? they have free soft search quotations which will give you an idea of APR with them.
only 51% of applicants will be given advertised rate. 4.1% is a really good deal. if you not making any further applications in the near future, then give it go... try Tesco, they give decent rates to clubcard holders too.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards