Which companies likely to offer APR advertised?
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tightasagnats
Posts: 391 Forumite
in Loans
Any idea who might be more likely to offer loans at the so called typical APR? I have very good credit history, and no missed payments etc. Applied for Sainsbury's loan, accepted in prinicple but APR above the 2.9 advertised as possible (they haven't yet disclosed what they will offer)....
I know Nationwide are offering a 0.5 undercut so may apply with them.
I know Nationwide are offering a 0.5 undercut so may apply with them.
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Comments
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All of them are equally likely, as 51% of successful applicants will get the headline rate.
What you need to work out is whose criteria you are most likely to fit. Have you used an eligibility checker?0 -
Loans are advertised with a representative APR not a regional APR. All lenders must offer the representative rate to 51% of successful appliacants. Therefore, to answer your question all lenders in the UK are likely to offer the representative rate to successful applicants.
Making the 51% will depend on a range of factors which includes past dealings with the lender, affordability, and credit history. You need to be that lender’s ideal borrower and since lenders don’t publish their criteria whether you cut the mustard is anyone’s guess.0 -
Thanks. I think it'll be affordability, and whilst I know I can afford it, they may think it's tight. I have lodger income which I don't include, perhaps I should.0
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tightasagnats wrote: »Thanks. I think it'll be affordability, and whilst I know I can afford it, they may think it's tight. I have lodger income which I don't include, perhaps I should.
If the term of the loan is longer than the lodger being there, that may not be too wise.
Either way, the only way to fully know what APR you'll get is to apply. While the soft checkers are useful, they do not know the criteria for each lender, especially for calculating what APR they offer you.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
For me, the answer was my own bank.
I got the representative rate with them a couple of years ago and I don't reckon I would have got it anywhere else.
They can see what I put in each month and that I have savings with them.
Others wouldn't take my savings into account. Looking at my credit report, it is reported that I have a very low chance of acceptance for cards/loans due to how much I have outstanding debt wise and my repayments. This is despite, the debt, being all on 0% spending cards, all payments well above the minimum and 6 years of green ticks.
Of course, the credit report, also doesn't take into account I have 10 times as much in savings compared to the outstanding debt.0 -
Didn't read this thread before posting mine - apologies. Sounds like we're in the same boat. Saino's & nationwide price promise. Hope we're both part of the 51%. Good luck0
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