Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • tightasagnats
    • By tightasagnats 10th Oct 17, 9:43 PM
    • 363Posts
    • 98Thanks
    tightasagnats
    Which companies likely to offer APR advertised?
    • #1
    • 10th Oct 17, 9:43 PM
    Which companies likely to offer APR advertised? 10th Oct 17 at 9:43 PM
    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.
Page 1
    • zx81
    • By zx81 10th Oct 17, 9:49 PM
    • 17,273 Posts
    • 18,377 Thanks
    zx81
    • #2
    • 10th Oct 17, 9:49 PM
    • #2
    • 10th Oct 17, 9:49 PM
    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?
    • Pixie5740
    • By Pixie5740 10th Oct 17, 9:55 PM
    • 12,187 Posts
    • 17,213 Thanks
    Pixie5740
    • #3
    • 10th Oct 17, 9:55 PM
    • #3
    • 10th Oct 17, 9:55 PM
    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 lenderís ideal borrower and since lenders donít publish their criteria whether you cut the mustard is anyoneís guess.
    • tightasagnats
    • By tightasagnats 10th Oct 17, 9:58 PM
    • 363 Posts
    • 98 Thanks
    tightasagnats
    • #4
    • 10th Oct 17, 9:58 PM
    • #4
    • 10th Oct 17, 9:58 PM
    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.
    • StopIt
    • By StopIt 11th Oct 17, 8:21 AM
    • 1,394 Posts
    • 1,250 Thanks
    StopIt
    • #5
    • 11th Oct 17, 8:21 AM
    • #5
    • 11th Oct 17, 8:21 AM
    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.
    Originally posted by tightasagnats

    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.
    • fozmcfc
    • By fozmcfc 15th Oct 17, 9:41 AM
    • 3,006 Posts
    • 2,193 Thanks
    fozmcfc
    • #6
    • 15th Oct 17, 9:41 AM
    • #6
    • 15th Oct 17, 9:41 AM
    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.
    • mad2477
    • By mad2477 15th Oct 17, 10:46 AM
    • 4 Posts
    • 1 Thanks
    mad2477
    • #7
    • 15th Oct 17, 10:46 AM
    • #7
    • 15th Oct 17, 10:46 AM
    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 luck
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,891Posts Today

6,930Users online

Martin's Twitter