Thanks sainsburys

[joe g]

So applied for a personal loan with them advertised rate 2.9%

Applied for 11.5k for a car, have good credit, never missed any payments etc have a mortgage, earn 40k a year, no debt etc.

Okay maybe didn't expect 2.9% but expected somewhere close to that.
Get accepted for the loan documents all come today apr is 14.2% hahah don't think so

I have no idea where they get these numbers from! seems as stupid as insurance.

So now i've been offered crap apr and don't want to apply for any more loans because i don't want to make my credit score worse.

So thanks sainsburys

rant over

[mudcow007]

smaller loan higher apr

bigger loan lower apr...?

[Monkeypony]

[-]

[joe g]

[natefz6]

Yeah Sainsburys were the same with me. At the time I had a 997 credit score (if that actually means anything nowadays as they all say they do their own scoring) they did actually call me back iirc and said due to my circumstance they could only offer me 5 times the rate advertised. I also told them to

I guess the having never had bad credit, paying all bills on time and being on a good wage with not many outgoings scared them off...
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[lihp]

They are there to make money, if they can't make it from penalties and fees they will do so via APR.

A friend I worked with, full time, decent salary, applied for a credit card. At the same time his Mrs applied, minimum wage, 12 hours per week, with the same credit card company.

She got a lower APR, and almost 3 times the card limit as he got.
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covent.gardens: lihp is my most favourite member ever

[iooi]

[Kickstart]

[ScaredyCat]

[pepperami]

[Wafer_Thin_Ham]

Use money supermarket for loans........
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[joe g]

[Ste]

Had a look at noddle yet?

[JonB]

Sometimes your own bank is a better bet as they will use your history and credit file to rate your risk.

I just got a £14k loan for a car from Nationwide (who I primarily bank with and hold a mortgage with) at 3.4%, scary how quick the application was and the money was in my account in under 30 minutes.
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Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it?s worth.

[joe g]

so just checked and my credit score is 969!!!

so sainsburys you asshats!!

[iooi]

[Polarbear]

[joe g]

[Polarbear]

[JP7]

These deals can be a bit of a scam sometimes, when it says "typical X.X%APR" it means that they can charge more if they feel like it. And if they advertise a rate of 2.9% APR then they only have to approve 51% of applicants for that rate. How they decide who the lucky 51% are, I have no idea.

Sainsburys did the same thing to me, offered a massive APR for no reason. So I promptly went to another provider and got the advertised rate.

[Bozzy]

OP,

If you read the fine print, they'll only have to offer the 2.9% to a very low percentage of applicants.

Marketing at it's very best (or worst)

As someone said, what about your bank?
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2004 SV650S >>> 2009 Street Triple R

[J0Al1]

They make sheet pies too
Extra special waste of money.

[ScaredyCat]

[nick.h]

https://www.zopa.com

In January I borrowed £7.5k @ 3.1%, I'm in a similar financial position to the OP.
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