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Not advertised %apr Snivvy

Posted: Wed Mar 01, 2017 9:17 pm
by lukert2
I applied for a loan at a 5% apr and got an email saying it's been accepted at a 21% apr and documents will be sent out to me in 2 working days. I don't want the loan at this rate.



Do I just not sign the documents? Or do I need to do something else too?



I wasn't given the option to accept or reject the loan at the apr rate I was offered.

Posted: Thu Mar 02, 2017 1:53 pm
by hhiru
Personally I would contact them and say you're rejecting your recent application.



The APR you've seen quoted is offered to at least 51% of customers; the other 49% (like yourself) fall in the category where your interest rate is higher.

Posted: Fri Mar 03, 2017 7:28 am
by sirwozzle
You can reject it by phoning them as 20aday suggests.



They didn't like something on your credit file hence the 21% rate. The rate offered might be the best you can get.



Whats the purpose for the loan ?

Posted: Fri Mar 03, 2017 12:17 pm
by lukert2
It's for home refurbishments. I've checked experian. My credit rating is good, never failed to meet payments on car hire purchase. But I have very little credit history as the mortgage is in my partner's name.

Posted: Fri Mar 03, 2017 4:51 pm
by TacticalPlayer
Why are going to be paying for home improvements for a property that is not yours?

Posted: Sat Mar 04, 2017 7:36 am
by dch41283
The advertised rate has to be offered to 51% of those who are accepted NOT 51% of those who apply.

Posted: Sat Mar 04, 2017 10:02 pm
by sirwozzle



It's for home refurbishments. I've checked experian. My credit rating is good, never failed to meet payments on car hire purchase. But I have very little credit history as the mortgage is in my partner's name.
Originally posted by Snivvy


Maybe thats the reason, you have little history. Can your partner not get the loan ?



If they can't then maybe you need to change plans.