a l e x
Distinguished Member
Afternoon all,
Thinking of making a fairly large purchase soon and having received a letter from Santander offering a loan I looked into it... The loan was probably the cheapest way to buy it and decided I'd apply... The rate on the website was 4.4% for a loan of £6000. Just spent an hour on the phone with Santander to be told that I'm accepted but the rate would be 12.4%! A nice extra £1000 interest.
Now I keep my credit report up to date and know there's no abnormalities on there. I'm a home owner with mortgage and a small amount on a 0% credit card and no other debt. Noddle score me in the "Excellent" category as do Experian.
What makes the loan rate go so high? Bloke on the phone says it usually when you have high amounts available on credit cards but mine aren't particularly high... £5000 and £3000.
Any ideas?!
Thanks.
Thinking of making a fairly large purchase soon and having received a letter from Santander offering a loan I looked into it... The loan was probably the cheapest way to buy it and decided I'd apply... The rate on the website was 4.4% for a loan of £6000. Just spent an hour on the phone with Santander to be told that I'm accepted but the rate would be 12.4%! A nice extra £1000 interest.
Now I keep my credit report up to date and know there's no abnormalities on there. I'm a home owner with mortgage and a small amount on a 0% credit card and no other debt. Noddle score me in the "Excellent" category as do Experian.
What makes the loan rate go so high? Bloke on the phone says it usually when you have high amounts available on credit cards but mine aren't particularly high... £5000 and £3000.
Any ideas?!
Thanks.