Having checked the Internet for the best deals on APR for loans, I came across the Northern Rock as having the lowest rates available at the time (advertised 6.0% Nov2003)
They offer un -secured loans Typical APR is 6.0% available on loans from £1,00 to £25,000. Repayment terms up to 10 years. There is the option to repay the loan early. Secured loans only available to excisiting customers.
The web site was easy to follow and quickly I had filled in an application online, very straightforward. There is also a 'quickquote' tool which allows you to see potential repayment amonts .I was told to expect a decision within a few working days. The application was accepted and I received the paperwork within a couple of working days. The speed of service and application was excellent.
My only disappointment was the actual rate that was in the paperwork. It was not the advertised rate and on checking the small print it did state subject to status and the rate was TYPICAL APR. I am not sure how they classify status but found it strange that this was applied for in hubby’s name (who is the big earner) and when I applied with Cahoot in my own name (as I already have an account with them there was no information required) I was immediately accepted on a lower APR than was offered by Northern rock??
As I say read the small print, if I had I probably wouldn’t have spent the time applying with them. Sometimes the best rates advertised don't always mean they are going to be the best ones offered to you,but I guess you don’t know what you are going to be offered until you apply??
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Thanx for the good op this did happen to me to dodgy apr rates hey lol.
ding
offy 06.02.2004 23:31
I think they should be making it clearer if they do not offer someone the advertised rate - very sneaky!
memkad 22.01.2004 11:35
I had the same problem with N.R. They advertised a very attractiive 6% APR and then once you get approval they hit you with 8%! Their arguement was the APR is set according to your credit scoring.. very convienient..!
Dec 20th, 2003
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