MoneySupermarket loan rates...

[MattyB_]

How is it that MoneySupermarkets "Typical APR" loan rates are a good chunk lower than the "Typical" rates that the banks currently offer if you go to them direct?

Santander is 7.6% on values greater than £7500 over 5 years. Go direct to their site, and its 8.9%. Is it just to fish you in?

I understand the key words here are "from" and "Typical", but in my mind "Typical" means its the most common...

[Sarnie]

The comparison sites show you the rate if you have A1 credit, the banks site will show you the typical rate that they provide.

[MattyB_]

Sarnie said:

The comparison sites show you the rate if you have A1 credit, the banks site will show you the typical rate that they provide.

Makes sense - although looking at their forums it seems that not even those with sqeeky clean records can achieve those rates...

[Sarnie]

MattyB_ said:

Sarnie said:

The comparison sites show you the rate if you have A1 credit, the banks site will show you the typical rate that they provide.

Makes sense - although looking at their forums it seems that not even those with sqeeky clean records can achieve those rates...

Squeeky cleanis very subjective though.

Some lenders will decline you if you don't have a landline number, not a home owner, not been employed long enough, have more than two addresses in the last three years,are not on the voters roll etc so its not always a direct reflection on whether they pay their bills on time, there are a lot more variables taken into account. So one man's 'squeeky clean' could be one lenders adverse customer.

[dele]

MattyB_ said:

Santander is 7.6% on values greater than £7500 over 5 years. Go direct to their site, and its 8.9%. Is it just to fish you in?

Yes, pretty much

As mentioned you need to be pretty amazing to get the APR% advertised

Edited by dele on Monday 15th November 17:22