Who gets the 6.9% rate on the loans Asda advertises?
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Written on: 25.11.2009 [03:02]
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fabienne
Fabienne
Topic creator
Posts: 3
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I was thinking of getting a car loan but then after seeing Asda’s rates advertised I though I might as well make the most out of that and just get a personal loan. I was planning to borrow around 9k and I knew that I would be accepted. I have never had any troubles with my finance and had a credit check recently which gave me a good scoring, so I wasn’t surprised to be accepted only to be shocked that the rate was almost double to the loans Asda advertised. It said I would be paying 15.99% when I had applied for a 6.9% loan!!!! How is this possible? I rang up the Asda finance people and they said that the 6.9% rate is only for a certain percentage of applicants not for all? Is this allowed? Are they allowed to advertise such things and then not provide? If not, then how do they decide, I have excellent credit rating shouldn’t I have been one of the “lucky” ones? |
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Written on: 29.11.2009 [03:03]
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Eaton
Eaton
Posts: 3
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Yeh I found out this way too. Apparently loads of lenders (not sure if all) do this. They advertise and then in their small print they mention that not all applicants will get this rate. Which in my eyes makes no sense anyway if you apply for a loan and it comes back with a different rate you are not just going to say “oh ok” and accept the extra, everyone I know would just walk away so don’t see the point. |
| Also very interesting: | |
