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Why such a high APR on loan I'm offered?

Last post Fri, Dec 09 2011, 3:53 PM by Paulo33. 1 replies.
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  •  Fri, Dec 09 2011, 3:53 PM

    Re: Why such a high APR on loan I'm offered?

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    Just called the bank and spoke to the advisor who sold me the loan. His explanation is that it's just reflective of the amount of existing credit I have and the risk posed to the bank etc. This sounds fair and I guess it's one thing for Credit Expert (Experian) to say you have a n excellent credit rating but an entirely different situation when it comes down to the bank's consideration of one's status.
    • Post Points: 5

  •  Fri, Dec 09 2011, 3:31 PM

    Why such a high APR on loan I'm offered?

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    Hello.

    I've just applied for and been granted a loan for £15,000 with Santander for debt consolidation and home improvement.

    The APR on the loan is 14.9%.

    My question is why is this figure so far adrift from the APRs that are quoted online which seem to range around 6% to 9%.

    According to Credit Expert, I have an excellent credit rating (999/1000).

    Is this kind of APR normal or am I being taken for a mug?
    • Post Points: 5