Santander personal loan 16.9%!

[cholo]

I've just carried out the eligibility checker for a personal loan of 20k with Santander and it has come back with an interest rate of 16.9% as opposed to the 6.2% advertised.

I have had at least 3 other loans with Santander over the last 15-20 years and have never had any issues with getting the advertised rate.
I have always made payments on time and paid my last one up early. I have been a customer with them for life and have all of my accounts and mortgage with them, so don't understand why it's so high.

Anyone else took out a loan with them and had similar? I'm reluctant to carry out searches with any other lender in case it afects my credit score, although i know soft searches don't tend to.

[matrignano]

It means they don't want to lend (to you at least!) at the moment

[TTmonkey]

Amazing.

I borrowed from them at 3.2% just before it all went mental.

[Evanivitch]

Just look on Money Saving Expert, and they do soft assessments. Could be the amount you've asked doesn't fit nicely in their categories, or the term doesn't meet their market.

[cholo]

Thanks All.

Just panicked as wasn't expected. Tesco have offered me a more respectable 6.5%

[ferret50]

After more than twenty years banking with Abbey National and Santander I got fed up with their off hand attitude to solid, loyal customers like myself and voted with my feet. I now bank elsewhere, and could not be happier....so far....

[PBCD]

ferret50 said:

After more than twenty years banking with Abbey National and Santander I got fed up with their off hand attitude to solid, loyal customers like myself and voted with my feet. I now bank elsewhere, and could not be happier....so far....

How did you go with, out of interest*?

*pun intended!

[Somebody]

ferret50 said:

After more than twenty years banking with Abbey National and Santander I got fed up with their off hand attitude to solid, loyal customers like myself and voted with my feet. I now bank elsewhere, and could not be happier....so far....

And me. I have kept the accounts open with them though with ~10p in each, and opted for postal statements. I have reminders to make penny transfers between accounts every few months to make sure they don't become dormant.

[ferret50]

PBCD said:

ferret50 said:

After more than twenty years banking with Abbey National and Santander I got fed up with their off hand attitude to solid, loyal customers like myself and voted with my feet. I now bank elsewhere, and could not be happier....so far....

How did you go with, out of interest*?

*pun intended!

Nationwide. £200 bribe, plus 5% on the first £1500 in current a/c, plus 8% savings a/c at £200pm over 12 months.

Since taken their CC, mainly for the exchange rate offered for EU purchases but ATM only a very low credit limit.

Switch was seamless, very easy, and all seems well...so far....

[cholo]

PBCD said:

How did you go with, out of interest*?

*pun intended!

Haven't got one yet. The car I was going to buy got sold elsewhere, so still looking now, but will have to re-look at it again soon. Just surprising as it was so easy just a few years ago.