The introduction of personal pricing into the loan market has caused confusion for the consumer regarding exactly what rate theyre likely to be quoted when it comes to a loan. Add to this the fact that if they fish around for quotations for alternative rates theyll be penalised for making too many loan applications and the state of affairs is far less then satisfactory.
HSBC, Barclays and the Halifax have adopted this personal pricing policy, It used to be the norm for a typical rate to be advertised, but now what you get offered is a personal deal based on your credit history. Deals advertised by other lenders may show a low APR but a check of your credit history might result in uplift in this rate.
Whenever you make an application for a loan, lenders will apply to a credit-reference agency and depending on the report which they receive theyll make the decision regarding the rate at which your loan will be offered. Or maybe theyll make the decision not to offer a loan at all!
You can make your own application to one of these credit reference agencies. Itll only cost you 2 and its surely worth that to find out just what your rating is. It could be that...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
