D
DM1
Guest
Hi,
I work in lending, so I have some idea of how things work. My husband and I have applied for a consolidation loan. We were told the repayments and went ahead with application. We were approved, but when we got documentation, the rate is nearly 14%!!!!!
Also we were not given the total cost of credit figure, which in my job we are required by IFSRA to provide to the customer. Neither of us have bad credit.
Surely it isn't right to charge a rate this high? Do the financial regulations not have a max rate than can be charged on loans?
The only reason I would not go to another bank is that as we are fairly heavily committed I don't think we'd be approved, but we have never missed payments on anything.
Any advise appreciated.
I work in lending, so I have some idea of how things work. My husband and I have applied for a consolidation loan. We were told the repayments and went ahead with application. We were approved, but when we got documentation, the rate is nearly 14%!!!!!
Also we were not given the total cost of credit figure, which in my job we are required by IFSRA to provide to the customer. Neither of us have bad credit.
Surely it isn't right to charge a rate this high? Do the financial regulations not have a max rate than can be charged on loans?
The only reason I would not go to another bank is that as we are fairly heavily committed I don't think we'd be approved, but we have never missed payments on anything.
Any advise appreciated.