I am disappointed following a credit check the APR on the loan application went from 3.34% to 17%. If I had known this I would not of allowed a hard credit check on my file which will now negatively impact my credit file. I don't know what I am supposed to do when now it has been done my credit file is permanently damaged.
Hi @Rickyg1911, thanks for your message. I'm afraid the headline rate isn't always guaranteed. When you make an application, our Assessment team use the information provided during the application, as well as an assessment of your circumstances and financial behaviour, to make a decision on the best possible rate we can offer. Unfortunately we'd be unable to better the rate that was offered in your application. Sorry I can't provide a more specific answer, but I hope this makes sense!
I don't want a better rate, that's not even what I am complaining about. What I AM complaining about is the lack of transparency. I now have a hard credit check on a loan that I don't want because it was not made clear by TESCO Bank that the APR isn't guaranteed. So for that reason I want the hard credit check removing. I have already contacted equifax and complained about the lack of information given. It should be made very clear that the loan you are applying isn't necessarily the APR that is displayed in multiple places on the application page.
@Rickyg1911 I'm sorry you feel this way! Below the loan calculator, we do advise that it is to be used for illustrative purposes only. If you apply for a loan we’ll need to assess your financial circumstances, so this may change the interest rate and your monthly repayments.
It's simply false advertising. I do want to complain and I want the hard credit check on me removed for that exact reason. I am being negatively affected because of this check!
It's simply false advertising. I do want to complain and I want the hard credit check on me removed for that exact reason. I am being negatively affected because of this check!
You can raise a complaint by clicking the link provided by Robbie above, or we can raise it for you here. If you'd rather we did, please send us a private message.
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How we collect and use your personal data
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Tesco Bank Community Terms of Service v 1.0
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Staff
01-03-22 12:37Hi @Rickyg1911, thanks for your message. I'm afraid the headline rate isn't always guaranteed. When you make an application, our Assessment team use the information provided during the application, as well as an assessment of your circumstances and financial behaviour, to make a decision on the best possible rate we can offer. Unfortunately we'd be unable to better the rate that was offered in your application. Sorry I can't provide a more specific answer, but I hope this makes sense!
01-03-22 12:40I don't want a better rate, that's not even what I am complaining about. What I AM complaining about is the lack of transparency. I now have a hard credit check on a loan that I don't want because it was not made clear by TESCO Bank that the APR isn't guaranteed. So for that reason I want the hard credit check removing. I have already contacted equifax and complained about the lack of information given. It should be made very clear that the loan you are applying isn't necessarily the APR that is displayed in multiple places on the application page.
ChristopherP