Martin Lewis demands huge overhaul to credit card and loan rates

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MARTIN Lewis has called for an overhaul of the way that interest rates on loans and credits cards are advertised to stop consumers paying more than they expect to. The MoneySavingExpert founder sai…

, is that you don't know what rate the lender will offer you until AFTER you have applied.

That's because lenders don't like to see too many applications for credit in a small space of time when they're looking at your file. "It felt like the lower rate was a way to reel you in – and because a credit check had been done, I felt I had to take the higher rate, as I didn’t want it to affect my credit rating."Matthew Davey, 30, from Southampton applied for a loan in 2021 at an APR of 2.9% - and was offered one at 8.5%."I declined the offer and looked around, but was worried I wouldn’t be able to get credit elsewhere.

"Many only find out once they’ve applied, leaving a negative mark against their file – forcing many into accepting the higher rate, or making it harder to find a cheaper deal elsewhere." An spokesperson for the Financial Conduct Authority, which is the industry watchdog, said: “We are continuing our work to ensure that the credit market works well for borrowers and provides the necessary protections, particularly in light of the cost of living crisis.

Source: Loan Digest (loandigest.net)

 

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