Beware of representative rates
Always remember, advertised loan and credit card rates are representative. Your actual rate will be tailored according to your unique credit history. In fact, only 51% of successful loan applicants get the advertised rate.
It’s worth doing a bit of research first. Unfortunately, the only way to find out if you’ll be able to get the advertised rate is to apply. Beware that if you do already have a bad credit rating and are rejected it leaves a search on your credit file and could impact your ability to get credit in the future. Whilst not directly having a negative impact, the fact that you made an application will show up as a footprint. It’s therefore a good idea not apply to a huge number of places at once as lenders can see these footprints and may become concerned that you may have financial difficulties or you might be committing fraud. It’s important that if you are refused credit, you find out why before making another application to avoid being turned down soon after for a second time.
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