Are the rates I see the rates I’ll get?
If we’re honest (and we are) then the answer is: it depends. The rates you’ll see advertised are the representative APR which means Santander must offer that rate to just 51% of the customers who are accepted for the loan. The other 49% could get a higher rate based on their credit score. When you apply, various factors will be taken into consideration such as:
Your credit history: there are three agencies that hold information about your credit history (Experian, Compass and Equifax). What they hold about your credit score will have an impact on what you can borrow and at what rates.
Your debts (secured or unsecured): how much money you already owe will also be an important factor. A secured loan is one where the loan you’ve taken out is held against something tangible such as a car or your home. An unsecured loan is the opposite where there is no security and money is loaned to you based solely on how ‘credit worthy’ you are.
Your monthly income: because you’re expected to pay the loan back (and within the period of time you’ve agreed) Santander will need to know what you take home each month and any expenses so that they’re confident you can meet the repayments.
How much you want: the amount you want and the length of time you want it for will be determining factors in the interest rate you are offered.