Bank Adverts

Don't be fooled by bank adverts. One worrying trend in recent years has been individual pricing on bank loans. Lenders examine customers’ individual circumstances before approving loans and set interest rates accordingly. That’s why there is small print on many adverts and posters promoting super-low interest rates – small print that says something like ‘typical rate’ or ‘rate based on personal pricing’. If you have a clean credit record you may well get the low rate in the poster. If not you can be charged a lot more. So make sure you know what you’re getting. Plenty of people assume they are being charged their lender’s best-buy rate when in reality they are paying much more.