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A loan at less than 3%? It’s just fake news, says industry insider | Patrick Collinson15 Sep 2:00am

A loan at less than 3%? It’s just fake news, says industry insider | Patrick Collinson

The Guardian
Banks and price comparison sites shouldn’t be allowed to mislead when advertising interest rates When broadband ads promise superfast connections but Bodyguard still buffers constantly on the iPlayer, then it’s right that the supplier is pulled up. Just this week Vodafone adverts were banned by the Advertising Standards Authority for misleading customers over speeds. So why is every bank and price comparison site allowed to mislead customers when advertising interest rates on personal loans? When I test-searched the comparison sites for a £9,500 loan over three years, the deals were fantastic. There were five banks jostling to give me loans below 3%. But the real chances of most of us getting a loan at those rates is as likely as finding 100Mbps broadband in the back end of the Orkney Islands. The truth is that as few as six in 100 people get the interest rate advertised. That’s according to Stuart Glendinning, who is the former managing director of MoneySupermarket.com, so he should know.
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