moneyback bank loan? (merged)

sarahmoo · 10 September 2005 at 8:56PM

Tell me about this bank....(associated with alliance and leicester)
any experiences would be appreciated before I go ahead with a 5.7% loan with them (no protection)

cheers

grumbler · 16 September 2005 at 9:13PM

mbstroud39&#64 wrote: »

Is this the cheapest loan around?

I think it is ... if you get this rate:

5.5% APR typical ... for new customers. We will review your past credit history and other personal details and the actual rate we offer may be higher depending on your circumstances.

Also:

We may at any time give your Information to
Any organisation who introduced us or who acts on your or Our behalf;

Service providers and agents;

Other lenders/brokers who may be able to lend to you if We decline your application...

If We are unable to accept your application We may pass it on to another lender who shall also search your record at a credit reference agency. The record of this search shall be kept and seen by other organisations that make searches. They may also use the automated systems and carry out the checks for the purposes referred to above.

:eek: - and they don't ask your permission to do this. All this looks like just a bait to collect information from people looking for a loan.

civicwalker · 19 September 2005 at 6:45PM

I have an Alliance & Leicester (i.e. moneybackbank) credit account (which has always been well run and in credit), a good credit rating (good income, no ccjs , own house etc) which allowed me to get a 5.6% £5000 x 4yr loan from Northern Rock TODAY no prob after wasting my time with moneybackbank.
However after applying for their 5.5% offer last night and, as requested, contacting them by telephone this morning I received the fantastic offer of 8.9%. Don't waste your time applying!

WSO · 19 September 2005 at 10:09PM

grumbler wrote:

I think it is ... if you get this rate:
Also: :eek: - and they don't ask your permission to do this. All this looks like just a bait to collect information from people looking for a loan.

I was reading through the Intelligent Finance loans important information last night, seriously considering putting in an application - but this thing about passing on information to third partys, without the option of opting out from the start (you have to write to them to ask for your information not to be shared) really irked me.

If I was turned down for a loan by them they automatically assume it is ok for them to pass on all my details to other companies who can't wait to let me have it for exorbatant rates! By applying I agree to allowing phonecalls and invitions to apply by post... thankfully they have to ask for permission to send faxes but there is no hint that you can opt out of this additional marketing during the initial application process stated in the important information! If you want to opt out, you have to write to them to tell them so!

So, if applying for a loan, I suggest you actually read the small print unless you don't mind loan companies propositioning you when you fail to meet the criteria of the original company you apply to...

I fear this is a growing trend...

grumbler · 20 September 2005 at 9:50AM

websiteowner wrote:

...If I was turned down for a loan by them they automatically assume it is ok for them to pass on all my details to other companies who can't wait to let me have it for exorbatant rates! By applying I agree to allowing phonecalls and invitions to apply by post...

And even more important is that 'they shall also search your record at a credit reference agency'. If I understand this correctly your credit files can be spoiled by a lot of serches soon and
1. You will not have any chance to get a credit from other lenders.
2. In the future you will never know when these searches stop.

JS01_2 · 29 September 2005 at 4:24PM

I think its a complete con - I'm doubtful if they offer the best rate (now 5.5% APR) if you don't take out their insurance. I was told that I qualified for the 7.4% rate after refusing their insurance because of the results of a credit search - unusual as I am a qualified accountant with no adverse credit rating that I am aware of. If I was you I wouldn't waste time on an application, try northern rock or any other competitive rate offer.

JS01_2 · 29 September 2005 at 5:23PM

This is the biggest con out - I was offered their great rate of 7.4% because of a credit agency reference - strange because I'm a qualified accountant with no adverse history that I'm aware of, I even spent £10 checking this.

Like the previous reply, Northern Rock didn't have a problem with me.

Every 2 out of 3 applicants should be offered the typical rate - if not MoneyBackBank are breaking the law. I'd like to see what their take up rates are.

Don't waste your time with the MoneyBackBank loan scam - I bet the only time you'll get the low rate is if you take out the insurance.

MarkyMarkD · 30 September 2005 at 7:39AM

It's only £2 to check your credit history JS01, unless you did it in a daft way (i.e. the "premium" online services the agencies offer, rather than the basic "in the post" statutory method).

JS01_2 · 30 September 2005 at 10:49AM

I did pay for the premium online service only because I was so taken aback by what I was hearing from MoneyBackBank - they ended up wasting my time and money

Bumblebee_2 · 30 September 2005 at 8:11PM

Applied last night online and had to call back this am - advised that credit rating was such that they could not offer the 5.5% but would grant the loan at 7.9%. They are really pushing the personal loan protection and the customer advisors spent ages explaining the virtues of this and the necessity for me to have it and worked her way through the different tiers of protection before finally giving in but expressing her concern in my decision to decline the protection. I have just contacted Tesco and after only an 8 minute phone call have been offered the same loan at their advertised rate of 6.3% without questioning my decision to opt out of loan protection - thankfully my contact with Moneyback Bank/ Alliance & Leicester did not effect my credit rating. Personally I think the advertised rate is a lure to entice people to apply and be subjected to pressure to take the higher rate and the protection - I would not recommend using them.

baldybouncer_3 · 4 October 2005 at 8:56PM

I have just been successful in arranging a £10k loan at 5.5% with this bank, but what a performance! After filling out the online application form, I called the number quoted in the reply email and spent 35 minutes going over the exact same details that was contained in the online form.

At one point I was told that ... "we are pleased (oh yeh) to inform you that we can offer you a loan at 6.9%". I said ... " but I want a loan at 5.5%". They said ... "you don't qualify for that rate". I said ... "please cancel the application then". Silence!!! They said ... "one moment Sir while I just consult with my supervisor" Tum tee dum tee dum tee dum ... "hello Sir, we are pleased to inform you that we are, after all, able to offer you a loan at 5.5%". I said "oh thank you very much". But then the telephone call dragged on and on and on with numerous questions about insurance for this, insurance for that with the obvious intention of flogging more useless and pricey policies. I didn't submit to the insurance tirade.

Don't be put off by their initial refusal to offer a 5.5% loan and be prepared for a lengthy telephone conversation (at your cost of course)

moneyback bank loan? (merged)

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