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  • FIRST POST
    • elliesmemory1
    • By elliesmemory1 11th Mar 17, 2:06 PM
    • 1,192Posts
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    elliesmemory1
    Bank loans and mse credit club.
    • #1
    • 11th Mar 17, 2:06 PM
    Bank loans and mse credit club. 11th Mar 17 at 2:06 PM
    Hello, this may be a stupid question but will ask anyway!
    Why don't bank loans show on the eligibility checker?
    Is it best to ask your bank first?
    Do you stand more chance of getting a bank loan with your own bank or not?
Page 1
    • JuicyJesus
    • By JuicyJesus 11th Mar 17, 4:54 PM
    • 2,889 Posts
    • 2,971 Thanks
    JuicyJesus
    • #2
    • 11th Mar 17, 4:54 PM
    • #2
    • 11th Mar 17, 4:54 PM
    Hello, this may be a stupid question but will ask anyway!
    Why don't bank loans show on the eligibility checker?
    Is it best to ask your bank first?
    Do you stand more chance of getting a bank loan with your own bank or not?
    Originally posted by elliesmemory1
    Not all banks allow their products to be shown in the eligibility checker or even offer their loans to non-customers - in the latter case there'd be no point including them as they'd be shown to everyone.

    If your bank can offer you a decent rate there's no real harm in applying there. If your account with them is managed well that can go in your favour.
    urs sinserly,
    ~~joosy jeezus~~
    • PeacefulWaters
    • By PeacefulWaters 11th Mar 17, 7:58 PM
    • 6,563 Posts
    • 8,051 Thanks
    PeacefulWaters
    • #3
    • 11th Mar 17, 7:58 PM
    • #3
    • 11th Mar 17, 7:58 PM
    Remember the helpful MSE tool exists primarily to generate income for the MSE parent company.
    • elliesmemory1
    • By elliesmemory1 12th Mar 17, 12:22 PM
    • 1,192 Posts
    • 685 Thanks
    elliesmemory1
    • #4
    • 12th Mar 17, 12:22 PM
    • #4
    • 12th Mar 17, 12:22 PM
    Remember the helpful MSE tool exists primarily to generate income for the MSE parent company.
    Originally posted by PeacefulWaters
    Does this mean that the eligibility checker is not fully reliable?
    • PeacefulWaters
    • By PeacefulWaters 12th Mar 17, 2:26 PM
    • 6,563 Posts
    • 8,051 Thanks
    PeacefulWaters
    • #5
    • 12th Mar 17, 2:26 PM
    • #5
    • 12th Mar 17, 2:26 PM
    Does this mean that the eligibility checker is not fully reliable?
    Originally posted by elliesmemory1
    The eligibility checker is highly unlikely to be wholly reliable. But that's not due to any MSE weighting.

    It will be a good guide though.
    • MSE Dan L
    • By MSE Dan L 13th Mar 17, 4:52 PM
    • 604 Posts
    • 369 Thanks
    MSE Dan L
    • #6
    • 13th Mar 17, 4:52 PM
    • #6
    • 13th Mar 17, 4:52 PM
    Hi all

    Hopefully I can add a little information around this.

    Firstly, JuicyJesus is right. The eligibility tools don't offer a full market comparison, this is because not all providers will share their credit scorecards with HD (part of Experian) who we work with to provide the eligibility scores, and also because there is a cost to MSE for returning these scores. As we pay each time you search, while we feature and include all loans in articles purely based on editorial merit, if they don't have an affiliate link (ie, a link which we get paid by when you click) to recoup our costs, we can't do an eligibility check on them.

    The tool currently includes a wide range of well known and not so well known providers, including many high street banks. But if yours doesn't show, the point above may well be the case.

    The aim with the eligibility tools is to provide you with the information you need before you make a decision on what card or loan to take out, hopefully avoiding being declined for credit. However the scores right now aren't binary for loans (and not always for credit cards), so you see your acceptance chance e.g. 90%. Which means people like you have a good chance of getting the product, but 1 in 10 with similar financial histories and affordability will get turned down still.

    I hope this information helps.
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