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  • FIRST POST
    • onefurlongout
    • By onefurlongout 2nd Dec 17, 3:50 PM
    • 163Posts
    • 11Thanks
    onefurlongout
    £700 loan refused
    • #1
    • 2nd Dec 17, 3:50 PM
    £700 loan refused 2nd Dec 17 at 3:50 PM
    Wondered if someone could help?

    I decided to take advantage of a 20mth interest free loan instead of purchasing in cash and was refused by Barclays Partner finance.

    Having finally spoke to some to find out why they just said I was declined but would not tell me why. I have an excellent credit score with both Equifax and Experian and I'm not aware of any other negative factors that could impact their decision and there aren't any issues on my file.

    Are Barclays obliged to tell me why, other than I didn't meet their lending criteria? Surely they should tell me why I was declined so I can make good any issue.

    Interestingly I've just received a letter from my bank (Barclays) that I've been pre approved for a £30k loan
Page 2
    • ReadingTim
    • By ReadingTim 4th Dec 17, 10:50 AM
    • 2,227 Posts
    • 3,152 Thanks
    ReadingTim
    But my credit score and other factors suggest itís not a Ďbad accountí and that why I want to know about it. Being Barclay they can even check my current and savings accounts. All healthy.

    The loan isnít an issue itís the reason thatís bugging me.
    Originally posted by onefurlongout
    Maybe they decided that you aren't likely to be a very profitable customer, so decided they'd rather lend to someone whose current and savings accounts were a little less "healthy" and therefore might be interested in other products, such as overdrafts, credit cards, loans and the likes.... products which make the bank money, rather than lose it money by providing an interest free loan to a customer who doesn't need it.

    You might think you're a good customer but from the bank's perspective - ie to make a profit - you're not.
    • verityboo
    • By verityboo 4th Dec 17, 11:27 AM
    • 893 Posts
    • 1,112 Thanks
    verityboo
    Was the loan for an apple product? If so are you absolutely sure all data was entered correctly as it is all entered on the little terminals the staff use. I got such a loan (0%) from apple and when I double checked before the application was submitted a couple of bits of data had been entered incorrectly and I had to amend.
    • Clive Woody
    • By Clive Woody 5th Dec 17, 1:57 PM
    • 4,403 Posts
    • 5,013 Thanks
    Clive Woody
    Not a different situation at all from lenders perspective. It's either someone on whom you will not make money or someone who struggled enough to needs the 700 quid on such good salary (aka likely a bad account), either way a rejection stamp.
    Originally posted by Arleen
    Nonsense, I earn more than that and have taken 0% finance deals for lesser amounts with no issues. My finances are in a very good state and my credit file reflects this.

    As explained this is someone taking advantage of a 0% deal so funds can remain in their own account for longer.
    Rugby Union - The Greatest Game
    • onefurlongout
    • By onefurlongout 5th Dec 17, 9:02 PM
    • 163 Posts
    • 11 Thanks
    onefurlongout
    Was the loan for an apple product? If so are you absolutely sure all data was entered correctly as it is all entered on the little terminals the staff use. I got such a loan (0%) from apple and when I double checked before the application was submitted a couple of bits of data had been entered incorrectly and I had to amend.
    Originally posted by verityboo
    I'm thinking this is the likely explanation, I did check but I suppose it only take something like missing a zero from salary.
    • onefurlongout
    • By onefurlongout 5th Dec 17, 9:04 PM
    • 163 Posts
    • 11 Thanks
    onefurlongout
    Maybe they decided that you aren't likely to be a very profitable customer, so decided they'd rather lend to someone whose current and savings accounts were a little less "healthy" and therefore might be interested in other products, such as overdrafts, credit cards, loans and the likes.... products which make the bank money, rather than lose it money by providing an interest free loan to a customer who doesn't need it.

    You might think you're a good customer but from the bank's perspective - ie to make a profit - you're not.
    Originally posted by ReadingTim
    0% interest so they wouldn't be making any money anyway but I take your point on the other items
    • PeacefulWaters
    • By PeacefulWaters 6th Dec 17, 6:37 AM
    • 7,307 Posts
    • 9,052 Thanks
    PeacefulWaters
    0% interest so they wouldn't be making any money anyway but I take your point on the other items
    Originally posted by onefurlongout
    There'll be a kickback from retailer to lender.
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