Pre approved Barclays loan

naijapower

Hi,
Been observing and reading on this forum for ages but only just registered.
Have a barclays bank account.
Today, i noticed a pre-approved Overdraft of £1200 and a preapproved Loan of £13K
I was pleased and i wanted both offers.
I went for the Overdraft first..all fine in a matter of seconds.
However it seems the loan offer refreshed itself immediately i accepted the full Overdraft. It showed that i am now preapproved for just £1K loan. .
Dont understand this. Has anyone experienced this? any ideas?
I noticed there is user on this site called 'Barclays Manager' - perhaps he can shed more light on this.
It doesnt make much sense to me. Accepting an Overdraft of £1200 should not necessarily impart on the loan in this manner.
If i knew, i would have accepted the loan first as this is more important.
I have read somewhere on this forum that these preapproved offers get refreshed 1st monday of every month. Is this true?

naijapower

by the way the account is 11 months old

demotw

naijapower wrote: »

Hi,
Been observing and reading on this forum for ages but only just registered.
Have a barclays bank account.
Today, i noticed a pre-approved Overdraft of £1200 and a preapproved Loan of £13K
I was pleased and i wanted both offers.
I went for the Overdraft first..all fine in a matter of seconds.
However it seems the loan offer refreshed itself immediately i accepted the full Overdraft. It showed that i am now preapproved for just £1K loan. .
Dont understand this. Has anyone experienced this? any ideas?
I noticed there is user on this site called 'Barclays Manager' - perhaps he can shed more light on this.
It doesnt make much sense to me. Accepting an Overdraft of £1200 should not necessarily impart on the loan in this manner.
If i knew, i would have accepted the loan first as this is more important.
I have read somewhere on this forum that these preapproved offers get refreshed 1st monday of every month. Is this true?

quite simply the way barclays systems work, overdrafts lending and loans work off they same system. apply for the loan first and your overdraft availability will drop to 100/200 etc. I'm afraid its just saying you currently are not available to have both If you do take the loan, as the balance drops the o/d limit will increase slowly. The limits do refresh on the 1st of the month, but it will take alot longer then a month for yours to increase. In saying that as you just applied for the o/d, if you have it removed and wait overnight your loan limits will come back, if you did prefer the loan.

naijapower

Can the overdraft limit be removed online or do i need to visit a branch

demotw

cant say i use online banking much myself since i work in the branch so do most stuff from there, but off the top of my head i believe its branch only to remove it. it is then a case of monitoring the limits for 24hrs for them to come back.

Extant

The branch can take it off through lending control, telephone banking can probably do the same. I don't think there's an option to do it online - it's actually not a very common request, usually.

The problem you're experiencing is simply that our "limits" system - basically, the computer that decides what you can borrow - will allocate you a certain lending profile, which then translates to X in overdraft, Y in loans, and it then refreshes when you take either.

It does not automatically mean that you cannot have both - it simply means it's not automatic. If you appealed the automatic decision, it might be sanctioned manually. It's basically to stop customers from rinsing us.

~Brock~

BarclaysManager wrote: »

It's basically to stop customers from rinsing us.

I can't believe they would ever consider doing that to you

naijapower

Thanks for the info.
But dont get this 'rinsing' biz though.
It should be stated the other way round. The banks have rinsed us all out for years and still intend to do so...!!!
They re the ones that make the money not us. The money they make and use to pay themselves huge bonuses comes from the poor consumer like myself who has been completely rinsed.
Anyway, thanks again for the info.Much appreciated

naijapower

No i didnt.maybe another month end i hope.
Nigeria for Life...always and ever.
U must have naija connection to decode naija as nigeria. whats the connection? wetin be the levels?

Krishna_2

What is the present condition?