In Branch vs Telephone + Internet Loans

Blue_Lou

I just thought I would ask this question.

When you are applying for a loan do you prefer to apply inside your local branch, over the telephone or on a website?

Do you think speaking to the 'specialist' in branch helps your cause? Are they able to override the system if you can prove you can afford the loan.

PBA

Depends who you're applying with. If it's with your existing bank, definitely in the branch or by phone (branch probably slightly better). If you apply online the system might not take all your existing holdings into account, whereas the branch advisor should make sure everything's linked on the system. Also you might be able to sign the loan agreement there and then, so the money could get to you more quickly than if the documents had to be posted to you. If you're applying with a bank you don't already do business with then I don't see any specific benefit to applying through any particular channel, though internet often offers the better rates and possibility of cashback through Quidco.

jonesMUFCforever

It really p****s my manager off when people who apply for loans over the internet come into the branch because they have got stuck with the application.
We are not allowed to 'start again' in branch (unless circumstances have changed) and they do not count towards branch targets - so be prepared if you go in branch!

derek_g

ejones999 wrote:

It really p****s my manager off when people who apply for loans over the internet come into the branch because they have got stuck with the application.
We are not allowed to 'start again' in branch (unless circumstances have changed) and they do not count towards branch targets - so be prepared if you go in branch!

respectfully, they probably get 'stuck' online because the system is so streamlined as to discount real issues. Not everyone wants a loan for the same reason, and everyone's circumstances are truly unique. The personal touch in banking is sorely missing.
Your 'Manager' may be able to manage staff, but clearly lacks the ability to manage customers if that is his/her attitude.

I have a good or excellent rating, but am struggling to get credit due to a specific circumstance that is not featured in any automated system. I hope my branch is not that of your Manger when i see them later in the week.

jonesMUFCforever

That was my point!
Talking to a real person means you have a chance of overturning a'wrong' decision but on the internet you don't get that chance.
How would you feel if you were a salesman and you were one sale short of your monthly target when someone actualy walks in and wants to discuss a loan!! the only problem is that they have already applied online but have got stuck - you sort it out but get no credit for that sale in fact sod's law says while you are being sorted out a real customer walks in and wants a loan but is turned away for the time being because he/she is busy dealing with your application!!!
Be real here how would you feel?

bert&ernie

if you already have accounts with the bank, they I would say you are more likely to be offered a loan if you apply in branch or via a "warm" telephone or Internet channel. This is because they can use your behavioral data in the lending decision. However, you should be aware that warm acquisition doesn't always offer the most competitive pricing - a lender may try to optimise its pricing to exploit the perceived price sensitivity of the channel and customer segment. Typically, an existing branch customer in their 50s would be seen as less price sensitive than, say, a new to franchise Internet customer in their twenties - hence they would get offered different typical rates (even before any risk based premium is added).

regularsaver1

If you apply online - the application is fully in your hands

if you apply in branch/phone - the info is based on what you have said , BUT anything wrong can come down to the adviser. They have to check things being reasonable - ie. keying full mortgage monthly commitment, rather than 50% that one pays

also in branch you could get money same day

I agree with ejones999, been there myself

PeeWee

ejones999 wrote:

That was my point!
Talking to a real person means you have a chance of overturning a'wrong' decision but on the internet you don't get that chance.
How would you feel if you were a salesman and you were one sale short of your monthly target when someone actualy walks in and wants to discuss a loan!! the only problem is that they have already applied online but have got stuck - you sort it out but get no credit for that sale in fact sod's law says while you are being sorted out a real customer walks in and wants a loan but is turned away for the time being because he/she is busy dealing with your application!!!
Be real here how would you feel?

What an absolute load of bollox. When you say he gets "no credit" for helping people, are you saying that for that month he gets no salary? is he working on commision only??? No I dont think so!! he gets paid a salary for doing his job.

Boo Hoo if he doesnt meet his target and earns a bonus, he is paid for doing his job and I cant belive you are trying to defend his attitude.

he might not get his bonus for helping the "online" customer, but its these customers that are paying his basic monthly salary anyway!!!

:mad: :mad: :mad:

crawley_girl

Personally I prefer to do it online. I can take my time to answer questions and not be rushed or pressured into giving an instant answer. I have applied over the phone before and ended up feeling interrogated and judged and giving answers that were guesses and estimates instead of true facts.

:heartpuls CG :heartpuls

OMAR

FAO - PeeWee

I kind of agree with the Bank Manager.....its right what the original poster says, however this is how the banking industry works....Management and CEOs constantly send emails to branches saying do not deal with queries....direct them to telephone or internet helpdesk. Branch Staff are there purely to sell and all admin, queries etc to be dealt with by dedicated helplines. Thats why when you go in a bank and say 'I want a Mortgage or Loan' they practically jump on you...whereas is you want something verifying...they say ring telephone banking!

derek_g

ejones999 wrote:

That was my point!
Talking to a real person means you have a chance of overturning a'wrong' decision but on the internet you don't get that chance.
How would you feel if you were a salesman and you were one sale short of your monthly target when someone actualy walks in and wants to discuss a loan!! the only problem is that they have already applied online but have got stuck - you sort it out but get no credit for that sale in fact sod's law says while you are being sorted out a real customer walks in and wants a loan but is turned away for the time being because he/she is busy dealing with your application!!!
Be real here how would you feel?

all becomes clear!!
mis-undestood your post!