Lloyds Loan Approval

paulmcerlean

Hi,

Does anyone know if Lloyds will be able to tell you over the phone if you are entitled to a loan before making an application?

P.

Apples2

I would expect the most you can get is "accepted in principle".

This means from the limited info they have, it looks okay but until they do a search, they won't know for sure, or what your apr will be if you are successful.

paulmcerlean

Thanks.

With Lloyds though, they have never credit searched me for anything other than my current account. Overdraft was done without a search and my credit card was done without a search. Both done via internal scoring and probably the external credit file feed they get.

For both they had limits on before I applied, just wondering if in anyone's experience, the same applies to loans. Dont want to waste a search if possible.

jonesMUFCforever

If their internal score says yes it will be a yes unless there is anything bad on your credit report.

KingElvis

If you have anything iffy on your credit report, expect them to find it when they serach the external CRAs

So it could be a yes but in principal and then a clear off after they've searched.

catnicex

They just told me no...
Actually they told me something like: "You account doesn't have any problem, your credit check is excellent, we don't have problems with you...however, we don't borrow for the purpose you stated"...
Since I asked the money for "childcare" and I explained that they were only for peace of mind while my wife will be receiving an equivalent returning bonus across six months when she is back from maternity leave next month (that means that the cost of the debt is the cost of an "indirect insurance" for me")...it is hugely disappointing.
I told them: "what should I do next time? Should I write down that I want to buy a boat!?!?!? an useless additional object would be better than something in support of my family with very low risk? Or maybe an holiday where the money will be gone in a snapshot?"
They replied:"Sorry we cannot comment...the conversation is recorded".
Of course...
Yet it is ridiculous.
Bah.
:mad:

KingElvis

LOL tell them you want to buy a horse.

I guess it's becuase you're not buying a "thing" with the cash.

Niksan

If you're a Lloyds current account holder, don't you get the monthly spam/product info (depending on your outlook) saying, guarantee of a loan of £xyz @ p% or guarantee a credit card with a minimum of £xyz @ p%? If you get these then ring up not refering to them I'd have thought the chance of success would be good. Based on pixies in my mind jumping to conclusions, but you'd have thought so.

paulmcerlean

I get them for account upgrades, second account, insurance products and credit cards (which I accepted) never had any offers for loans though.

MyKeey

If you use Internet Banking then just go through the internet approval pages and then cancel out. It gives you all the information you need.

Secondly, their rates are different to in store/telephone banking deals - so its good to have to hand when you speak to them on the phone.