Why are Banks allowed to lie?

CHR15

Why do people looking for loans all need the cash within nano seconds of making the decision to buy something?

There are many more cars for sale.

magpiecottage

If you really think it is misleading why not complain to the Advertising Standards Authority. They will either agree with you - and make Santander withdraw the advert - or not.

That way we will all know if it is fair or not.

MrWillyWonka

Although it is rather annoying to apply for a loan hoping it will take just minutes when it doesn't, the advertising clearly states the key word - could - which as already pointed out does not mean you will get a decision in minutes.

Because the advert clearly states this I don't think the ASA will do anything. There are probably a set criteria for automatic acceptance but it seems that you may missed a criteria. Having a 999 credit score isn't the only factor the bank takes into account, they have their own scoring system.

Hopefully this will help you understand that in this case the advert is clear so Santander isn't in the wrong, as much as I dislike them!

Regards

KingElvis

CHR15 wrote: »

Why do people looking for loans all need the cash within nano seconds of making the decision to buy something?

There are many more cars for sale.

It's the whole I want a shiny new toy thing. Modern society has got its knickers in a twist over this and that's the main reason most counties and an increasing number of people are broke..........

I would imagine the op has his eye on a shiny new banger but while the lender wants a few days to decide, he wants it now...hence the frustration and now this thread expressing that feeling.

Royce84

Thanks for the replies, I feel I should clear up a few points (and in places defend myself!!).

Re: reporting to ASA - I could do that but as mentioned by someone else most of these large companies have marketing departments that are all over what's ok and what's not from a legal perspective, so I tend to agree that nothing would be deemed inappropriate. So I'll probably limit my actions to a toothless whine on a public forum!

Re: why I needed the money quickly - some people seem to have very low, prejudiced opinions about me and my financial position/motivations without knowing anything about me! If your old car goes kaput and for the sake of your job you need to drive, and you don't have a wad of cash in the bank then yes, you do need a short notice loan and you need it resolved fairly quickly. If someone holds themselves out as being capable of delivering on that need and then utterly fails to do so, you've got to expect a little frustration. It is NOT because I "had my eye on a shiny motor" (what, do you think I'm 5 or something???? "Look at the shiny shiny..."!!!). And King Elvis, whilst I agree that there has been a gross abuse of previously free-flowing credit lines, I hardly feel you should accuse loan applications of contributing to the fact that the world is bankrupt unless you know the reasons for needing it, which now you do...

Finally, I accept the point on the "could" references in the claim. Small print small print small print!

Thanks all.

_Andy_

Hardly 'small print' is it? It's clearly stated on that main page. No 'lies' about it

dunstonh

Finally, I accept the point on the "could" references in the claim. Small print small print small print!

If you find that small print then increase your font size.

They probably have a majority of loans being agreed instantly (or being given an instant no) and the rest failing computerised underwriting and being referred for a manual decision. So, the text seems fair in that they could give you an instant decision.

27col

CHR15 wrote: »

Why do people looking for loans all need the cash within nano seconds of making the decision to buy something?

There are many more cars for sale.

I think that it's called "impulse buying" and is the reason why many come on here with loan repayment problems.

KingElvis

27col wrote: »

I think that it's called "impulse buying" and is the reason why many come on here with loan repayment problems.

Exactly the point I made above but in fewer words and better grammer :rotfl: