Banks Vs Online Or Call Centre

moneydan

Hi,

I was looking for a loan and have an all round good credit history. never missed a payment etc. The Only thing I have is a few recent searches that have brought my credit rating down slightly. I was going to wait a while for them to settle down before applying for any other loan.

I just wondered if you have more likelyhood of approval when going into bank branches rather than over the phone or online?

In a sense do they hold any other powers that the call centres do not?

malkyh

I'm old fashioned in the sense that I prefer to speak to someone in person when arranging a loan. Downside there is you don't get the 'special % rate' they offer online.

I remember once I got a loan quote online, then tried to speak to someone before I agreed it and they whacked the % rate up. When I queried it, it was because even although the person could see the loan application, if they actually pressed the button the percentage rate obtained online would be lost.

KingElvis

Banks are not like they were, no Captain Mainwaring style managers anymore...........

Even if you go in branch, the computer will still say no if it doesn't like you.

malkyh

KingElvis wrote: »

Even if you go in branch, the computer will still say no if it doesn't like you.

The chick on the webcam on MY computer never says NO. She say's 'lets go private' a lot but never 'no'.

KingElvis

malkyh wrote: »

The chick on the webcam on MY computer never says NO. She say's 'lets go private' a lot but never 'no'.

I bet she does :rotfl:

DCFC79

I would imagine whether its in branch or over the phone/online would use the same computer system to decide if your a good customer.

want-it-all

I used to have a £5,500 credit card balance with HSBC, on which they were charging me 27.9% APR. It was killing me, but I just got on with it...I was managing the payments very well, paying around double the minimum payment, but the interest was in excess of £100pcm.

One day, HSBC cold called me and asked if I'd like to apply for a (much, much cheaper) consolidation loan. I agreed, but was declined over the phone. However, the adviser arranged an appointment for me in branch the very same day, where I was accepted for the same loan (and, obviously, my personal circumstances and credit history hadn't changed in the space of a few hours).

I was approved for a £7,500 loan, but the 'downside' was that the loan was only agreed on the condition that I used £5,500 it to repay the HSBC credit card. Therefore, I could've walked away with £2,000 cash, but I turned it down, taking the £5,500 for the credit card only.

The branch adviser actually paid my credit card off there and then (it was strange to see £5,500 being paid into my account, only to be swiped away from me immediately!). This was fine by me, since that's what I wanted anyway, and I've literally saved a few grand.

So, I'm of the opinion that there is still a shred of discretion amongst 'real' people, in my case the branch staff seemed to hold the extra power.

However, sometimes 'no' really does mean 'no'.

I'd say give it a go - but go easy on any further credit searches if that's what you're concerned about.