Nationwide Loan - what's going on?

flyingguy

Hi all,

I've recently applied for a loan of 5k from Nationwide, went through the softsearch and gave me a rate of 14% over 4 years which I can manage. My application online says that is has been accepted in principle, and I've had a couple of phone calls from the bank to confirm some of my details etc. One girl I spoke to said you've been accepted, yet another said no you haven't yet and when I asked if I'd been credit scored yet, she said I doubt it no. Surely they would have run a credit search before going through my application, after the soft search that is?

Anyone else had a similar experience with them? I applied last Tuesday and still waiting to hear yes or no.

Hunnipot

I applied last Thursday and am waiting on a reply. Let me know if you get a response. As will I. I don't want to pester them, have called this morning, and they said to wait until Weds.

flyingguy

Well I rang them again just now to see if a decision had been made, and spoke to a lovely member of staff there who made everything a lot clearer. She told me that a letter had been sent out to me asking for proof of my income in the form of a certificate from my accountant as I run my own Ltd company. She also told me once they receive this and it matches up with what was on my application form that it would be all done and dusted. She said the credit checks had all been done or else they wouldn't have progressed it to this stage. I've already had the accountant fax the details over and with any luck I should be getting the funds in the next day or two. I'll keep you updated though!

Hunnipot

I've just had a reply from Nationwide through my Nationwide online banking and it's been approved today, and the paperwork should get to me in 2 days time. Hope all goes well with yours!

flyingguy

Great news, sadly I don't bank with them so I'll have to wait for an email or phonecall, but fingers crossed it'll be soon!

flyingguy

Good news - spoke to NW this morning and the funds have been released

geoffky

14%! nationwide will be doing payday loans next..

flyingguy

I know. TBH, if I'd gone for over 7k the rate would have been a lot lower, but I worked it out and it wouldn't have saved me enough to make it worth borrowing more. Plus I don't want to borrow more than I need.

jamiefly

flyingguy wrote: »

I know. TBH, if I'd gone for over 7k the rate would have been a lot lower, but I worked it out and it wouldn't have saved me enough to make it worth borrowing more. Plus I don't want to borrow more than I need.

Not to pee on your parade but it would have been possible to borrow over £7k and make an overpayment a month later bringing the borrowing down to the level you are happy with at the preferential rate.