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New Loan App?
Col.Mastard
Posts: 248 Forumite
in Loans
I looking to apply for a loan, would I have more chances of success if I try with my own bank first?
Thanks in Advance
Thanks in Advance
0
Comments
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I'm not convinced about this, as far as I know they all use credit agencies and have their own criteria (most of it obscure). I applied to my bank (Abbey) for a loan, headline rate 6.9%, they offered me 14.9%! My credit reference record isn't brilliant but I applied to them as I have had my account with them for 25 years. They can see clearly exactly what money is coming in & going out, that I can afford the repayments plus the fact that I have conducted it well for a long time. I thought these would count in my favour. Wrong!
I think the days of banks favouring their own long-term customers over propspective new ones are long gone.0
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