Loan agreed in principle

alwaysworried_2

Hi

My DH and I have applied to our bank for a loan. it's to consolidate credit cards etc. was honest and upfront about everything.

The lady I spoke had full access to our current account and all payments in and out.

She said the loan was agreed in principle and I would get the documents emailed through to me within 2 hours. Once I ticked all the relevant boxes etc and sent it back to them, the money would be in our account in 48 hours.

I haven't received anything through yes and after reading "what loan in principle" means I'm now scared incase we don't get accepted (because I thought we had been accepted).

I'm really worried now. the loan is with the RBS.

Can anyone give me a bit of advice please.

bengalknights

Give it another 24 hours then chase it up

alwaysworried_2

Thank you.

Do you think because we are asking the RBS who we bank with and they can see what comes and what comes out that everything will be okay.

I thought the girl who have done all the credit checks etc when I was on the phone to her.

jonesMUFCforever

May have to be referred to underwriters.
I agree with others give it 24 hours then ring them back.

alwaysworried_2

Thank you.

I ended up calling them again because I'm so anxious, I've gotten us into a horrible mess.

They told me because its a joint loan the application can't be emailed to us it needs to be sent in the post!

I did ask if the credit check had been done as I was concerned because we are paying out a lot every month but its because of the credit cards which we are going to pay off. he did say the check had been done and the agreement in principle will have meant probably checking signature and maybe some addict all documentation.

I'm so worried about this, I just hope the loan goes through.

alwaysworried_2

I've checked my credit file with experian and it said I have an excellent credit rating. DH will have an excellent credit rating too.

the RBS did a credit check on my file. Does this sound positive?

BugsyBrowne

alwaysworried wrote: »

I've checked my credit file with experian and it said I have an excellent credit rating. DH will have an excellent credit rating too.

the RBS did a credit check on my file. Does this sound positive?

Having an excellent credit rating on Experian means zilch as its meaningless so no it doesn't sound positive.

alwaysworried_2

So why do they check credit rating agencies?

It just seems so pointless if it doesn't mean anything.

anxious_mum

BugseyBrowne, why are you always so negative? If you can't give the OP some proper advice, why do you have to comment at all, and in so doing, give the OP extra stress and worry? OK, their credit rating through Experian may be excellent, and this, in itself, will not have any bearing whatsoever so their loan application. I know that, and you know that. The OP doesn't, so why don't you take the opportunity to advise them nicely, rather than putting them down and causing more worry?

Shame on you.

alwaysworried_2

Anxious mum do you know what the lenders look for in a person when credit checking them?

anxious_mum

I'm no expert, but I do know that your credit rating through experian etc will have no bearing whatsoever, so take no notice of them. All I can say is, check again tomorrow and see what the result is. Good luck xx