Nationwide Soft Search - Reliable?

Freddie_85

I have been provided with two quotes from Nationwide for a personal loan, with what I believe to be decent interest rates:

£7,500 at 6.2% for 36 months
£5,000 at 7.9% for 36 months

Given that they perform a soft search using my credit file, are these quotes reliable? Or is there a still a good chance that I could be declined or given a far worse interest rate, once I fill out the full application?

I read that Rate Setter (who provided me with an even better rate) tend to change their minds once the application is actually completed. Are Nationwide the same, do they only lend to borrowers with exceptional credit scores?

Thank you.

DCFC79

If ratesetter are a P2P lender then they are likely to lend to those with very good credit histories, for nationwide you could search the forum as Im sure the queston has been answered as to do i get the % rate from the soft sarch.

tonkinator

Ratesetter are renowned for declining people that they've given a quote to. They tend to be very choosy, due to lending the money of their investors, who obviously want to be confident of not losing money.

I've heard similar things about Nationwide soft searches, but not to anywhere near the level of ratesetter.

Basically, there's a chance they could later decline/increase their rate, but less chance of them doing that than ratesetter

tonkinator

How did you get on Freddie?

Freddie_85

Thank you for the replies, I will be making a full application next week. I want to make sure my credit cards are paid off in full beforehand (I bought a few things in April), although whether or not that will make a difference, I am not sure, they're paid off in full every month anyway.

The application did not ask for details on my current account, which includes an interest fee overdraft, which I am currently not using. Presumably, they will know about it when they check my credit file though.

tonkinator

Hi Freddie from memory, I'm not sure that lenders can see an overdraft on a current account unless you're currently (or hve been in it - they can see a negative balance).

Can ayone confirm that?

Freddie_85

Thanks tokinator, that's good to know, I guess if I applied through my own bank then they'd probably wonder why I was asking for money when I wasn't making use of my interest-free overdraft.

By the way, I made a full application today with Nationwide, and it seems to have gone through ok, I think.

I was given the same rate (7.9%) but I only requested a 12 month repayment schedule this time (less interest!). I electronically signed the agreement and provided my direct debit details. It still said at the end though, that the loan was approved 'in principle'.

Does this look like I have been successful or will I still need to wait?
Can they still increase the APR after I have signed the agreement?
Will they ask for evidence of my salary etc. Even though I have signed the agreement?