First Direct "instant decision" will contact within 24hrs

edited 30 November -1 at 1:00AM in Loans
6 replies 3.8K views
TmanTman Forumite
7 Posts
edited 30 November -1 at 1:00AM in Loans
What does this mean? A problem on the credit report?

I took out £1500 last year with them. Everything was instant and done online. I'm now half way through it, and never missed a payment.

I just applied for 7k, intending to pay off the first loan, on a 30k salary. I have no other outstanding debt.

Upon completing the application, I was informed that they will contact me within 24hrs.

Is this basically a polite way of them saying 'we've rejected you, but we'll let you know by phone?

Thanks.

Replies

  • Clive_WoodyClive_Woody Forumite
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    Tman wrote: »
    What does this mean? A problem on the credit report?

    I took out £1500 last year with them. Everything was instant and done online. I'm now half way through it, and never missed a payment.

    I just applied for 7k, intending to pay off the first loan, on a 30k salary. I have no other outstanding debt.

    Upon completing the application, I was informed that they will contact me within 24hrs.

    Is this basically a polite way of them saying 'we've rejected you, but we'll let you know by phone?

    Thanks.

    I think if it were an outright rejection they would have told you there and then. Making a phone call to tell you bad news would make no business sense.

    I suspect they need a human to look at something that the computer software cannot assess to make an instant decision.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • TixyTixy Forumite
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    Not necessarily. Could still easily be a yes.

    It could be that there is an issue stopping them checking your credit fil or history/existing debt with them right now (e.g. computer issue).
    Or it could be that they want an underwriter to review your application (although then 24hours is quick for that, typically you might be told a decision within 3 days).)
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • ThrugelmirThrugelmir Forumite
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    Tman wrote: »
    I just applied for 7k, intending to pay off the first loan,

    Why not just apply for £5.5k on the new loan?
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • jonesMUFCforeverjonesMUFCforever Forumite
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    Thrugelmir wrote: »
    Why not just apply for £5.5k on the new loan?
    Maybe the whole amount means a cheaper APR?
    Or repayments on a bigger loan smaller than 2 smaller ones.
  • Thrugelmir wrote: »
    Why not just apply for £5.5k on the new loan?

    Lower monthly payment, and can do with the extra credit.

    I'm not too worried about the extra interest, as I'm confident I can clear the loan off much sooner than the plan.

    Thanks for replies all.
  • Hi there,
    Hi Tman,
    Did you get an answer from FD? I have just completed the online application and received the same 24 hour message ... just wondered if it does mean a "no" response?!

    Thanks!
    "Try to look after the pennies - the pounds will look after themselves" - wise words from an old uncle ... :)
    SPC 10 - 068
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