First Direct "instant decision" will contact within 24hrs

Tman

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.

Clive_Woody

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.

Tixy

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).)

Thrugelmir

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?

jonesMUFCforever

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.

Tman

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.

admiral_traveller

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!