No loan then 3 minutes later.....

redux

dano17439 wrote: »

I am buying a new car on Saturday, just went online to apply for a loan, from logging in to online banking to having the money credited in my account took 4 minutes

No wonder people get in trouble when its that quick and easy

dano17439 wrote: »

They wouldn't have, I have no other debt, have never defaulted on any repayment ever, earn above average salary, have worked constantly for 20 years and the amount i've borrowed is well within my means

I'm a little confused about what your actual point is.

The risk assessment processes going on during the application seem to have worked as would be expected. Higher levels of risk may have produced a different result.

dealer_wins

Whats the difference between 3 mins, an hour, a days or a week?

If someone is going to "Get into trouble" repaying, it wont be because they got their loan in 3 mins instead of 3 days!!

And there will be a 14 day cooling off period on loans taken out online.

iolanthe07

I would have thought it a bit risky to buy a car and then trust to luck that the loan application goes through after you're committed. Still, it worked for you this time, OP -well done.

jonesMUFCforever

iolanthe07 wrote: »

I would have thought it a bit risky to buy a car and then trust to luck that the loan application goes through after you're committed. Still, it worked for you this time, OP -well done.

This was my thought.

fozmcfc

When it comes to a standard loan, to someone who has always been good with money, I don't see how it can be attributed to helping someone get into debt.

That adult has shown responsibility with money, so it's great it's that easy for someone.

What is more of a worry, is the case of a payday loan, where nearly anyone is accepted at the drop of a hat and the money is in their account within an hour. That means someone who is pretty useless with money, has a very quick, easy and expensive way of borrowing money.

To me overall, it's still quite magical and amazing, that you can nowadays apply for a loan or credit card in minutes and be accepted and then in the case of a loan, have the money in my account.

When you think, back about going into the bank and/or filling in forms, sending them off, waiting for the reply, then sending them off again to get the loan money or the card.

It's the same with booking hotels, flights and holidays, all done within minutes, with no interaction with anyone.

My mum is frequently astonished by what can be done/seen online, because it is so advanced compared to when she was growing up.

optimist68

dano17439 wrote: »

I am buying a new car on Saturday, just went online to apply for a loan, from logging in to online banking to having the money credited in my account took 4 minutes

No wonder people get in trouble when its that quick and easy

No it means the computer program worked well. It analysed your financial data and quickly decided you'd be a low risk, then initiated a money transfer. None of it is rocket science and all of it can be done in milliseconds. Sorry, I am a computer programmer geek.

jpwjpw

How different is this to someone having a great credit record, a 20k limit on their credit card and buying a car using that?

That wouldn't even take 4 minutes....

This is why credit scoring exists

~Brock~

Can't believe how some people will even whinge and whine about good service........

Either that or this thread is a wind up.

Jackie132

It's too fast, as it took very less time. Could u tell me, how did it take very short time for taking loan, and where did you go for loan.

JSH_2

The OP was just making a passing comment - interesting to some and not to others. Why flame him? If it's not of interest to you, move on to the next post and ignore it. Some people need to get out more ;-)