Need to send bank statement to complete loan application

superunknown75

Hello

Been approved online for a Yorkshire/Clydesdale bank loan.

They now need a copy of my bank details to pay the loan

Do they need a statement or just a copy of the sort code/account number?

I'm a bit worried, not because I've lied on the application (I'm not daft!), but I am in my overdraft, which is an approved overdraft, and I'm wondering if this will have an adverse effect?

My credit rating is "excellent" but I'm using the loan to tidy up a credit card and existing loan.

Can they still refuse the loan? I got offered loads online at good rates but don't really want to start messing about now - I need this sorting quickly.

Any advice.anyone been refused etc?

Many thanks

Gaz83

Have they said "we need a copy of your bank details" or "we need a copy of your bank statement"?

superunknown75

Bank Statement & bank details.

Am I better sending a statement?

Thanks

[Deleted User]

If that's what they asked for, then yes.

Gaz83

I'm going to take a stab that if they've said they need to see your bank statement, they need to see your bank statement.

Tixy

If you informed them on the overdraft on the application then them seeing it on the bank statement shouldn't result in the loan application being refused.

Its not very common for them to ask for a copy of a bank statement, it may be worth giving them a call to clarify that they do need to see a statement and how long a period it needs to cover.

superunknown75

Tixy wrote: »

If you informed them on the overdraft on the application then them seeing it on the bank statement shouldn't result in the loan application being refused.

Its not very common for them to ask for a copy of a bank statement, it may be worth giving them a call to clarify that they do need to see a statement and how long a period it needs to cover.

Hmmm

They've not been clear when I rang, she just said something with my bank details on. They've not asked for 3 months worth or anything like that, they just said we need to know we're paying the money into the correct account.

I assume then that this is not just a case of needing ID confirmed?

Do they not ALWAYS ask for this then?

I must admit I thought it was a bit odd, so am now concerned this won't make it through. Trouble is, I haven't really the time to start hunting round again.

superunknown75

Motherofdragons wrote: »

Most lenders ask to see your bank statement to double check that your outgoings and income is what you've said it is. It shouldn't matter about an overdraft - but has the loan been approved or just approved in principle?
If it's only approved in principle there is still a chance they can turn you down.

It's been approved - I had to activate the loan and they sent me the agreement to sign.

I asked how long it would take for the money to hit my account and she said 3-5 days, but I don't do this often so am concerned now.

Basically, I don't want to be refused having been approved.

Tixy

I guess they are checking it is going in to an account in the same name as the person taking out the loan. Sensible but not something I've ever been asked to do in the past.

Perhaps its a new step to combat fraud and to try to prevent people taking out loans in the name of another person.

CreditCrunchie

They will want your actual statements, worts and all. They want to check you earn enough. If you only overestimate your earnings by a little I wouldn't worry. They just want to see you earn enough to afford the loan. The worst they'll do is offer you a little less, or at a higher rate.

However if you've told a big whopper, they may refuse you altogether, and quite rightly.

i recently had to give MBNA 3 months bank statements in order to get a credit card. I'm self employed and my income varies but they were very good about it, and didn't bat an eyelid at one of the months which was particularly poor.

superunknown75

CreditCrunchie wrote: »

They will want your actual statements, worts and all. They want to check you earn enough. If you only overestimate your earnings by a little I wouldn't worry. They just want to see you earn enough to afford the loan. The worst they'll do is offer you a little less, or at a higher rate.

However if you've told a big whopper, they may refuse you altogether, and quite rightly.

i recently had to give MBNA 3 months bank statements in order to get a credit card. I'm self employed and my income varies but they were very good about it, and didn't bat an eyelid at one of the months which was particularly poor.

OK, thaks for that

I'm in sales, so my earning tend to be seasonal. Would it be worth asking them if I need to send a P60 instead? I'm genuinely not overstating anything but, as an example, my April wage was lower than what I put my average to be. (they ask for monthly wages on the application so I had to average it out)

I'm more than capable of paying, my credit scores with Experian and Equifax are as high as it's possible to be.

What I have done for now is send a bank summary which simply has my sort code, account number and monthly debits on. I haven;t left my balance on there. Could that be a mistake?

Appreciate the help, good site this!