Reckless lending?

quantic

Got a notification on my Barclays Banking app last night saying based on my history I was pre-approved for a loan of £23,600. Couple clicks and it could be in my current account within 30 seconds.

I find this pretty worrying... sometimes these things should be less convenient. What do you guys think?

d70cw6

where can i get this app from?!

Clive_Woody

quantic wrote: »

Got a notification on my Barclays Banking app last night saying based on my history I was pre-approved for a loan of £23,600. Couple clicks and it could be in my current account within 30 seconds.

I find this pretty worrying... sometimes these things should be less convenient. What do you guys think?

Not sure what pre-approved really means as I suspect they haven't carried out a full credit search. I suspect this is just some sort of marketing ploy and in reality you may be offered none/less or just at a silly APR that nobody would seriously consider after they did a full credit check.

Horseunderwater

They do the same with credit cards. Yes it is marketing, but OP would still get that amount, maybe not a great rate though.

poppasmurf_bewdley

I once got a letter from Readers Digest telling me they had a cheque ready and waiting for me. I would think the message you received has as much credibility.

Monkeyballs

In the past I have received pre-authorised loan offers which I've taken advantage of and everything has gone through fine!

It wasn't a great idea LOL as I'm in a DMP blah blah blah but it was a genuine offer...

I don't think that it should be less convenient, I just don't think it should be offered unless you enquire into it first though.

MB

PeacefulWaters

As they haven't lent you anything how can it be reckless lending?

Duke203

What are your credit commitments at present. What is your salary? What are your outgoings? How long have you been in your current job & address? Are you bankrupt, have an IVA, any defaults or CCJs? Any late or missed payments over the past 12-24 months?

Sorry for all the questions. Just trying to establish the facts before commenting on whether it's potential reckless lending

SnowTiger

d70cw6 wrote: »

where can i get this app from?!

Don't worry about it. I have the app on my phone and I've just checked it. No £23,600 for me today.

I have Android and not iThing. Maybe that's the difference? :rotfl:

happy_bunny_2

Pre approved means you are allowed it if you want it. They have enough info from monthly CRA feeds to figure that out.

Pre selected means you still need to apply and be credit checked, I think.

Not reckless really. Is someone giving you a 10k credit card limit reckless? You don't have to use it.

quantic

SnowTiger wrote: »

Don't worry about it. I have the app on my phone and I've just checked it. No £23,600 for me today.

I have Android and not iThing. Maybe that's the difference? :rotfl:

Mines android too, wasn't coming up when I first got the app. Originally, it was saying I was pre approved for about 3.5k, slowly went up and up over the last 18 months or so.

Like others have said it may not have done a full credit check so is marketing BUT I got an offer a while ago for a 2.5k overdraft and that literally started working soon as I clicked 2 buttons, within about 10 seconds I had increased my OD.