LLoyds Online Loan Offers

sam437

Hi everybody,
I bank with lloyds bank, Ive been banking with them for 8 years now, I was checking my account online, and I went to the loan page to check my quotations, the result was a range of quotations with APRs between 12.9% and 16.9%. As I know 29.9% means an absolute decline, does this mean that I am pre approved for this rate ?
I have no debt issues, no outstanding debts, two sub prime credit cards paid in full, I earn £28k, paid into my lloyds account on weekly basis, but not as BACs payment. Also I'm 25, so my credit history isn't that old.
thank you

[Deleted User]

Not necessarily. It just means they may be prepared to lend to you at the rate based on what they know about you.

But the outcome could be different once they have run a full credit check and asked your income, etc.

Cash_Flow

sam437 wrote: »

Hi everybody,
I bank with lloyds bank, Ive been banking with them for 8 years now, I was checking my account online, and I went to the loan page to check my quotations, the result was a range of quotations with APRs between 12.9% and 16.9%. As I know 29.9% means an absolute decline, does this mean that I am pre approved for this rate ?
I have no debt issues, no outstanding debts, two sub prime credit cards paid in full, I earn £28k, paid into my lloyds account on weekly basis, but not as BACs payment. Also I'm 25, so my credit history isn't that old.
thank you

That is the rate you will be given if your loan is approved, when I log into the online loan section, I get the message based on what we already know about you the loan amount would be available too you today.

Have a look and see if you get this message, If the answer is yes? you are pre approved and no further credit checks are needed.

sam437

Cash_Flow wrote: »

Have a look and see if you get this message, If the answer is yes? you are pre approved and no further credit checks are needed.

Thank you for your replies, no messages show up when I go to the loan page, just enter your loan amount and the loan's purpose, I assume I'm not pre approved for any load with them then.

Cash_Flow

sam437 wrote: »

Thank you for your replies, no messages show up when I go to the loan page, just enter your loan amount and the loan's purpose, I assume I'm not pre approved for any load with them then.

You may still get accepted if you apply though:D

Have you thought about trying nationwide?

http://www.nationwide.co.uk/products/loans/personal-loans/apply#tab:Applyonline

They are one of the few lenders who will perform a soft search on your credit file of which is not visible to other lenders, once this is carried out you will receive a loan quotation which depending on the APR gives a good indication as to whether you will be accepted.

sam437

Cash_Flow wrote: »

You may still get accepted if you apply though:D

Have you thought about trying nationwide?

They are one of the few lenders who will perform a soft search on your credit file of which is not visible to other lenders, once this is carried out you will receive a loan quotation which depending on the APR gives a good indication as to whether you will be accepted.

Cash Flow you are a STAR !! can't thank you enough. Lloyds said that I'm not pre-approved with them for any loan, but they may loan me £5000 at 15.9%, so I gave nationwide a try, although my salary is paid into the Lloyds account, also all my direct debits are set with them, I received a better quotation with nationwide 8.9%, clicked on apply and was accepted in principle, finally I'm buying my first car. I think it is time to switch my main account too.

dealer_wins

sam437 wrote: »

Cash Flow you are a STAR !! can't thank you enough. Lloyds said that I'm not pre-approved with them for any loan, but they may loan me £5000 at 15.9%, so I gave nationwide a try, although my salary is paid into the Lloyds account, also all my direct debits are set with them, I received a better quotation with nationwide 8.9%, clicked on apply and was accepted in principle, finally I'm buying my first car. I think it is time to switch my main account too.

Just remember by taking out a loan, you are borrowing from your own future.

Try to overpay and clear it asap, and set up savings to pay for future cars/big expenses without resorting to borrowing!

DevCoder

Umm its AIP, so surely that's a soft search?

Will be interesting to see what the eventual rate offered is.

Cash_Flow

krisdorey wrote: »

Umm its AIP, so surely that's a soft search?

Will be interesting to see what the eventual rate offered is.

It is a soft search but once you are given the APR you are asked if you want to proceed with the application and warned that a full hard search will a be carried out.

The APR you are given after the soft search is the APR that will be documented on the credit agreement.

Cash_Flow

sam437 wrote: »

Cash Flow you are a STAR !! can't thank you enough. Lloyds said that I'm not pre-approved with them for any loan, but they may loan me £5000 at 15.9%, so I gave nationwide a try, although my salary is paid into the Lloyds account, also all my direct debits are set with them, I received a better quotation with nationwide 8.9%, clicked on apply and was accepted in principle, finally I'm buying my first car. I think it is time to switch my main account too.

Your welcome, that said I am a bit annoyed you were offered a better rate than me

Enjoy your first car and drive safe.

sam437

krisdorey wrote: »

Umm its AIP, so surely that's a soft search?

Will be interesting to see what the eventual rate offered is.

Yes it was a soft search, obviously a hard search followed when I proceeded with the application. The APR quoted was the one I received.