M&S Loan - chances of acceptance

thatwilldo

Hi

My wife and I are planning a new kitchen and I have applied for a £15k loan with M&S which is at a market leading rate of 3.6% APR.

We have an excellent credit rating and I have applied online this morning for the loan. When I reached the end of the application process I was told they would email me within 72 hours. I would have thought the decision would have been instant or we may have been given some indication of why it would take this length of time.

So my question is, has anybody applied for a loan with M&S before for a similar amount and if so did you obtain an instant decision?

Any feedback on M&S and the loan process is welcome.

Thanks

SeanG79

I haven't experience with M&S but usually when loan applications are referred for manual underwriting, they will take longer. There may be something on the credit searches that means the system cannot give an acceptance (it could be anything outside of their auto-accept parameters).

It won't change the probability of approval, but no one other than M&S will know if you will be approved or not.

lynz68

I'm inclined to think it's just M&S I haven't applied for a loan but have for Credit Card and Current Account and got the same message for both. It didn't actually take that long though think it was more the 24hr mark.

Foxy-Stoat_3

thatwilldo wrote: »

So my question is, has anybody applied for a loan with M&S before for a similar amount and if so did you obtain an instant decision?

Yes, I did exactly that and got declined. The guy that works opposite me applied as well and he got accepted.

I hope this helps you with your loan.

CrisAdams

I would try calling M&S to ask them about the progress of your loan.

Gaz83

You have a 62.3% chance of being accepted.

thatwilldo

No decision as yet just been on website and it's taking 3-5 days for acceptance due to demand!!

Thanks for the feedback.

Thrugelmir

thatwilldo wrote: »

I would have thought the decision would have been instant or we may have been given some indication of why it would take this length of time.

Why? A full credit check will need to be undertaken.

Newbie_loan

They do a underwrite check this is why it takes longer for there products.


I work for m&s

Eyes_wide_open

When I applied i got the same message and no problem. I got an email within 3 days.
You then get the confirmation through the post and the agreement for you to sign. This need to be returned and the money was in my account a couple of days later.
Process takes a few days longer than some other financial institutes but happy to wait the extra time for a lower APR.
Hope you hear soon x

bella_mcginty

This is a post for my son. He used to stay with me but moved out a good few years ago. He was put in prison for 27 months and has now been out for over 2 year having turned his life around. He has been getting debt letters from 2 places shopacheck and greenwoods. We have dealt with greenwoods as he accepts he took that on but he refutes that hes had anything to do with shopacheck. As far as we know shopackeck was assumingly bought over from greenwoods. They are saying he owes £900 and a one off payment of £400 will clear the debt which if he did take on the debt I would rather pay but someone says if a debt is so many years old they cannot chase you for it in Scotland can anyone shed light on this please