M&S Loan - chances of acceptance

pmd123

I'd start a fresh thread for this question, and probably on the debt free wannabe forum for the best response.

2522laura

I also applied for a loan with them on Friday for £13000 and when I had finished the application it did say it would take 3-5 days. Not heard anything yet but wont call them, not much longer to wait now anyway

2522laura

Just had my email and I've been accepted with the 3.6% Good luck

toniokeson

grats 2522laura for getting the loan. Hope thatwilldo will get the same smooth process like you did.

thatwilldo

I rang m&s on Monday they said they were behind with applications and had still not allocated them to the underwriters from last Wednesday (21st). I rang again on Tuesday for an update and got the same answer. I was offered the opportunity to complete another application over the phone and they said they would disregard the web application. I refused as I didn't want to run the risk of having the two searches. Finally I got an acknowledgment that the loan was being considered by the underwriters, this was on Tuesday evening. They will respond within three to five working days.

The whole process has been badly handled and they seem short of resource to deal with the level of applications given they are offering market leading rates. The call centre staff are not sure what is going on and the explanations I got were only from a lady who happended to speak to the web team. I had a credit card with them and from memory the customer service was appalling then too.

I am still waiting for an answer and I have approached my bank who are offering 4.9apr. I will see what happens with m&s and if this is not accepted I will not use them again.

Thanks to everyone for responding.

thatwilldo

Quick update

My application was accepted and when I spoke to the underwriters they told me they are struggling to cope with demand, so just be aware the process has taken two weeks going into three I should have the cash this week.

familyfitz

Eyes_wide_open wrote: »

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

As above for us just this week. Applied Mon, email Thurs, paperwork received Saturday so now awaiting money after returning paperwork in post yesterday. Hope to have money mid week