Wow! That was terrifyingly easy

slopemaster

I just took a loan out for 22 000 GBP.
Application was considerably quicker and needed less info than taking out insurance - let alone opening a new current account or savings account, which always seems to take ages.
The money was in my account within 10 minutes, I kid you not!!!

Now, I have a good reason for taking out this loan and I am happy I can afford to pay it off. But it really was terrifying to realise how easy it was, and how little checking they do...

TadleyBaggie

Was it with your own bank?

slopemaster

Yes. (Lloyds)

YorkshireBoy

"How little checking they do"?

They see how you manage your account(s) with them on a daily basis.

They take a monthly feed from the CRAs.

They electronically credit searched you when you applied.

In short, they had all the information they needed within milliseconds!

So no surprise it was quick and easy?

slopemaster

True that they can see how I manage my account - always in credit.
But this isn't actually my main bank account so they don't see most of my income and just took my word for how much it is.
Not complaining you understand, but I was a bit stunned.

CrowCrow

If it's your own bank then they have all the information they need.

I did laugh when Nationwide gave me £7500 loan, applied 5pm in my account when I woke up. 2 days later I got a phone call to 'go over some information in my application'.