Apply online or in branch - does it make a difference?

marky0077

I need a loan to consolidate some debts and my credit rating is questionable.

I can't help feeling that if I apply in a branch then I stand more chance as I will be able to explain and justify my application better. Applying online seems so cold.

Does it make a difference?

Thanks
Mark

Caz3121

https://forums.moneysavingexpert.com/discussion/4751129

[Deleted User]

Applying in branch just means that someone else will type your application into the computer.

marky0077

Thanks for your previous replies.

So am I right in assuming that applying in branch is the exact same process as applying online?

somethingcorporate

Yes, those in branch have very little (if any) discretion in these things.

ReadingTim

I'd suggest that those in branch have virtually no discretion whatsoever, but you may get a faster decision in branch than online, especially if you apply in person during working hours, rather than online in the evening when you're back from work. You may also get a better explanation as to why you're rejected, or, in the event there's a delay in the decision, why that may be.

BMN

marky0077 wrote: »

So am I right in assuming that applying in branch is the exact same process as applying online?

Not necessarily.

The products available online might be different to those offered in branch.

Some banks make preliminary loan decisions without making a credit check, so someone in a branch would be able to tell you whether you're wasting your time with them for a loan.

Depending on the banks policy, somebody in a branch may be able to appeal a declined loan decision if they think their underwriting team might consider your application based on your circumstances.

marky0077

BMN wrote: »

Not necessarily.

The products available online might be different to those offered in branch.

Some banks make preliminary loan decisions without making a credit check, so someone in a branch would be able to tell you whether you're wasting your time with them for a loan.

Depending on the banks policy, somebody in a branch may be able to appeal a declined loan decision if they think their underwriting team might consider your application based on your circumstances.

Thank you very much for your reply. That was the whole point of my question. It would make sense that someone in branch might be able to consider an application in a different light and carry some weight in either getting the loan approved or explaining why it was turned down.

jonesMUFCforever

IMO it will be easier to get a loan approved on the web rather than in person.
These days bank staff have to make sure everything is done complianty - they won't want you to come back claiming a miss-sale in the future.

On the web you input the figures you make the choice to say yes to the loan.