Opinions on pre-approved loans within apps - legal

[Deleted User]

It's not true that pre approved loans don't have credit checks. The checks may be carried out before, or more often after application. It's possible that low value loans may not, but they would be a rarity.

Pre approved is just a marketing message. It means very little. They can then adjust limits based on the full credit check if needed.

jonesMUFCforever

Biglints wrote: »

I've been reading around the forum about pre-approved loans, it seems there is no credit checks, approval is based on how much money is going through your account. Obviously, what with the gambling, my figures wouldn't be representative of my actual true earnings.
Surely that's not showing skill, care and diligence, as stated in the lenders code

Pre approved?
As soon as you clicked the apply button they credit scored you using their own systems - this came up with an Approved loan.

The rest I'm afraid is nothing to do with the bank.

I would seriously think about debt relief order or bankruptcy with the help of a free debt charity.

Biglints

It would seem pointless they credit check me after my application though, it was literally 20 seconds from clicking on the pre approved link to the money landing in my account.

I've had no credit cards or loans for a decade and really didn't want any. It was an act of utter madness on my part to take them out.

I just feel I would have been more protected from myself if a human had looked at my account and credit record, an algorithm can only ever tell part of the story

Biglints

jonesMUFCforever wrote: »

I would seriously think about debt relief order or bankruptcy with the help of a free debt charity.

Thanks, I'll look into that

[Deleted User]

Biglints wrote: »

It would seem pointless they credit check me after my application though

Why? It gives them the most up to date information, in real time.

Biglints

I guess. I just wish they'd used an external credit checking agency rather than their own system. But, I would say that, I'm still facing up to the full extent of what's happened. To say I don't understand my actions is an understatement.

john1002

Who is the bank and how many applications did you make? As you say 1000 but then 15200 was this two or more than 2 ?

John

Gaz83

Biglints wrote: »

I guess. I just wish they'd used an external credit checking agency rather than their own system.

They will have. They are done virtually instantly.

Biglints

john1002 wrote: »

Who is the bank and how many applications did you make? As you say 1000 but then 15200 was this two or more than 2 ?

John

Barclays. And I made about 4 or 5 applications/ top ups over a 3/4 day period. I ended up with one loan of 5k, and one of 10.2k. I was clicking things like money required for home improvements etc yet a simple check of my statements would show it was all online casinos the money was flying out to. its embarrassing really. I'm becoming more stoical, but it's early days.

[Deleted User]

Biglints wrote: »

I've been reading around the forum about pre-approved loans, it seems there is no credit checks, approval is based on how much money is going through your account. Obviously, what with the gambling, my figures wouldn't be representative of my actual true earnings.
Surely that's not showing skill, care and diligence, as stated in the lenders code

did you tell them what you wanted this 16k for?
if apps are causing you problems them get rid of the app