Going into branch for a loan .. Frustrated!

antw23uk

Hi guys

I applied for a loan last week via this site which was approved but not at the advertised 3.2% APR so I told them not to bother .. I find it incredibly frustrating that they advertise one rate but give another ..... and yes, I understand the 51% rule!

So my OH mentioned applying to TSB so I filled out some details on their website and it said they needed more details to complete my application .. and under that it said basically I will need to go into branch and start the whole process again!

So now I have an appointment with the TSB who will no doubt ask me ten times more questions than whats required if you apply online and god help the poor man if he cant offer me a loan at the advertised 3.2%

So is it worth going into a branch? I feel like it will be a very frustrating waste of time and expense (yes i very much begrudge paying for parking and even going into my local scumhole town!!) or should I just try another couple of loan applications online and hope to get the advertised rate?

Your thoughts and advise would be much appreciated. Thanks

~Beanie~

or should I just try another couple of loan applications online and hope to get the advertised rate?

The problem is that the more loans you apply for (and therefore the more searches you get on your credit file), the less likely you are to get a loan at all, never mind at the headline rate.

antw23uk

~Beanie~ wrote: »

The problem is that the more loans you apply for (and therefore the more searches you get on your credit file), the less likely you are to get a loan at all, never mind at the headline rate.

Yep which is so frustrating because the reason I applied for 'that' loan was because they were advertising the rate I wanted. I guess I will go into branch. There doesnt seem to be enough hours in the day at the moment and this feels like it will be a waste of time! Im confident they will offer me a loan but thats not the point, its the paying it back rate that will annoy me when they try and fob me off with a rate double or more of what they are advertising and I've just wasted half of my Saturday!

Gaz83

The only thing the boy will do is put your responses into the system and have it decided remotely by the bank's algorithms. No different to applying online.

The days of people in-branch deciding about lending money are long gone.

Bogalot

antw23uk wrote: »

So now I have an appointment with the TSB who will no doubt ask me ten times more questions than whats required if you apply online and god help the poor man if he cant offer me a loan at the advertised 3.2%

antw23uk wrote: »

Yep which is so frustrating because the reason I applied for 'that' loan was because they were advertising the rate I wanted. I guess I will go into branch. There doesnt seem to be enough hours in the day at the moment and this feels like it will be a waste of time! Im confident they will offer me a loan but thats not the point, its the paying it back rate that will annoy me when they try and fob me off with a rate double or more of what they are advertising and I've just wasted half of my Saturday!

It comes across that you feel you are entitled to the lower rate. Why is this?

Please don't take the above attitude to the bank. The advisor has no influence over the lending decision, and does not deserve to have your frustrations inflicted upon them.

dresdendave

antw23uk wrote: »

Hi guys




god help the poor man if he cant offer me a loan at the advertised 3.2%

Can you explain what you mean? Your remark seems quite threatening, particularly as he (or she) will not be deciding the APR personally but merely informing you of their employer's decision.

Gaz83

dresdendave wrote: »

Can you explain what you mean? Your remark seems quite threatening, particularly as he (or she) will not be deciding the APR personally but merely informing you of their employer's decision.

You seem to be forgetting the first rule of being a customer - the person at the till is responsible for each and everyone of the entire company's decisions and policies.

PeacefulWaters

antw23uk wrote: »

I applied for a loan last week via this site which was approved but not at the advertised 3.2% APR so I told them not to bother .. I find it incredibly frustrating that they advertise one rate but give another ..... and yes, I understand the 51% rule!

You understand the rule but don't think it should apply to you?

So now I have an appointment with the TSB who will no doubt ask me ten times more questions than whats required if you apply online and god help the poor man if he cant offer me a loan at the advertised 3.2%

Are you serious? What are you going to do? Throw the coffee over them?

So is it worth going into a branch? I feel like it will be a very frustrating waste of time and expense (yes i very much begrudge paying for parking and even going into my local scumhole town!!) or should I just try another couple of loan applications online and hope to get the advertised rate?

Well they won't be able to guarantee you any rate.

Your thoughts and advise would be much appreciated. Thanks

Without the 51% rule the headline rate for everybody would either be higher, or people of your status would be rejected by the lender you chose.

You sound like you have a sense of entitlement. You don't.

PersianCatLady

TBH if you go into the branch with the sort of attitude that you are displaying here then I am not surprised that people aren't falling over themselves to give you exactly what you want.


Also you do know that the bank doesn't have to give you a loan at all don't you?


Finally the 3.2% advertised rate is probably subject to certain criteria such as a person's credit rating and the like. Could it be that you do not have the best credit history and maybe that is why you cannot get the loan at the rate that they have advertised??

lewishardwick

Why don't use a credit check site like noodle? They show you you're credit file and can recommend loan companies based on your file.

But as said, you don't get to choose...

DCFC79

What you have to understand is you need to satisfy the lender your able/capable to repay the loan/keep up with repayments. If the lender isn't satisfied with whats on your credit report (it could be a pay day loan, missed payments for another loan, regularly entering your banks overdraft) then they will either offer a higher rate or decline you.

Lenders will put your details you supplied on application plus your credit file file through the system which determines what rate to offer you.