Unsuccessful loan application - impact, should i challenge?

zaffi

I applied for a Santander loan of £15000 and was unsuccessful. I subsequently was approved by zopa @ 3.3% APR (their lowest rate)


I now don't need the Santander loan, but should I challenge the decision?


I should add, I previously had a Santander balance transfer credit card which I was refused online for but was approved in branch, there had been an issue with their online system capturing my postcode. Not sure if the same has happened here.


If I do nothing will it impact my credit score/report? or does it now not matter either way?


Thanks,
zaf

TadleyBaggie

Move on, the only impact on your credit history is the search that was done by Santander.

National_Debtline

Hi

I agree it’s best to move on as there isn’t anything to be gained by challenging the decision. It’s possible it could have been the postcode error, but it may just be that you didn’t fit Santander’s lending criteria.

James
@natdebtline

Ben8282

zaffi wrote: »

I applied for a Santander loan of £15000 and was unsuccessful. I subsequently was approved by zopa @ 3.3% APR (their lowest rate)

As the Santander headline rate for loans of £7500 - £20000 is 3.6% surely you should be thanking them not complaining!

zaffi

Ben8282 wrote: »

As the Santander headline rate for loans of £7500 - £20000 is 3.6% surely you should be thanking them not complaining!

I actually application to cahoot @ 3.2% via this site but I guess they are owned by Santander as it opened a Santander page.


The reason I asked the initial question was to see if a rejection left a distinct footprint on my file or if it was just the search that was recorded. Thankfully it seems to be the latter.


zaf