We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Loan still with the underwriter

Options
Lucy91
Lucy91 Posts: 5 Forumite
in Loans
What does it mean when the loan is still with the underwriter? Is it a bad thing ? Today is the 5th working day with no decision made as of yet they said I should know by Monday, I’m guessing there is a high chance I might not get it, it was a personal loan for a new
Car. Thanks

Comments

  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Lucy91 wrote: »
    What does it mean when the loan is still with the underwriter? Is it a bad thing ?
    It means the lender is reviewing the application.


    It is neither good nor bad...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Just keep waiting for the letter to drop through your letter box with a decline or acceptance.
  • Blaketon
    Blaketon Posts: 32 Forumite
    Hi Lucy. Yes it is annoying. Given electronic banking can give a decision within minutes I wonder if they delayed to await the Bank of England interest rate increase?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Blaketon wrote: »
    Hi Lucy. Yes it is annoying. Given electronic banking can give a decision within minutes I wonder if they delayed to await the Bank of England interest rate increase?

    No need to wonder.

    They're not
  • Lucy91
    Lucy91 Posts: 5 Forumite
    I!!!8217;m not sure I got an email saying it had been accepted and after final checks the money will be with you in two working days that!!!8217;s was last Thursday, still with the underwriter haven!!!8217;t herd anything very annoying
  • sourcrates
    sourcrates Posts: 31,516 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 4 August 2018 at 1:01PM
    Lucy91 wrote: »
    I!!!8217;m not sure I got an email saying it had been accepted and after final checks the money will be with you in two working days that!!!8217;s was last Thursday, still with the underwriter haven!!!8217;t herd anything very annoying


    Sometimes credit and person checks take longer than expected.


    Its all to do with fraud prevention and money laundering.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture