Refused loan for being honest

Bmx_2

Hello
I went to the bank yesterday (tsb) wanting a 16k loan over 5 years.
They were a bit annoying in that you cannot apply on line or even over the phone but need to go branch and book an appointment. I told the receptionist this was stupid she agreed and said she would speak to the manager. I did see some one and they ask how much I wanted so far so good. I did in form them that I would be paying it back in couple of months but wanted to make sure that if things got delayed that could afford the repayments. At this she went and spoke to the manager and came back telling me that they would do any load as there not into short term lending and that I would have to pay additional fees if terminated early. I have no other bank loans and very good credit history I've been with the bank over 30 years
:mad:

[Deleted User]

They're running a commercial business, so need to undertake profitable lending

Try another lender.

Bmx_2

That's what I did with no problems and saved. 0.24% as well

AnotherJoe

Why on earth did you tell them you'd be paying it back in a couple of months ?

Bmx_2

Like I said being honest but I didn't with the other one lesson learned.

mrfourcreditcards

Try ZOPA, I've never gone back to a bank for a loan since my first loan from there some years back. You can overpay or repay whenever you like, with partial overpayments reducing the overall interest paid, which I find beats the ridiculous "low" interest rates my bank always offer me anyway!

T-G-C

The bank are not Wonga, it isn't practical for them to lend a large amount of funds, at peanut dust interest, for a short period of time. It makes them pennies and those funds could be pumped into a more profitable customer.

You were honest, which was the right thing to do and were declined, there is nothing more to it. Even if you had undisclosed the intention, you would face early termination costs, which in some cases may undermine the purpose of loaning the money rather than saving up, especially since you would have had the £16,000 regardless in a few months, as per your post.

Continue being honest in future, as their decision was made on fact rather than fiction, like it should be for everyone.