Lender will phone/email

lhead123

Hi

Husband applied for a loan, and at the end of the application is said the company will contact by phone or email within 2 days, or up to 5 days in busy periods.

What does this mean? Are they basically saying no? I'm worried now as we need this loan.

He went with who MSE and Money Supermarket eligibility checkers said he had 90% chance of getting it (top one on the list)....

Thanks

[Deleted User]

No. They're basically saying they have some further checks to do.

AnotherJoe

I'm worried now as we need this loan.

Your sig is looking somewhat short lived.

Edi81

What’s so urgent that you need the loan? You have been debt free for 6months so should have savings now which should be at least equivalent to what you will be paying on the loan each month.

lhead123

Thanks everyone.

We had to buy a new-to-us car as ours died completely (it was 19 years old). We paid on credit card as we need to get to work x2 and school x2 every day, and have no savings as other issues have cropped up since December using up our spare money.

The loan is to pay off the credit card so it's lower interest (credit card is 18.5%), and we will be overpaying it to get back to debt free as quick as possible.

In the end I applied in my name though our bank, and got approved straight away. So when this lender emails or phones, husband will say no thanks.

Thanks for your help.

Sncjw

So your getting a consolidation loan.

Could you not have got a balance transfer card at 0%

DCFC79

So whats the plan to replace the savings.

If a consolidation loan make sure you don't create more debt.