Repaid personal loan early, any advantage/disadvantage applying for another loan with same provider?

drmalloo

Hi,

Does anyone have any experience of this?

I took out a loan with The Post Office in December 2019 and due to an unforeseen change of plans decided it wasn't the right time and I repaid the full amount within the very first month (January 2020). My plans are now back to where they were 8 months ago and I need to take out a personal loan. Does the fact that I repaid that loan almost immediately mean I'm best to avoid that same provider this time, or am I more likely to get accepted by them because they happily approved me for a loan 8 months ago? 

Just to add, nothing else has changed with me in terms of situation, income, employment, debt-levels, credit history, etc. 

Thanks

[Deleted User]

It'll make no difference.

Given the choice, I would go with a better lender than the Post Office.

drmalloo

Ok thanks for that, why do they have a bad reputation?

[Deleted User]

They're just not very good at processing documents, making lending decisions, sending the funds to the right account or being contactable.

But they're fine at everything else.

drmalloo

Ha excellent, thanks for the tip!

Thrugelmir

The only real change since last year is that lenders themselves are tightening down on their criteria.