Lloyd's offering credit

col81

On the soft search calculators for loans and credit cards I am not eligible for anything however my bank Lloyd's has said no to a personal loan but will give me a £10k limit on a 0% for 2 years credit card! I cannot understand why they wont offer me a loan but will offer a card when nobody else will? Seems to good to be true

[Deleted User]

SImply because they're comfortable with your risk assessment. They also have access to more data than other lenders.

But you'll still need to pass final checks.

col81

It says pre approved

[Deleted User]

It normally does.

cymruchris

col81 said:

It says pre approved

Although very unlikely - that can still mean no.

As long as you've been truthful in your application - then if they are offering it - I would take it. 

They will profile customers in terms of risk  - and for whatever reason they currently aren't comfortable in physically giving you £10k (or whatever you applied for) into your bank account as cash (as you might withdraw it all and gamble it all away down the bookies tomorrow), but are happy to give you a card with a limit, where you can go out and buy things from the internet and bricks and mortar shops. (You're less likely in general to fritter away the limit of a credit card than a big pile of £20 notes)

maxximus75

Credit on a card can easily be suspended by Lloyds, at any time, for any reason.

Once you have a loan and have taken the money..... it's gone.

Different risks for different credit products.

Lloyds also hold internal data about you and your history whereas the online search websites, don't.