NatWest personal loan approved at soft search

housebuyer7

Hello,

I am a Natwest customer and started a personal loan application with them, which initially gives you a quote after a soft search and then you can decide whether to proceed. After entering my details and the soft search it came up “Great news you have been approved for the loan you want”. It then outlined the details of the loan and I had the option to continue.

if I proceed, what are the chances of the loan being rejected once the hard search is carried out? Or chance of a lower loan value being given to what was applied for?

 They won’t find anything that could make it be rejected in terms of I have an excellent credit rating, my salary is as I said, I have no other debt aside from my mortgage as declared, and I have no prior missed payments or defaults.

MattMattMattUK

Your credit rating is irrelevant, it is a made up number and no one apart from you sees it so ignore it.

In terms of the loan, it is likely you will be given exactly what you have offered, the soft search would show them everything and they may not even conduct a hard search. There is always a chance that the final offer would be lower, but in the case of an application where a soft search is done first that is very low, but of course due to commercial sensitivity the details of when it happens and on what basis are unknown, although one would only expect it to happen if something new was on the credit report in the interim period between the soft and hard search.

ForumUser7

RBS (part of NW Group) claimed to me once they only carry out a soft search for credit card, and overdraft applications. Seemed unlikely, but maybe it’s possible, idk.

Edit: I.e. They claimed they did not carry out a hard search for overdraft and credit cards, only a soft search