Confusing loan eligibility percentages

MikeSierraEcho

Hi there,

I've been using the MSE loan calculator, as well as the eligibility calculators on the websites of loan providers. With the MSE tool, it tells me I have one loan option, but only with 10% likelihood. For me, that obviously basically means zero loan options.

But, with Tesco's eligibility calculator, it states I have a 95% chance of being accepted. On other provider sites, it seems to often be a case of 'based on information provided, we can't offer you a loan at this time'.

Any ideas whether the Tesco result should be taken seriously? Why such a huge difference to the MSE tool? 95% is a lovely level of reassurance, but in the context of everything else seems almost irresponsibly high when they are surely going to end up being like everyone else and change their mind with a hard search (all soft searches so fat, no hard yet).

This also brings into mind questions about the the differences between hard and soft searches, how they can be wildly different in outcomes to the point of making a soft search feel like a moot point.

Any insight on why the extreme difference, and how safe it would be to trust the 95%, would be brilliant.

MorningcoffeeIV

The lender checker will always be more accurate.

It's not irresponsible for them to give you their most accurate assessment. And the last thing they want is processing useless applications.

DullGreyGuy

Tesco's own checker - made by Tesco's knowing their own acceptance criteria

MSE - made by people that potentially have never seen Tesco's acceptance criteria and, if you were cynical, could be influenced by other factors like which lender gives them the most commission. 

Comparison sites like MoneySupermarket (even when rebadged as MSE) get to work with some lenders who are willing to share detailed information, more that give vague information and others that they've never even spoken to beyond being told they aren't interested in working with them. Others are clearly working closer to some lenders as (eg ClearScore) they have "guaranteed" acceptance (assuming they give you a 100% chance)