Applying for a loan - best online or by phone?

hazysunshine

Hello everyone

I am shortly going to apply for a loan and was wondering if it is better to do it online or by phone?

The reason is, I am paying off other loans, and I dont know whether its better to speak with someone and explain this, rather than doing it online, and them seeing that I have these other loans, and not wanting to lend me anymore, in case they think I cant afford the repayments.

My thinking is by talking to someone, I can explain that the 2 loans I already have will be paid off by the new loan, with a much lower monthly payment (as I will pay it over a longer period of time) - so the payments will be much more comfortable.

Your thoughts?

Thanks in advance :T

Kavanne

tbh i'd rather do it over the phone as it's easier to discuss issues and there's no chance of you making a mistake on the form.

a friend of mine had their loan declined online, called up and it was just because they made a typo. the call centre sorted it out straight away.

it is completely up to you though. just make sure you 100% check the form is filled in correctly online.

Rafter

jimbo,

Does sound like the phone will be the best option, particularly as you are consolidating your debts and seem to be suggesting that your current payments are a stretch for you?

The best online loan offers may not be available to you anyway if you currently have quite a bit of debt.

Try applying to your current bank and one other initially and see how you get on.

If you are rejected it may be worth talking to citizens advice or cccs about your options if you are finding your debt repayments a problem.

R.