moneyback bank loan? (merged)

Rafter

mastermo,

Similar experience here. I haven't heard of a single case on here where moneyback bank actually accepted someone at 5.5% who didn't accept the overpriced payment protection insurance!

Then had a similar experience with the AA (run by Halifax Bank of Scotland).

If you are having trouble getting accepted for a card, you may have the same problems on loans.

I suggest you try Nationwide who are fairly competitive and don't use 'risk based pricing'

If that doesn't work it may be a case of going to an existing provider you have, your bank for example.

If you want to get a flexible loan so you can pay it off using low cost balance transfers later try Cahoot or Egg who don't charge penalties for early settlement.

Good luck.

R.

VX_Foxy

Me too.

Although they offered me 7.5%. I believe I should have an excellent credit rating.

Rafter

I wonder how many of us would have to complain to our local trading standards offices for them to launch an investigation?

I believe moneybackbank must be breaking the law here by making it effectively compusory to take their overpriced insurance before you get offered anything near the advertised APR.

R.

KWoolerton

Interesting that so many have had the same experience as me. I felt sure my credit rating was excellent, and I have a good salary, a permanent job, and am a home owner. When they offered me the loan I applied for, but at 7.9% (quite a leap from the 5.5% offered) they rang me to make the offer. I told the young lady on the phone I was horrified at the leap in interest rate, but she told me that it was not possible to explain the reason for the hike in rate. I did wonder at the time if it had anything to do with me not wanting the payment protection insurance.All I could get out of her was that 66% of applicants do get the 5.5% offered. Must be the ones who want to pay over the odds and take protection insurance. I re applied to Egg on the advice of another forum member from this web site, and was accepted straight away at their published rate of 6.9% with the added advantage of payment breaks and flexible over payments to shorten the term of the loan. I did end up having over an hour and a half's phone interview with them (at their expense) for them to go through details and approve the loan, but that felt like responsible lending to me, assessing me as an individual, rather than tick boxes on a form. They too tried very hard to sell me PPI, but in the end I said to the guy on the phone, look I'm not going to take this out so cut to the chase will you withdraw the offer if I don't have the insurance, he said no, so we did business. Would reccommend them to anyone.

roadster1

Applied on-line last night , got an email within 10mins asking me to phone for the result. Phoned this morning and spoke to a very pleasant chap who tried to sell me protection insurance , not too pushy, which I declined, who then confirmed £4,000 over 3 years at 5.5%, paperwork to follow. Length of phone call 7 mins including 1 min listening to music on hold.

Very, very easy IMHO

Rafter

roadster1,

Check the paperwork carefully when it arrives.

Maybe they accepted you because you were a local!!!!!

R.

roadster1

Paperwork arrived this morning, all present and correct.

Maybe they accepted you because you were a local!!!!!

I guess I just fitted their profile

Now I can collect my new car on friday :j :j

I_am_nearly_rich

This is the biggets scam going for a loan Company. I just cannot believe that it is still advertised on Martins tips as the best.

My credit rating is sky high and they offered me 8.9%.

Martin please delete all reference to this crap Company......

chinkoa

Hello everyone... newbie here *waves*

Could you tell me if moneyback bank is a reputable place to apply for a loan?

If anyone has had any experience of this bank ... I'd be really grateful for your feedback.

Thank you

grumbler

Hi and welcome

chinkoa wrote:

...Could you tell me if moneyback bank is a reputable place to apply for a loan?

If you lend money to someone you should worry about reputation. IMHO reputation doesn't matter when you borrow money. What is really important is interest rate and T&C.

If anyone has had any experience of this bank ... I'd be really grateful for your feedback.

moneybackbank loan? (merged) - very long thread. If you search the board for moneyback* you will find dozens more.

Search (Guide)