moneyback bank loan? (merged)

kazzy

same here-we applied to moneyback and were approved online and told to ring a number.We did this only to be told the rate would be not 5.5% but 6.9%.We have a v good credit rating,own our home etc etc.What a con.Needless to say ,didn't go ahead but applied to n.rock with no hassle .

hagen_2

i applied last night for £8000 over three years, got the same email back asking me to ring the next day. i got the 5.5% ok but had a hell of a fight to get the loan without taking out their insurance,after his high pressure sales technique, i finally asked,in a forceful voice, whether the loan was dependent upon me taking the insurance, he finally said no and gave in...

then the cheeky git tried to get me to pay £30 to have the money transfered into my non a&l current account by the "chaps" method, i told him where to go, and said i would like the money transfered using "bacs" which is free and only takes a couple of days longer, so watch out for that con people.

one more quick moan, when they send you the email they claim that the decision has already been made, but they ask you loads more financial questions when you ring the next day and the real decision is based upon that call, it really is a war out there.......

happy saving

ManAtHome

Do they advertise a 'typical rate' - this is supposed to be the rate that 2/3 of applicants will get (at worst) - mind the gap..

lysaght

I'm the same as kazzy above - excellent credit rating but offered 6.9% instead of 5.5%. I think it's because I refused the Payment Protection Insurance. They were determined so they tried uping my APR by 1.4% to recover the equivalent amount! Told them to politely get lost. Try Lombard Direct at 5.8% who state that the rate advertised is the rate you get. Worked for me.
Vince

lysaght

I think these guys should be reported - they can't possibly be reaching their two thirds allocation at the typical 5.5% APR.

lysaght

I forgot to mention - Lombard Direct are offering 5.8% and they state that the rate they offer is the rate you get. Worked for me.

GDB2222

I was a bit miffed to receive an email saying:

'Should your application be unsuccessful we will refer your details to
an alternative loan provider who will search your records with a credit
reference agency to see whether they can offer you an alternative loan.'

I cannot find anywhere on the site where they say they will do this.

neveranymoney

I got turned down for a loan with moneybackbank, even though we have an excellent credit history. Lo and behold about two days later freedom finance wrote to us saying our details had been passed on by moneybackbank! They were offering ridiculous rates, so I threw it in the bin, but they are tortures, calling and sending out more letters, grrrrr! Ended up getting a loan with northern Rock, but its not plain sailing either!

doe

I just thought I will mention I tried to get an unsecured loan through Moneyback, the alliance and Leicester off shoot a few months ago, but for some unknown reason my application was rejected.



What I puzzles me is I haven't got bad credit. But moneyback then passed my details to someone else to lend me. This happen to be Freedom finance. I queried this and was told there was a tick in the terms and conditions.



My point is why pass my details to a lender which would potentially put me in more debt and maybe loss my house.

Anyway, I told Freedom finance to stick it.

petala

I have just borrowed £3000 over 12 months - costing me £88. Had to sit through some sell on the phone for protection - but politley refused and it didn;t take too long. It gives me a cheap cash flow solution whilst I am buying a car. Quick into the bank as well if you are an A&L customer.
A bit of hassel but no big deal.