Personal Loan - existing v new customer?

Baggy23

Hi!
Can anyone advise?
When applying for a personal loan - would it be better to apply where you are already a customer - where they have records of income etc to hand - or apply somewhere as a new customer?

Household opinion divided on this one!!!

queen_of_leon

you've probably got a better chance of being accepted where you are already a customer...but martin always tells us not to give one company all your custom!!...lol

regardless...you go where the best rates are : )

Snooze

Baggy23 wrote: »

Hi!
Can anyone advise?
When applying for a personal loan - would it be better to apply where you are already a customer - where they have records of income etc to hand - or apply somewhere as a new customer?

Household opinion divided on this one!!!

Apply at whichever bank you've had a well-run current account the longest.

If you've already got a well run current account with them you stand a much higher chance of being accepted than with an outsider as banks often use their own internal scoring system for loans and they will often turn a blind eye to the odd missed/late payment here and there, whereas an outsider doing an external CRA check will just see the late payments and quite possibly decline you simply based on that.

Rob