Your Personal Loan Freedom Finance

gmarsh16 · 4 December 2008 at 11:21AM

We applied online for a loan from Your Personal Loan on the recommendation of this site. Hardly 5 minutes later the phone rang, it was Freedom Finance saying we'd been turned down for the loan, but they could check the market for other lenders blah blah. My concern is this: does it really take 5 minutes to approve or turn down a loan, and why were our details passed to Freedom Finance so darn quick?

Anyone else had this?

Graham

jamesd · 4 December 2008 at 11:53AM

Yes, it can take more or less than five minutes, depending on whether it can be done electronically and if not, how busy the humans are.

As for being passed on quickly, "A broker fee between 0% and 12.5% may be charged. On average this amount is £871." and you can expect that the Co-op (Your Personal Finance) will receive commission from Freedom Finance if you take out a loan via them. That's an incentive to pass on your details as fast as possible before you can shop around and get a better deal without paying a broker fee.

Sixstate_2 · 4 December 2008 at 12:06PM

Out of interest GMarsh, do you know your credit score? I am considering appliying for a loan with Your Personal Loan and obviously if your credit score is higher than mine I won't need to bother going through the process knowing I will be turned down.

gmarsh16 · 4 December 2008 at 7:55PM

Sixstate, I don't know our credit score as such, but we've done the quick credit check on this site and got a GOOD. We've never been turned down for anything in 20 years, have never missed a single payment on anything, so its mysterious that YPL turned us down so quick. After the Freedom Finance call I rang Abbey, and got approved instantly at the term we wanted, at the lowest interest rate they are currently offering, so that means our credit score was good with them! We do already have finance with Abbey, so that may have helped.

Ilian2008 · 4 December 2008 at 10:53PM

I found something similar. I applied for a Saisnsburys loan got rejected and Freedom Finance called me saying my details were passed on to Freedom Finance who then asked all the same questions and put me through to other lenders that asked the same questions then offered me a secured laon at about 21% apr. Forunately i wasnt that desperate

petermb_2 · 5 December 2008 at 12:18PM

It sounds as though there is another whole raft of claims coming out of this lot.

Your Personal Loan Freedom Finance

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