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  • FIRST POST
    • Rjw72
    • By Rjw72 25th Jun 19, 5:59 PM
    • 4Posts
    • 0Thanks
    Rjw72
    Cancel loan application
    • #1
    • 25th Jun 19, 5:59 PM
    Cancel loan application 25th Jun 19 at 5:59 PM
    I have applied for a loan with post office. They have said they are going to post agreement in 5 days but they may need some extra paperwork. But while looking at my bank they have a better rate with a highly likely on soft check. Would cancelling my post office application from 3 hours ago cause me problems applying with my bank?
Page 1
    • Willing2Learn
    • By Willing2Learn 25th Jun 19, 6:03 PM
    • 3,552 Posts
    • 3,156 Thanks
    Willing2Learn
    • #2
    • 25th Jun 19, 6:03 PM
    • #2
    • 25th Jun 19, 6:03 PM
    I would not cancel the Post Office loan before you have made an official application with your own bank, as you won't know your banks APR until after you have applied. Then you can choose which application to withdraw from based on the definite APR.

    It would not cause any problem with your own bank if you were exercise your right of withdrawal from the Post Office loan
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Rjw72
    • By Rjw72 25th Jun 19, 6:04 PM
    • 4 Posts
    • 0 Thanks
    Rjw72
    • #3
    • 25th Jun 19, 6:04 PM
    • #3
    • 25th Jun 19, 6:04 PM
    Will it not seem like I am borrowing twice the amount
    • zx81
    • By zx81 25th Jun 19, 6:05 PM
    • 22,983 Posts
    • 25,389 Thanks
    zx81
    • #4
    • 25th Jun 19, 6:05 PM
    • #4
    • 25th Jun 19, 6:05 PM
    You haven't yet borrowed any amount.
    • boo_star
    • By boo_star 25th Jun 19, 6:08 PM
    • 2,074 Posts
    • 1,426 Thanks
    boo_star
    • #5
    • 25th Jun 19, 6:08 PM
    • #5
    • 25th Jun 19, 6:08 PM
    Will it not seem like I am borrowing twice the amount
    Originally posted by Rjw72
    As zx81 says you haven't borrowed anything yet, all that you've done is apply and all your bank will see if a hard search for a loan.

    That may or may not be a problem but there's not much you can do about it now, cancelling the loan will not remove the hard search.
    • Rjw72
    • By Rjw72 25th Jun 19, 6:15 PM
    • 4 Posts
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    Rjw72
    • #6
    • 25th Jun 19, 6:15 PM
    • #6
    • 25th Jun 19, 6:15 PM
    Would a hard search be a major issue? My rating on Experian is 999 would it make a change to it. Is using your bank an advantage
    • Willing2Learn
    • By Willing2Learn 25th Jun 19, 6:18 PM
    • 3,552 Posts
    • 3,156 Thanks
    Willing2Learn
    • #7
    • 25th Jun 19, 6:18 PM
    • #7
    • 25th Jun 19, 6:18 PM
    Neither your bank nor the Post Office see or use your 'credit score' from Experian. So it doesn't matter that your Experian 'credit score' will drop as a result of the hard searches.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Rjw72
    • By Rjw72 25th Jun 19, 7:35 PM
    • 4 Posts
    • 0 Thanks
    Rjw72
    • #8
    • 25th Jun 19, 7:35 PM
    • #8
    • 25th Jun 19, 7:35 PM
    Just to update this. Applied with bank got loan at 2.86% so will cancel post office tomorrow.
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