AA loan process - help!

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  • Hi Everyone,

    I also applied for a personal loan with AA and got the same message saying that it was agreed in principle and that I would receive the letter to sign, scan and upload, at the same time I uploaded a 3 month bank statement and wage slip. I'm waiting for the letter as of yet since I only applied on Saturday the 12th of May.

    When I went to check my credit files (Experian, CallCredit and Equifax), and only found a record of a hard search made from "Bank of Ireland UK" on that same day following my application with AA. After doing a quick search on Google found that AA uses the Bank of Ireland UK for their loans and that this same bank uses Equifax for their Personal loans...but my hard search appeared on my Experian...not on my Equifax...

    I would have preferred them to have used Equifax just because they have all my details and are 100% accurate, while with Experian I'm still fighting with them to have the records for 2 Amex cards I held since 2015 and which have £19K available credit and with only 5% used credit. Do you know why they went for Experian when on on their FAQ's they say Equifax?

    Leave you the link below:
    https://www.bankofirelanduk.com/personal/loans/personal-loans/faqs/

    Thank you all in advance
  • [Deleted User]
    [Deleted User] Posts: 35,242
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    Do you know why they went for Experian when on on their FAQ's they say Equifax?

    Because their FAQs are out of date.
  • DCFC79
    DCFC79 Posts: 40,598
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    Ive been asked for no further information and have an Experian credit score of 999 so cant see whats causing a delay.

    Can you tell me what the 999 equates too ?
  • The 999 is the Experian credit score rating when you search your own account. Its a score out of 999 so I couldn't have a credit history any clearer with them.
    Everything on my application auto accepted and they haven't asked for any further proof of ID etc or paperwork signing as I signed an online document, so I don't understand what they are now doing or how long the money takes.
    Im getting the feeling a lot of people are having these issues and wondering if people are actually getting the money after these approvals online and if so how long it really takes, as the two working days obviously isn't correct
  • DCFC79
    DCFC79 Posts: 40,598
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    The 999 is the Experian credit score rating when you search your own account. Its a score out of 999 so I couldn't have a credit history any clearer with them.

    No 1 but you can see the score = it doesn't mean there cant be any delays.
  • I understand that the lender don't see the score as a number and use their own internal system, what I was trying to explain is that I have a good credit score rating with no reason for a delay beyond the expected 2 day suggested, as otherwise people will assume there is a credit worthiness delay. The real question however is are people eventually getting the money sent and how long its really taking to complete
  • DCFC79
    DCFC79 Posts: 40,598
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    I understand that the lender don't see the score as a number and use their own internal system, what I was trying to explain is that I have a good credit score rating with no reason for a delay beyond the expected 2 day suggested, as otherwise people will assume there is a credit worthiness delay. The real question however is are people eventually getting the money sent and how long its really taking to complete

    Its up to the lender to decide whether it will take more than 2 days to decide on a loan application.

    Well to get a really detailed answer you will need to get access to the database of customers and ring each customer and ask them.
  • I understand that the lender has the control in this situation but if they indicate that an application is accepted and money will be with people in two working days then it should take two working days, or stipulate a time scale that they could work to such as "within 10 working days" it's simple customer service. I personally am buying a car and have a holding deposit against the vehicle, due to better interest rates I am going down this route rather than dealer finance however I need a timescale to work with.

    As for the detailed answer im just looking for the outcome that the two previous posters had, in order to get some form of gauge of timescales. Which may also help future readers of this thread.

    Have you had any personal experience borrowing money from AA loans or bank of Ireland DCFC79?
  • For anyone picking up this thread I can now share my experience of the AA and real timescales, the process is actually 5 working days to underwrite and a further 2 to send the money. For myself that meant 12 calendar days due to weekends and the fact that I applied on an evening.
    However despite no correspondence, email or telephone call my application was eventually rejected which I was told when I phoned on day 12 when I chased them again. This was after comparison site soft search 95% chance of acceptance, an acceptance by the AA subject to final checks, online doc signing and a perfect credit score.
    So I then applied with the Nationwide, thinking I would now have problems due to the hard search AA had done on my file, and the money was in my account in 2hours at a competitive rate of 3.9%APR. Granted not as good as the 3.1%that the AA had originally offered but which I think they try to reject at any opportunity, of which I still don't know what could have been as I have thoroughly checked and there is nothing negative on any of my files.
    Personally I would suggest people don't look at AA or bank of Ireland as the lack of communication is disgusting. Consider the Nationwide though as it was seemless
  • [Deleted User]
    [Deleted User] Posts: 35,242
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    Granted not as good as the 3.1%that the AA had originally offered but which I think they try to reject at any opportunity

    That makes no sense, either commercially or from a regulatory viewpoint.
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