Loan help

[Dudley52]

So I applied for a £3k loan. They sent me a letter 6 days ago saying the money has been credited to my account. On the website it says "in progress". The money is still not in my account.

What should I do?

 

[Aoami]

have a wank

 

[Raven]

It depends how they have made the payment, bacs usually takes 2-3 working days, chaps should be same day, though if they did it after 3pm it may be next day.

Depends on the bank or organisation really, that and the person you spoke to could be a Muppet, it happens a lot with banks.

 

[Aph3x]

Chaps costs banks money so I doubt they would use that. Regular payments between banks, especially different organisations takes 3 - 4 working days. With Xmas ect being around its going to take slightly longer.

 

[Dudley52]

It depends how they have made the payment, bacs usually takes 2-3 working days, chaps should be same day, though if they did it after 3pm it may be next day.

Depends on the bank or organisation really, that and the person you spoke to could be a Muppet, it happens a lot with banks.

Its a Barclays loan. I haven't spoke to anyone I done it all on the net. It was a pre-approved offer and was accepted immediately.

 

[Raven]

It won't be accepted straight away like that, it will probably say something like "provisionally accepted" they will need to send you a loan agreement for you to sign and return, along with proof of ID etc.

Are you sure you want to take out this loan? Most of these pre-approved things have horrible interest rates, shopping around can get you a good rate.

 

[Dudley52]

It won't be accepted straight away like that, it will probably say something like "provisionally accepted" they will need to send you a loan agreement for you to sign and return, along with proof of ID etc.

Are you sure you want to take out this loan? Most of these pre-approved things have horrible interest rates, shopping around can get you a good rate.

Its been agreed, Since the letter says "Thank you for your Barclayloan application, which has been completed. Your money has been credited to your account".
I have no credit history at all and this was the only one I could get.

 

[gohan]

It won't be accepted straight away like that, it will probably say something like "provisionally accepted" they will need to send you a loan agreement for you to sign and return, along with proof of ID etc.

Are you sure you want to take out this loan? Most of these pre-approved things have horrible interest rates, shopping around can get you a good rate.

barclays arent to bad to be fair higest rate you'll pay is 24.9% lowest is 7.9% depends on credit history amount and term borrowed over, but doesnt matter if u get it online or on the phone or in branch its all the same rates

 

[Aph3x]

24.9% is fucking huge man, have a look around, all you need is £3k which isnt a massive amount. I work for a bank and if you came into me you'd probably be looking at 12.9% still not a nice rate but a damn sight better than 24.9%

 

[Dudley52]

Its 16%. I have no credit history at all like I said. Literally nothing, no previous loans, no credit cards, store cards anything. All I have and ever had is my current account and I've never even been overdrawn.

The only monthly payment that I make or have ever made is my car insurance. £97 a month. Thats my only monthly outgoing on direct debit.

 

[gohan]

24.9% is fucking huge man, have a look around, all you need is £3k which isnt a massive amount. I work for a bank and if you came into me you'd probably be looking at 12.9% still not a nice rate but a damn sight better than 24.9%

24.9 is the highest APR thats normal for pretty much every bank tbh

always get it throught a bank cos if u go elsewhere u can pay well over 1000% ie short term loans that get extended ect


thiers one on tv atm thats like borrow cash for a week ect typical apr 2453% or some shit, thats still like £50 a week to borrow £100


don't know how they can legally do it, so no i wouldnt say 25% is that high really when ocean ect will be 40% provident like 60% cash till payday cheques are about 500% even credit cards are up to 50% apr now

 

[Vae]

When did you apply for it and when did they tell you it had been credited?
Bear in mind that Bank Holidays and weekends are not working days and a BACS transfer will take 2 days minimum so with a 4 day weekend it'll be delayed a bit.

 

[soze]

Its 16%. I have no credit history at all like I said. Literally nothing, no previous loans, no credit cards, store cards anything. All I have and ever had is my current account and I've never even been overdrawn.

The only monthly payment that I make or have ever made is my car insurance. £97 a month. Thats my only monthly outgoing on direct debit.

If you do not have a Barclays account it can take up to 5 days i think so with xmas and a bank holiday on Monday you might be waiting till wednesday.

Someone better with money might be able to confirm this but i was told its worth getting a credit car or a catalogue to help credit rating as the constant paying back of that credit will help your rating.

 

[Ingafgrinn Macabre]

Heh, glad I live in the netherlands.

Legal maximum banks can charge is 16% for any loan...

 

[soze]

Did anyone see that capital one card? Maximum of £500 but it seemed like anyone could get one and it started at nearly 30% apr but shot up to nearly 50% 6 months later. A credit card designed for people who have trouble with paying credit back and they give such a massive rate.

 

[Bugz]

Its 16%. I have no credit history at all like I said. Literally nothing, no previous loans, no credit cards, store cards anything. All I have and ever had is my current account and I've never even been overdrawn.

The only monthly payment that I make or have ever made is my car insurance. £97 a month. Thats my only monthly outgoing on direct debit.

Maybe it would be sensible to build up a credit history if the loan isn't essential?

 

[Garaen]

Most people don't take out loans if they're not essential Bugz

 

[Bugz]

Haha. I guess half the country are in debt because they all had essential things to buy huh?

Besides, he said his only monthly outgoings was car insurance so why would he need a loan? If it's entrepreneurial, wait it out a bit as good ideas or not, the economy may swallow your idea completely without a gain.

 

[kiliarien]

Its been agreed, Since the letter says "Thank you for your Barclayloan application, which has been completed. Your money has been credited to your account".
I have no credit history at all and this was the only one I could get.

Raven used to be right I think Dudley - I always thought it was against UK financial law for them to give you a loan without a written contract (unlike credit cards, which the FSA run under different rules) but that dosn't seem to be the case if you can get the money within three hours as the website claims, so that's weird although obviously legal.

At least you've used the bank you clearly have an account within - I don't think you can get a Barclayloan without being an account holder so long and short of it is; talk to them on the phone.

Sorry I couldn't be more help and hope it's solved for you shortly.

 

[soze]

I did a online Credit agreement for my mobile was the first one i did but i got a written one with the phone for my records.

 

[Bahumat]

I just did a poo on my bank statement and a pound fell out!