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Loan Approval

  • 16-07-2008 9:44pm
    #1
    cunnins4
    Closed Accounts Posts: 882 ✭✭✭


    Hi folks,

    I applied for a student loan, received the credit agreement and sent it back, but then they turned it down. I thought when you receive the agreement it's approved? I've never been turned down before, so I thought it to be quite strange!


Comments

  • #2
    KillerShamrock
    Registered Users, Registered Users 2 Posts: 1,405 ✭✭✭KillerShamrock


    That is very strange indeed. What did they say when they refused it.

    Although it is the banks right to pull out at any time even after giving you the money they can turn around and pull out and demand the money back. Its in the T&Cs


  • #3
    cunnins4
    Closed Accounts Posts: 882 ✭✭✭cunnins4


    He just said "you haven't met the lending criteria" and we've sent you out a letter. I was waiting 16 days altogether so I just phoned them up and he said the letter was in the post. It's now 18 days and the letter hasn't arrived. Sending a strongly worded letter for messing me around first thing tomorrow. I'm quite annoyed it took so long to get a decision-that's left me in an awkward position.

    I know about the right to pull out at anytime, but i've a steady stream of income for years (although small cos I'm part time in college) I always have a flow into my account.


  • #4
    cunnins4
    Closed Accounts Posts: 882 ✭✭✭cunnins4


    just noticed this on their site: "quick decision"!!!! haha!this


  • #5
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    Would annoy me too if they sent out the paperwork and then denyed the application when you sent it back. Would try push them further for more info but not really sure what you'll get.


  • #6
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    Did you have to send anything back along with the loan agreement, like statements or anything? I know I had a loan with these and it was approved and all but I had to send in statements and payslips to prove my income. So if it had turned out that I wasn't earning enough or they weren't happy with my account turnover, they could have withdrawn the offer for the loan.


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  • #7
    cunnins4
    Closed Accounts Posts: 882 ✭✭✭cunnins4


    Nope, I just had to sign the agreement, and have someone over the age of 18 sign the witness part. I phoned them to check this and they said to just have anyone over 18 sign the witness part and send it back. Very odd.


  • #8
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    That's really odd.... maybe they approved it by accident or something? I dunno. If you haven't gotten a letter by now, I'd phone and ask to speak to a manager and ask for an explanation as to why suddenly the loan decision was reversed.


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