Chill Money Debacle

dubdev

Hi all

I am in the process of applying for a loan from Chill Money. Their website states that "It couldn't be easier" and they offer "Personal Loans Made Simple" but the process so far has been anything but easy or simple.

An issue has arisen with the application because the name of the company where I work is different to the name that appears on payroll lodgements in my bank statements and also on my payslips, due to the company being a subsidiary of an American MNC whose EMEA operation is based in London. All HR functions including payroll are operated out of the London base. This, it seems, they cannot wrap their heads around, and they are now looking for a letter of employment FFS!

I'd love to know what anyone else thinks, or if they have any advice or have had a similar experience with Chill Money.

Thanks

Jim2007

dubdev wrote: »

An issue has arisen with the application because the name of the company where I work is different to the name that appears on payroll lodgements in my bank statements and also on my payslips, due to the company being a subsidiary of an American MNC whose EMEA operation is based in London.

But that is fairly fundamental. Think about it from the point of view of the person on the other side. They approve the loan for you and it goes wrong. The first thing risk management will want to know from them is how the hell they approved a loan from someone with no payslips from the company they claimed to work for.....

You need to find some way to satisfy their concerns or it will go no where. Any chance there is anything on your payslips or income tax statements that would line up with your ultimate employer, would they perhaps write a letter confirming your employment.. any documents confirming your payroll process...

XarcherX

hi dubdev, I'm just wondering how you got on with your Chill loan application? I am in the process of applying for a loan as well, it's been 3 weeks now and still haven't gotten an answer from them!
I applied online and they called me and asked me to get a copy of my credit report from the ICB and call them back to discuss when I received it.. so I did that..
Got my credit report, which showed nothing remarkable and called them back and told them there was nothing on it, so they asked me to upload my bank statements etc and I did and have still heard nothing!
their website says approval in principal on the same day and once approved they'll transfer funds within 48 hours!
Anyone else come across this? thanks

Dave1991

XarcherX wrote: »

hi dubdev, I'm just wondering how you got on with your Chill loan application? I am in the process of applying for a loan as well, it's been 3 weeks now and still haven't gotten an answer from them!
I applied online and they called me and asked me to get a copy of my credit report from the ICB and call them back to discuss when I received it.. so I did that..
Got my credit report, which showed nothing remarkable and called them back and told them there was nothing on it, so they asked me to upload my bank statements etc and I did and have still heard nothing!
their website says approval in principal on the same day and once approved they'll transfer funds within 48 hours!
Anyone else come across this? thanks

Does approve in principle not mean that they have already checked your credit rating and only want to see your bank details to see your wages paid into that bank? Or am I wrong?

dubdev

XarcherX wrote: »

hi dubdev, I'm just wondering how you got on with your Chill loan application? I am in the process of applying for a loan as well, it's been 3 weeks now and still haven't gotten an answer from them!
I applied online and they called me and asked me to get a copy of my credit report from the ICB and call them back to discuss when I received it.. so I did that..
Got my credit report, which showed nothing remarkable and called them back and told them there was nothing on it, so they asked me to upload my bank statements etc and I did and have still heard nothing!
their website says approval in principal on the same day and once approved they'll transfer funds within 48 hours!
Anyone else come across this? thanks

Why they are asking you to get a copy of your ICB report?. That information should be available to them without your intervention.

The process for me took about a week in total. I was dealing with an underwriter who definitely was not a people person. Every day, around 9.30-10am during that week I would get a phone call where he, in his infuriating monotone voice would say "we need a bit more than what you've given us" (referring to the discrepancy between the company name on my payslips and the company name I put in my application.

I asked him was it not enough that I provided copies of:

Three month's payslips
Bank statements
ID
Proof of Address
My partner's payslips
The website where it CLEARLY SHOWS that the company I work for are owned by the company issuing payslips.

His response to the website was "Sure I could be looking at anything there."
In the end, the letter of employment got me over the line as I was approved a couple of hours after it was uploaded, but the amount of time I wasted on the phone talking to that guy was really something.

I would disregard the 48 hours thing altogether, it will take as long as it takes unfortunately. You could always lodge a complaint with the financial services regulator/ombudsman saying that they are making claims on their website regarding loan approval turnaround time that are not true.

I hope you get your approval anyway. Best of luck

Yggr of Asgard

As Avantcard provides the loan it might be easier to apply there directly, especially as their rates seam to be cheaper for some instances too (no to big of a difference but still).

They also offer online application and you cut out the middle man.

NorthDub69

Got approved for a loan today. How long does it take the funds to go into my account and also they mentioned they will be posting out documents. Does anyone know if the envelope has anything to so with chill money on it. Not keen on housemates knowing what sort of mail i have coming in

fitzy08

NorthDub69 wrote: »

Got approved for a loan today. How long does it take the funds to go into my account and also they mentioned they will be posting out documents. Does anyone know if the envelope has anything to so with chill money on it. Not keen on housemates knowing what sort of mail i have coming in

Hey how long did the over all process take for you? How long did approval take and also how long did you have to wait for money to be transferred to your account? Thanks

fitzy08

Hey, anyone know how long they take to call you after you have submitted all your documents online? If approved how long does the funds take to be in your bank account? Please let me know. Thank you

Lampers

Anyone know how long it took? I applied 3 days ago and they just keep telling me to check my emails the next day?!

zialty

did any of you receive the loans? im considering them instead of my credit union... how long did it take for everyone?
and should my work know im applying for a loan?

Dec360

I have applied for a personal loan. I applied on Monday at 10.30am. I receieved an email at 5.10pm to say that i have to re-rend my docs as there was a couple of things wrong. Ok, my bad.

So, i re-sent my docs at 10am the next day, Tues. I didn't hear anything back. So i rang yesterday, Wed, and was told that my docs are still pending. Heard nothing back. So i rang today, Thurs, and was told that my docs would have to be re-sent.The thing is, they didn't even know i had re-sent the docs on Tues !. I was told today that the my docs will be accepted and it will take about 48 hours for approval. 48 HOURS. I questioned why it will take this long and was informed that a manager has to approve the docs as well. Manager approval takes 48 hours, wow.

On the website they claim that they are "faster than a bank". They also suggest on the website that i should "put the kettle on"( waiting for my docs to be approved ). And also, when i received the first email i was informed that "we will be in touch very shortly". How exaclty are they allowed to claim this is a fast process. I mean, my bank, AIB, approves a loan in less than 2 hours and thw money would usually in the account by that time too.

I suppose i just needed to vent there but does anyone else think this is ridiculous ? And also very false advertisement ?

dubdev

Dec360 wrote: »

I have applied for a personal loan. I applied on Monday at 10.30am. I receieved an email at 5.10pm to say that i have to re-rend my docs as there was a couple of things wrong. Ok, my bad.

So, i re-sent my docs at 10am the next day, Tues. I didn't hear anything back. So i rang yesterday, Wed, and was told that my docs are still pending. Heard nothing back. So i rang today, Thurs, and was told that my docs would have to be re-sent.The thing is, they didn't even know i had re-sent the docs on Tues !. I was told today that the my docs will be accepted and it will take about 48 hours for approval. 48 HOURS. I questioned why it will take this long and was informed that a manager has to approve the docs as well. Manager approval takes 48 hours, wow.

On the website they claim that they are "faster than a bank". They also suggest on the website that i should "put the kettle on"( waiting for my docs to be approved ). And also, when i received the first email i was informed that "we will be in touch very shortly". How exaclty are they allowed to claim this is a fast process. I mean, my bank, AIB, approves a loan in less than 2 hours and thw money would usually in the account by that time too.

I suppose i just needed to vent there but does anyone else think this is ridiculous ? And also very false advertisement ?

Yep they are definitely not fast. I got approved but it took a week in total. There is a total lack of transparency as to how your application is proceeding. When you apply, you get a link to a crappy web portal which only lets you upload a single document at a time, and the amount of back and forth over email I had with them was really frustrating. Given their high interest rates they are not someone I would recommend.

Dec360

dubdev wrote: »

Yep they are definitely not fast. I got approved but it took a week in total. There is a total lack of transparency as to how your application is proceeding. When you apply, you get a link to a crappy web portal which only lets you upload a single document at a time, and the amount of back and forth over email I had with them was really frustrating. Given their high interest rates they are not someone I would recommend.

Totally agree and i seem to be experiencing the same issues. I will wait to see if they contact me tomorrow. If i don't hear back from them, i will definitely cancel the loan !

Alexd6

NorthDub69 wrote: »

Got approved for a loan today. How long does it take the funds to go into my account and also they mentioned they will be posting out documents. Does anyone know if the envelope has anything to so with chill money on it. Not keen on housemates knowing what sort of mail i have coming in

Hi I got approved for a loan today and filled out the direct debit mandate, just wondering how long it took for your funds to go into bank account, thank you

richangell

Hi congratulations on your loan was wondering how many days it took to get approved

Alexd6

richangell wrote: »

Hi congratulations on your loan was wondering how many days it took to get approved

Thanks! I applied on the 20/12/17 and was approved yesterday 2/01/18, it was slightly delayed because of the Christmas holidays and and error with bank statements on their behalf, funds transferred into account 24hrs after approval, very happy with how it all went, goodluck!