To ask if anyone knows how loans work?

[Maydaybankholiday]

Online banking app shows me as 'highly likely' for an amount about £15k more than i would want to apply for. Am i likely to get it once i go through the application process ?
Is there a way of finding this out without it affecting my credit score ?

I always get this ad. Always have done. I remember once applying based on ad and letter and they were just "soz, nah"🤦

Do you know what your credit score is op? If it's really good and your disposable income can easily cover the loan repayments then there's no reason why you shouldn't be eligible. Have a look on Experian it tells you about your eligibility on there.

Generally, if you have a good income, you’ll qualify for a loan and if you don’t, you won’t.

It wasn't an add its the thing on my banking app that says 'borrow' it says based on your account we Could lend you X
And its way more than i want to borrow.
My credit score is the best one don't know how they grade it, is it A maybe? Anyway it's the best one ass I have credit cards that I used then pay off monthly and I've just cleared a massive credit card recently too.
I have a reasonable income, but my bank can see what money comes in and out so would they be basing their loan amount on this?

That martins money tips site is great for financial advice.

They had a thing that you could see if you’d qualify for a credit card and it only left a soft footprint in your credit history so was really helpful.

Perhaps they have the same for loans, which would be perfect for you to find out without a footprint being left.

Do you know what your credit score is op?

Your credit score doesn’t actually exist. No one sees it apart from the credit referencing agency and you. And that includes any potential lenders.

@Maydaybankholiday

It wasn't an add its the thing on my banking app that says 'borrow' it says based on your account we Could lend you X And its way more than i want to borrow. My credit score is the best one don't know how they grade it, is it A maybe? Anyway it's the best one ass I have credit cards that I used then pay off monthly and I've just cleared a massive credit card recently too. I have a reasonable income, but my bank can see what money comes in and out so would they be basing their loan amount on this?

Are you asking whether they are targeting you with an offer specific to you? Chances are it’s a general promotion. They have worked out that most people could afford a loan of c15k over 5 years. But they aren’t promising you that. Just saying they would consider it.

They are particularly interested in people who might be interested in credit card consolidation into a loan. If they target anything in you as a customer it would be that.

If they reject you it won't affect your credit score forever but you might need to give it 6 months before trying to get any other new credit ideally

Is this with Lloyds @Maydaybankholiday? If so I had this and when I applied on the banking app it made a yes decision automatically and the money was available straight away.

@bobdidit

Is this with Lloyds *@Maydaybankholiday*? If so I had this and when I applied on the banking app it made a yes decision automatically and the money was available straight away.

No its Halifax, but that's the same Co pant isn't it? So you had highly likely and then got it fine? It isn't a promotion thing its in the section where you would apply for a loan.

Company!

Does the website have a loan calculator? Some will do a soft search. Either that or join ClearScore where you get offers based on your score and other factors. Most will do a decision in principle before you apply.

@Maydaybankholiday yes it wasn't an advert. I clicked in as if I was going to apply and it had a scale where you could move it to the amount you wanted to borrow and it would tell you how likely you are to be accepted? Does that sound the same? I was accepted instantly and the funds were available straight away. I did mine about this sort of time of night as well funnily enough. Although obviously I'm not saying you will be accepted! That's just my experience

So I've put in my figures and it says 'based on what we know about you, you are highly likely to qualify for this amount over this time'
It was in the 'borrow with a loan' section of my Halifax app

I had this on my banking app.

It said "we could lend you £25,000" I only wanted a fraction of that for a little second hand car.

I applied for the much lower amount and was accepted straight away money was in my bank in like 30 seconds, went down and bought my car the same day.

[quote bobdidit]@Maydaybankholiday yes it wasn't an advert. I clicked in as if I was going to apply and it had a scale where you could move it to the amount you wanted to borrow and it would tell you how likely you are to be accepted? Does that sound the same? I was accepted instantly and the funds were available straight away. I did mine about this sort of time of night as well funnily enough. Although obviously I'm not saying you will be accepted! That's just my experience [/quote]
Sounds similar to mine, you put in the amount you want and what time scale and it tells you the monthly payments, the total payable back and how likely I am to get this.

If it's far more than you want to borrow why does it matter? You'd be foolish to apply just because you could. Honestly, you're not coming across as being sensible about money.

@chunderwunder

If it's far more than you want to borrow why does it matter? You'd be foolish to apply just because you could. Honestly, you're not coming across as being sensible about money.

You are miss-understanding my post I want to borrow about half of what it says I'm highly likely of borrowing. I'm still nervous about applying for the half amount and hoping I qualify for that!