Applying for a Loan. UK.

[Markleshark]

Hello,

Looking to buy a car and I need a few thousand to help, so I'm looking at a personal loan. Anyway, I have found the loan with the rates and payments I'm looking for, just onto the applying stage now. If I apply, and get accepted, do I automatically then get the money, or do I get a further step saying for example 'You have been accepted, do you want to continue?'

Thanks,
Mark.

 

[CortexRock]

Things might have changed 'in the current economic climate' but the last time I took out a loan, I had to supply the details of the account where I wanted the funds. When the loan decision was made in my favour, the money appeared in my account straightaway.

I suppose if your credit rating was poor, or not as healthy as the loan company might like, they might contact you to offer an alternative product, or to refuse outright.

Hope that helps.

 

[Queso]

If I remember correctly the loan company will then send out pre-filled forms for you to sign, and once those are returned the money will get credited to your bank account.

 

[garybUK]

If you are getting car finance type loan then the dealer will sort it all out, if it's a normal bank loan then it'll go into the account details you supply.