Nov
3
Hi,
I applied online for a loan last week, with a company offering an immediate response/decision.
I filled in the online application & at the end it said that I had been ‘conditionally accepted’ at a higher-than-advertised interest rate (which I was still happy with, as I know my credit rating needs improvement).
They posted two Consumer Credit agreements to me, I signed both & returned one, along with two suitable proofs of address.
However, the day after I was conditionally accepted for this loan, I stupidly applied for another (I was worried that the other one still might not work out) - & I was rejected!
Will this affect my first application? I’m really worried as I desperately need this money & I’m pretty sure that no other companies will give me a loan!
Thanks
Additional info - I only sent back one copy of the credit agreement as the other is for me to keep.
What I basically wanted to know is, how likely is it that the first company will turn me down, after conditionally accepting me, taking my bank details, sending credit agreements out to me, & asking me to provide them with proof of my address? Are they likely to check my credit history again & see that I have applied for another loan?
Thanks for all the info everyone, it’s most useful.
I’ve called the company who conditionally offered me the loan for the past two days…yesterday they didn’t know whether the relevant department had received my paperwork back, today the guy I spoke to tried to call that department but couldn’t get through & said he’ll give me a call back once he’s spoken to them…hopefully he will!
I’m based in the UK, so I dunno if being accepted for loans maybe works differently here to in the US? I need the money as I’m coming to the end of my degree, which has been a complete waste of time & cost me a fortune, I need to consolidate all the debt I’ve incurred & move on with my life!
Thanks everyone for your help & concern though 
OCTAVIO
Comments
11 Responses to “Am I likely to be accepted for this loan?”
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JESSIE
If the first one said immediate decision, it seems like you should have heard from them by now.
REUBEN
If the first company pulled your credit report it would show there. So when the second company pulled it, they saw that you already applied for a loan a day before. Quit applying and call the first company for the status.
AUGUSTINE
Contact the lender to see if you have been accepted.
FEDERICO
Why did you only return one of the CC agreements if they sent you two and you signed both?
RUSS
Be careful not to apply excessively. this will lower your credit score. each time you apply is on your credit report as well as who you apply with. there are a lot of resources out there on credit use and repair. make use of your right to dispute neg items on your credit report. if you dispute something and the other party doesn’t reply in 30 days, the neg info comes off automatically. often they will not respond. just a suggestion as this really helped me
CLEVELAND
The second app that you were turned down on should have no effect on the first one you were “conditionally accepted” on. It may have effected you if you were granted the loan because then your debt would have changed but since you were declined nothing changed other than another hit to your credit bureau report.
I would contact the first lender and they should be able to answer your questions. If they can’t or won’t then maybe you need to seek another lender anyway.
DEANDRE
interesting
AUGUST
Could be a scam just to get ur personal information.
GERALD
i wouldnt apply for any more loans it does lower your score. but i would start calling the company daily if need be to get an answer. dont give them to much time. i my self have never heard of conditionaly accepted. i wish you the best of luck. keep me updated
LONNIE
I think conditionally accepted means that going by the info you gave them, they think you should be able to pay back the loan. The conditional part is they want to look at your credit history. If you have something really awful, they can turn you down, or charge you a higher interest rate (since you would be more of a risk). What is your previous history like? Have you gotten a copy of your credit report? The law says you can get one a year for free. It shows all the payments you’ve made to utilities and other bills, and whether they were late or on time. It’s a good thing to get from time to time, as it becomes clear just what kind of havoc you’re wreaking on yourself if you pay things late.
Why do you need the money so desperately? Being desperate is not a good position to be in
SONNY
You have to be very careful with these types of online loan companies. Generallu most companies will not approve you over the phone or Internet. For the most part they simply answer back with you a conditional offer. This is done to verify your credit information an your true identity. They also have special rates on interest rates, as such. And of course is just like reading the find print of a car dealer commercial.. They subject you to other terms if your credit scoring is not a 700 or better..