A good choice for a loan (Smile)

Member Name: herbie__53

Product:	Smile
Date:	23/03/09 (135 review reads)
Rating:

Advantages: Easy to apply, and can see your account online.

Disadvantages: Website is misleading as to how fast you get your money..

I bank with Smile so they seemed the natural first choice of lenders to apply for a loan with. As I was already a customer it was easy to apply - literally just a few clicks as they already have all of my details on the system. You are given an enrolment number to track the progress of your application online so you can see when things move forward.

I originally applied for £15k on the Monday night. Tuesday morning I had a call from the Smile Loans team to confirm a few details, but to my surprise when I checked the Application Tracker it said I had been declined. That evening though I had a call from another chap from the Loans Team, saying that he though he'd give me a call as, although I had been declined, he thought he still may be able to help. He said that although I had been declined for the £15k, based on my credit score etc etc they would be able to lend £14,750, just £250 less than my original application. This was really a nice surprise to have them phone me with this offer, as most companies say no and that's that.

So we ran through a few details over the phone and the application went through. He said my loan paperwork would then be sent out to me, and the money would be in my account the next working day after they receive it back as it was a Smile account. So I get the paperwork on the Friday morning, and send it back that same day. I keep checking the Application Tracker to see when it's updated with paperwork received, but after several days it's still not showing and there's no sign of the money. So I give them a call, and they say that the paperwork only shows as received once its been "processed", which can take up to 36 hours to do once they have actually received it.

So I give it a couple more days and still nothing, so another phonecall to them which results in the same "processing" story. The money actually went in a week and two days after my initial application, which seemed strange to me as they said the first repayment will come out of your account five weeks and two days after the date of your initial application, and this date just happens to be exactly a month after I got the money. Had they have been honest with me in the first place and said that it would be a while before I got the money I would have been ok with it, but the website says you will get the money 1 working day after they receive the forms back which is a bit misleading.

Overall though it was a good transaction, I got their regular loan rate of 8.9% and I can see the loan account alongside my current and savings account so I can see exactly how much I owe.
the only gripes I have is that you can't change your payment date and you can't overpay each month.

Summary: Smile team are very helpful with your application.