Like many others I can see reviewing here, I was 'pre-approved' via ClearScore for what seemed to be a great deal!
The application was seemingly quick and easy. I was then asked for a fair amount of documentation which I was happy to send in. That said, I then came across a stumbling block, the account I requested my monies to be paid in should I be approved, was a new account that I'd just switched my main account over to (closing my current/previous main account). With them wanting 3 months of full statements for the new account, I simply was unable to provide the information.
I explained this to the people on live chat (who were all very helpful) and I was asked to provide open banking instead and noted on my account the statements provided are my most recently but the account was recently switched. The next day, I'm again requested for 3 months of new statements on the new account. I once again go on live chat and explain the situation only to be told that unfortunately that's what's required if I'd like to proceed the loan. I say I cannot provide this, because the account isn't 3 months old. I'm then told to provide whatever I can and the underwriting team will them re-review and let me know if its adequate.
At this point, I choose to cancel my application. Whilst I appreciate their diligence, they make it incredibly difficult in certain circumstances despite lots of evidence already being provided, to proceed the loan.
If I'm pre-approved for something, I wouldn't expect to front so much personal information.
I've now gone to another provider, who has paid out the same day without me needing to spend hours trying to prove my information to them. Of course the APR isn't as good as what the admirals quote was (though I suspect I wouldn't have been offered 11% in the end from reading other reviews) but I'd suggest it was worth it just to avoid the hassle.
Reviewed on: 11th June 2021
