Loan approved and now requesting more documentation which the system will not allow me to upload
After reading some of these reviews, I think I will withdraw my loan application. I too was instantly approved and the status box of my application now reads 'action required - No'. However, I have since been asked to provide more bank statements via the inbox which the system will not allow me to upload. Nobody has replied to my email query. I applied for this loan because it seemed simple to do during my lunch hour online, but it's turning out to not be the case.
.... one week later. I was phoned by Commbank (after requesting a call-back) wh...o advised that everything looked fine with my application (good history, no defaults etc) and that the loan should be funded by the end of the week with nothing else for me to do. The lady who I spoke to was very friendly, apologised for the inconvenience and told me that she would personally keep an eye on the application to ensure that there were no further delays. Another week later and I am still being asked for more documentation. If you call Commbank during the day, you will be advised that they are accepting a high number of calls. You request a call-back and they phone you over an hour later.. when you are back at work. Not great customer service.
constructive advice - Not CBA fault
I did all my research on my eligibility, I was not a CBA customer, CBA assured me I was eligible. My Loan was instantly declined on my application, I already transferred by bank account over to CBA.
Turns out I was a "High Risk" Because I was not a long term banker, & My first Loan & I had only been in my Job for 5 months so I was declined. CBA staff were Lovely about it & thought it would be approved & apologised and offered me credit card deals.
Turns out if you are not a banker for 3 months or more with a bank lender you will most likely ge...
Biggest Waste of Time
I recently applied for a personal loan through Commonwealth bank to consolidate 2 credit cards. I have had recent loans through CBA with no issues and always paid on time and paid out early. I applied through netbank and was instantly approved, they asked for my latest payslip which I sent then they sent me my contract which I accepted. The next day I logged on and it showed my loan was now declined and I received a msg saying they want further info. So for the following 2 weeks I had to send them statements after statements numerous times beca...use they kept losing them, I had to send tax NOA, letters from my employer, more statements to show the balance of my debts which was all pre stated in the application, fair enough they need to know Im telling the truth with how much the debt is that Im consolidating, two and half weeks they finally have everything they need. I have another contract sent which I accepted and set up a direct debit for repayments, the guy I spoke to last said its all there and money will be in bank by the following afternoon. Three days later its still not there so I log on and it comes up with declined again!!!! I ring them and say what the hell is going on and they said that now I apparently got declined because I cant financially service the loan?? all the statements you just received shows you I am servicing my current debts and this loan would have been HALF the payment I am already paying? None of it made any sense and the fact they gave me a contract and said all is fine its good to go then all of a sudden it declines, I was beyond annoyed that I wasted so much time. They are no longer my main bank and that is why I believe they ended up declining because I didnt want to move back to them as my bank.
Quick, easy and hassle-free
My personal loan experience with Commbank was hassle-free and easy. It was completed in less than 24hrs from lodgement of application to transfer of funds in my account. The online application was simple and easy to fill-up. Perhaps, it helped that I am banking with them since 2016 and maintained a good credit file.
There were no hidden fees, they were upfront about $10 monthly loan fee on top of repayments and their terms and conditions are clear and succinct. You also have the option to choose whether to pay it off quicker. (The local ANZ b...anker I've spoken to before applying to CBA sort of persuaded me to take 16% interest rate and pay it in 5years; even though, I already expressed that I am keen in 2 or 3years) With this application because it was made online, there was nothing of that sort of pressure at all. Also, I have an impression that CBA do not discriminate for the reasons why you need this personal loan. You can choose 3 or 4 reasons listed in the online application (e.g. debt consolidation, travel, home improvement,etc.) Still referring to that 40-min conversation with ANZ, the consultant said, ANZ do not prefer combining debt consolidation + home improvement reasons into one personal loan because it appears to them that it is wrong that you are consolidating debt and then make some improvement for your house. I never felt these negative feelings with CBA. As with rate, I am satisfied. It is actually lower than ANZ and NAB. Overall experience was exceptional!
No reward for loyalty worst bank I have ever dealt with. GOODBYE Commonwealth!
I have been a Commonwealth customer for 20 years . I have had numerous loans in the past with them and a home loan . My recent experience with them was disgraceful much like every other customer here, I was approved and then declined no reason why. I am in a better financial position I have ever been in as I sold my house and banked the cash and still declined. Not only that they treated me like I was an idiot through the process. All my savings and money from my house sale will be taken out of Commonwealth Bank and all accounts closed. 20 years of loyalty means nothing, if you bank with them get out!
ING no bank fees here I come.
Easy to deal with
Reasonably easy to deal with bank, was able to pay off my personal loan in under agreed time with little hassle. No hidden fees, bank was upfront regarding fees, just had a little trouble turning off the direct debit
good customer service fast loan application
I took out a fixed loan, and I was pretty happy on the customer service transparency of fees charged. The interest rates may not be cheap however there are no sneaky charges involved. I recently took out a loan with ratesetter, supposedly because of all the good reviews and I have already paid double the amounts I would of paid with Commonwealth bank.
- Verified customer
Approved then Declined!!
I had applied for personal loan with cba, i also bank with. I get an immediate email congrats you have been pre-approved in principal, providing that send all necessary documentations for verification. Within minutes of this email, i checked back online internet banking and seen progress email for personal loan that its been declined? This was on a Friday week ending. I hadn't sent paperwork in yet? Come next Monday i get a text and several emails stating currently awaiting documentation for verification please send us to process? After explain...ing that yes pre-approved and declined all at same time why you need documentation if its declined? She stated that it must be a online computer glitch because they want to process the loan asap?! Confused, but Forwarded documentation for verification immediately and haven't heard anything since? Can Cba temporarily decline an application even though i was emailed pre-approved in principle for personal loan. Just confused after i paid off in full no missed payment on my current credit card too! No faith at the moment, over this confusion! Its almost like, hey we might approve you? Um minutes later so swift um yeah declined! then a whole weekend goes by then you're bombarded with email and texts, calls awaiting on documents?! Setting you up, hoping your'e application is approved and it was an error? After discussing in detail with the CBA consultant who contacted, its was declined minutes after it was pre-approved! She in-turn, stated possible scenario is temporarily declined if we don't receive necessary documentation for verification! But not to hold my breath or any merit as to what it could mean!! Wow the lack of professionalism or even understanding what's going on or an explanation, why go about it in this fluff about way! No Confidence whatsoever! years of being a loyal customer! Oh well new bank!
Amazing and loving customer service
Deborah at the Commonwealth Bank in Mount Pleasant was so amazing to us. Just moving to Mackay NAB screwed us over, so we went in and Debby took us right in, went through everything carefully and honestly and set us up. I’ll never forget her kindness and pay it forward.
Changed my Direct Debit amount without consent
I have a Personal Loan with CBA and had nominated a direct debit amount that was higher than the minimum monthly repayment amount - You know, so I could pay the debt off faster, therefore reducing the interest I have to pay them.
Without my consent they changed my nominated direct debit amount to the minimum repayment amount. When I rang to ask why they said "It's a bank wide change because previously people who would have paid their loan off before the original loan term will now be paying their loan off within the full loan term" - Translati...
Not great !!!!
I applied for a loan to consolidate all of my credit cards and other small loans with cba , i have never had any issues with them at all and had been banking with them for a number of years.
They approved the loan and said the money would be transfered into my account within 24 hours , i could then bpay all of the debts myself and send screen shots to show the bank i have made the payments.
Well 2 days later still no money ? So i called the bank to find out if there was any problems , they said they had made payments on my behalf and wrote th...
I have banked with Commonwealth for 30 years and never had a personal loan. I applied for a variable loan and they have been fantastic. Called on a Monday night, the staff member i spoke to was very friendly and efficient and the money was in my account on Wednesday afternoon. I am able to make extra payments and can redraw if needed.
I would recommend Commbank to everyone.
We were in the bank applying for a car loan when the finance officer said he could consolidate all our other loans and credit cards into one bill. We were approved fairly quickly, it all went very smoothly. While the interest rate may not be the best, all the banks appear to be about the same.
Wouldn't approve debt consolidation loan.
I needed to consolidate my debt badly and if the loan was approved I would have saved $600 per month. CommBank told me that my credit score was fine, however the system has declined me due to not meeting the lending criteria as it appears to them that I can't afford the replayments???!! . I was already paying $1000 a month on all my debts and they wouldn't help me. I applied for a loan with a different lender and was approved Instantly and now save $600 a month with my new loan. So much for being a loyal customer to CommBank for 19 years and they can't help you when you need help the most.
Won't give you pay out figure
Charging 17% interest. Went into branch to close my account today as it is at an amount I can afford to pay off. Would not give me my pay out figure. Was told I have to wait as the $200 I transferred from my linked accounts had not hit my account - which is incorrect as I could see the payment. Now I have to wait and endure more 17% interest. This should be criminal I am sick of these big 4 banks taking advantage. Once they "let" me close my loan I will be closing all my other accounts too. Taking my business elsewhere.
Online process cumbersome and slow
I was buying a car and while I had enough cash, I thought if I took a small loan I would not be caught short if unexpected expenses occurred. I have mortgage with Commonwealth and with another bank. All in good condition, earnings good, no bad history. Should be a breeze. The product I sell for a living involves many clients using finance and I know financial lending criteria.
The problem arose when Commonwealth asked for statements.I have savings accounts, fixed term deposits, cash accounts and share accounts.Banks provide statements at reg...ular intervals. Commonwealth wanted current statements. So I went to ANZ, no can do. They provide a transaction report but not with your name on it. Went to my other bank, got current statement, for a fee. I have a storecard which has zero balance for months so the don't send a statement. Commonwealth accepted my application for a mortgage with much less information. In the end it was too hard. I gave up and extended the limit on my credit card just on case. Thought it was going to be easy online Wasn't easy, in fact ridiculously hard
I applied for a personal loan on January 1, 2011 and on January 4 I had the money into my bank account. The process was very quick and easy as I was an existing customer with the bank. The staff are really helpful. The loan I have gets direct debited from my bank account on my pay day and I can (and do) pay additionally so that the loan is paid off early. To pay off the loan off early, unless the term is more than 2 years there is a $125 fee but to me I don't mind paying the fee because it's peace of mind knowing that my loan is gone. The staff...at my nearest branch to work (Northcote, Victoria) could not be friendlier as they try and they always greet me by name as I enter the branch to conduct my banking. Only improvement that I could suggest about this loan would be to reduce the $125 fee but otherwise all is well! I like that by having this loan with the bank that all of my banking products are still with the one financial institution. The interest rate is a little steep
Questions & Answers
I've previously had personal loans that have been paid off. I've recently applied for a loan and it was pre-approved and then declined. I phoned to speak to someone regarding the situation and they said they couldnt give me a reason as to why it was declined but they gave me a list that of reasons that it could be. If I continue to apply and get declined will i get a bad credit rating?
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