"A fast no is clearly preferable than a long drawn out no but if it takes a little longer to get a yes maybe it’s worth it? T"
This question has been asked a lot lately, both in Promise HQ and in the wider industry, because the new affordability checks that have to be adhered to have obviously changed the way loans are sold. Lenders are asking for more information, further down the line, which is turning maybes into definite nos. Bank statements are sought and the studied and the fact that a client has an account with a online betting shop suddenly changes everything. It’ll come to light weeks down the line that the client once had a payday loan and the lender will suddenly turn cold.
It’s not surprising that many brokers would prefer to be able to tell their clients sooner, rather than later, than their application is a no go. Long drawn out nos are hardly pleasant for anyone.
However, before you decide you’d rather hear a fast no it’s worth considering what an experienced master broker can bring to the table.
A good master broker will be able to look at a case in a different way. At Promise I always tell my team I don’t want to hear “I can’t because..” I want to hear “I can if..”. Finding solutions to ‘problems’ that seem unsolvable is what we do.
Specialist brokers across this industry have developed relationships with and in depth knowledge of the lenders in this space so we know what can work, what can’t and what needs to be done to change things.
A fast no is clearly preferable than a long drawn out no but if it takes a little longer to get a yes maybe it’s worth it? Take care not to settle for a fast and efficient service which readily says no to avoid the hassle of getting a tricky case to a yes – unless that’s what you prefer.