Alliance and Leicester Large Loan
Good:
Very quick with a response and you receive your loan agreement within 2 days
Bad:
They will offer you an initial APR but they may change it on your loan agreement
Verdict:
Loans are now provided by Santander - really poor reviews across the internet, will only get accepted for their low interest rates if you have a perfect credit history
Alliance & Leicester unsecured, personal loans have a low interest rate similar to other high street lenders and are now owned and provided by Santander. You will be directed to a Santander application form but don't worry because they are the people that are going to give you your money. This loan is only available to people who have a good credit history, so don't apply if you've ever defaulted, made payments late or had a CCJ.
You can apply online, over the phone or go into a branch. After completing the online application, they will email you confirming they have received your application. Within 3-5 working days, you will get another email and a letter with a provisional decision. If you're successful, sign and return the credit agreement and any other documents they ask for. Once you've done all this, they will fully review your application and make a final decision. The money will then be transferred in your account within 4 days. If you really need your money, they can arrange a same day transfer for a £30 fee.
If you have good credit (i.e. no late payments, no CCJs, no defaults) and need a large loan then this could be a good company for you. They are quick at completing the application process, they send the documents out to you the next day and as soon as they receive your documents, they transfer the money. All you have to do is wait for it to clear. Their representative APR is quite low, but they frequently change the rate they quote to you and offer you a higher one. If this happens to you, negotiate with them. They will also try and push their Payment Protection Insurance on you. If you want to take out a policy, then it's probably a good idea to look elsewhere as the banks always charge more. If you're going to take out a loan with them, ensure that you can make the repayments. If you start to miss payments, they will contact you constantly and they have been known to threaten to send bailiffs to your house, but if you make your repayments then your loan term will go smoothly.
Loan Calculator (Representative 9.9%APR)
Loan Amount £
Loan Term months
Monthly Repayment
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Good Points Quick with a response Bad Points misleading / time wasting General Comments I applied for a Loan to pay off an existing loan I have with my bank and despite having a flawless credit history / perfect match for my personal and financial circumstances as a candidate, I received an acceptance at a much higher interest rate than previously lead to believe I could have. Originally promised 7.9% and was offered 14.5%. What a joke! Time wasting / money grabbers who I will never want to involve myself in. I've since been accepted at the agreed interest rate initially promised with another lender. They can have my money instead.
I wan't sure whether I should apply for Alliance & Leicester but I'm glad I did. I got accepted via email 5 minutes after I completed the form. I then phoned them and got offered an APR of 10.9%. I got the paperwork Friday morning, sent it back Friday evening and the money was in my account Monday morning. I did pay a CHAPS fee of £30 for this extra service but it was worth it.
When I applied, despite having a flawless credit history, I received an acceptance at a much higher interest rate than they previously made me believe I could have. I was originally promised 7.9% but they offered me 14.5%.
I was struggling to pay off some debts that had been mounting up so I decided to apply to Alliance & Leicester. Applying was really simple, I filled in my details online and it was done. They emailed me 48 hours telling me I had been accepted and the next day my agreement papers arrived, I returned them that day and two days later the money was in my account!
Everything was happening promptly and efficiently with my Alliance & Leicester loan application. I had sent all my original documents off to them and they had been returned the very next day. After about a week, there was no money in my account so I called them. To my horror, they said I had been declined and I hadn't been informed of this decision. This was a shame as I was initially very impressed with the service.
Loans up to £20,000 - 5 years
24 hours - extra £30 charge
- You must have a bank account with direct debit facilities
- You must have a good credit history
- You must be at least 21 years of age
- You need to have lived in the UK for at least 3 years
- You cannot be on benefits, Job Seekers Allowance, a carer or a homemaker
- You must not have ever been bankrupt or had a CCJ
- You will need to provide: 3 years address history, a valid email address, your employers address and postcode, details of your income and outgoings, your bank account details
- You must earn at least £400 per month and work at least 16 hours per week
- You must be aged under 65 when the loan is due to be repaid
- Late Payment - £15.00
- Default Notice - £40.00
- Arrears Fee - £20.00
- If the loan is for more than one year, they may charge you one month’s interest to cover the cost of setting up the loan
