With all the recent changes we have been making we are pleased to announce that we are currently able to process online loan applications on the same day. What that means is if you submit a fully completed loan application with all supporting documents during the morning, the funds could be in your bank by 3 pm!!
All online loan applications must have any required supporting documents with them, such as bank statements. We will request these via open banking, or alternatively they can be uploaded at the time of application, sent in by post or dropped off at a branch. Clearly the later two options will delay the processing of your loan.
Once we have everything, the loans officer can assess your loan for your ability to pay and depending on the type of loan this may include a credit check.
If the loan is approved, a loan agreement is immediately sent for you to read and sign the agreement. Once it is signed and we receive the email confirmation of that, then the funds will be paid into the nominated bank account.
As long as all this is done by 2 pm, the funds will be in your account by 3 pm.
Many members are now receiving same day loan processing which is a massive step forward for the bank from the days of loan decision in a week (about 5-6 years ago) to more recently within a couple of days.
It is unlikely we will be able to maintain the same timescales at Christmas due to the volume of loans we will be receiving, however, we do think that it will be quicker than it typically is at that time of the year.