Many lenders rely on credit scores or an automated process to make a decision. At London Mutual, a real person will look at your application every time. We do this to give you the best possible chance of being approved.
As part of the process, we may ask you to provide us with copies of your payslips, bank statements or other details. We know this can be a bit of a hassle, and that not all lenders ask you for this. But bear with us, because it’s at the heart of what makes us different.
Asking for all this information allows our expert Loans Team to build up a good idea of your financial situation. This allows us to see the full picture, even when others can’t.
With many high-cost lenders promising ‘decisions in minutes’, we can’t guarantee that we will always be the speediest option. Typically, these types of lenders will simply run your name, address, and other details through a computer.
An algorithm will then make an automatic ‘yes’ or ‘no’ decision. For many people, this limits their chances of being approved, because there’s no room for a computer to hear the full story, to use their own judgement, or to consider additional information that might be relevant.
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How our process improves your chances of being approved
Doing things our way, (known in the financial world as ‘manual underwriting’,) allows us to be more flexible than other lenders. When you apply, we’ll carry out a ‘financial assessment’. As part of this, we’ll look at your income and outgoings, and how well you’ve handled things in the past. If we need more information from you, we’ll ask for it as well.
The benefit of this is flexibility. Often, it means we can say ‘yes’ in situations where others can’t, won’t, or where a computer just says ‘no’. It also means that we will be honest if we think you are borrowing more than you can comfortably afford, and can potentially offer you a smaller amount instead.
People helping people. For us, it goes to the heart of what being a credit union is all about.