Alliance & Leicester Personal Loans Review

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Alliance & Leicester Personal Loans
★★★☆☆
2.5
45.0% of users recommend this
  • Speed of Application

  • Customer Service

  • Value For Money

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NeverAgain 2nd's review of Alliance & Leicester Personal Loans

“I searched for a cheap unsecured loan on the Internet,...”

★★★★☆

written by NeverAgain 2nd on 02/01/2007

Good Points
Market leading rate from Moneyback Bank (A&L)

Bad Points
VERY hard insurance sell

General Comments
I searched for a cheap unsecured loan on the Internet, and I was pointed towards Moneyback Bank deal @5.7 on £24,999 for 36 months.

Filled in application online and received email within seconds, asking me to phone an 0845 number, where an Alliance & Leicester customer advisor would provide their decision.



There then followed a seriously hard sell of their PPI, with their salesman not taking no for an answer. Eventually I asked if the loan would only be granted on condition that I took out the (expensive and inappropriate) insurance. More flannel from the salesman, so I did a Paxman and repeated "Are you telling me that this loan is conditional upon me buying this insurance?" This was the response to every comment the salesman made about what provision did we have to repay if made redundant etc. (none of his business)! I had to repeat this 8 times before he gave up! I complained about his persistent manner, and in fact he 'phoned back later to say he was only trying to give us best advice, and was sorry if this came over as pushy.



When the paperwork came through to sign, it read (paraphrase); "The total payment each month includes an amount to cover Payment Protection Insurance, please tick here if you do not want it"!!



There is nothing wrong with the Alliance and Leicester loan product, and I am happy with the rate, but watch out for the hard sell on an add-on that is expensive and has limited cover. If you want PPI buy a stand alone product at your leisure and do not be pressured into this kind of "foot in the door" technique.

  • Value For Money

  • 5.7

    Loan Rate

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355068_Bigglesmckoy's Response to NeverAgain 2nd's Review

Written on: 28/03/2008

I have just applied for a loan with A&L online and was dismayed to see that instead of giving me an instant decision they have emailed me asking me to phone their 0845 number before a decision can be made - the email mentions discussing payment protection when I have already declined in twice in my online application! I now realise this is a ruse to try to get me to buy PPI and I will now steer clear of them and apply elsewhere.

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Neveragain 2Nd's Response to NeverAgain 2nd's Review

Written on: 09/04/2008

A link you may find useful: http://www.moneysavingexpert.com/loans/cheap-personal-loans
<br/>
<br/>Also have a look on that site for information about PPI mis-selling.
<br/>All the best.

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