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Metro Bank incompetent
My Aunt has been trying to initiate a money transfer from Metro Bank in Croydon since December 21st. At first they simply did not do it. Then they said they had a problem now we have no idea what they have done and it has been over a month. This is quite unacceptable. It should take no more than a couple of days at the most despite the holidays.
A Lender replied:
17th November 2016
Our review of Metro Bank
Metro Bank have decided to take a different approach to most other lenders – 5.9% is the rate that each successful applicant will receive. They don’t take into account personal circumstances or amount requested which is a rare feature in the market. To apply you will need to have a Metro Bank current account, as this is where the loan will be deposited, and where the repayments will be paid from each month – you can’t set up a Direct Debit from another account.
There are no charges for missed or late payments, however you may be asked to pay legal fees should the process of collecting the payment get that far down the process. Customers are able to repay the loan early, however this will result in additional charges. 1% of the outstanding loan is charged for terms over a year and 0.5% is applied if there is less than a year left on the loan.
Metro Bank’s OPTIOSCORE is in the mid-high range and has been boosted by their consumer sentiment score. This can most likely be attributed to their customer service and availability. They are open seven days a week 362 days a year and even have late opening hours from Monday to Friday. They also have a telephone team that are available at all hours and every day of the year.
Overall verdict: Metro Bank appear to have a more personal touch than other lenders – they stay available to customers at all times and the application is done face to face. Although this can seem inconvenient if you want to apply quickly online, this is a nice touch for customers who prefer to deal with people.
- Standard 5.9% interest rate for each applicant
- Funds paid directly into Metro Bank Current Account
- No default charges for missed payments
- Late opening hours and telephone team available 24/7
- You must be aged 18 or over
- You must be a UK resident
- You will need to provide proof of your identity and address
- You must have a Metro Bank current account
- Maximum APR 5.9%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £0
About Metro Bank
Metro Bank offer loans from £2,000 and £25,000 to be repaid over one to five years and at a representative APR of 5.9%. This interest rate is available to all successful applicants and they don’t take into account personal circumstance, loan amount or loan term during the decision process. Monthly repayments are fixed and there are no hidden fees or charges for arranging the loan.
To apply for the loan you will need to have a Metro Bank current account and this is where the funds are deposited and monthly repayments are taken, should you be successful. There is no online application, instead you will need to go into a Metro Bank branch to speak to them about the loan face to face.
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