We take a payday loan from Bank

We assume – I think rightly – that what pisses us off can piss anyone off. We provide TIPS and solutions that you can use to simplify or shorten the waiting time for the offer. We carried out another test at Meteor Bank.

Meteor Bank payday loan is an offer that you choose as much as the PB Mini Akrat. This time the application was sent by our friend Romina. Of course, she used the Totalmoney.pl comparison engine – exactly the same way you do it. Also this time, we did not inform Meteor Bank that we would be testing them.

Parameters of the offer selected on SumMoney

  • The loan amount requested by Romina: PLN 20,000
  • Loan period: 48 months
  • Interest rate on SumMoney 6.9%
  • Bank commission: 0%
  • APRC: 7.12%
  • Insurance: required *
  • Installment amount: 479.21 PLN
  • Credit cost: PLN 23,001.88

I’m sending the application … and what next?

We sent the test application on Friday, around 10:00 am. After less than 10 minutes, a banking helpline returned to Dominica. What is worth emphasizing – our friend has never used the services of a bank before, so she was “New customer”.

Meteor Bank – conversation with the consultant

The consultant our friend came across was very communicative and competent. Romina greatly appreciated the way he provided information. He did not impose anything, answered questions, informed what was happening with the application. He emphasized a small number of documents necessary to obtain a loan. It turns out that in order to take a payday loan at Meteor Bank, all you need is your ID card and bank statements documenting the receipts for the last three months.

During the conversation with the consultant, our tester answered questions about: name and surname, form of employment, amount of remuneration, PESEL number, series and number of ID card and its expiry date, place of residence and correspondence address, phone number, email address, education, marital status, mother’s maiden name, monthly living expenses, number of people in the household.

In addition, she was asked whether she owns a house or an apartment and / or a car, what position she has occupied since when she was employed at her current workplace, what the industry in which she works, what is the legal form of the company and whether she has any non-bank obligations (e.g. alimony, bailiffs). She had to agree to be verified in Retro (the verification was carried out during the interview), as well as to agree to marketing (which can be canceled at any time – just call the hotline again).

The consultant informed me what was happening with the application, he asked for patience when generating the report from the Retro and the offer itself. He pointed out that the lack of any credit history is conspicuous and does not necessarily work in my favor. Still, the conversation met my expectations. The consultant was factual, specific and answered questions. However, the terms of the offer differed from those presented at Totalmoney.pl.

Parameters of the offer proposed to Dominica by the consultant

  • Loan amount requested: PLN 20,000
  • Loan period: 48 months
  • Interest rate: 10%
  • Bank commission: 9.99%
  • APRC: 16.92%
  • Insurance: not required
  • Installment amount: PLN 563.42
  • The cost of credit: PLN 27,043.78

The consultant summarized the conversation and presented the terms of the loan. He asked if Romina was determined to forward the application for further processing. He also presented two alternative process paths. Our friend could:

  1. complete the process at a bank branch of your choice and sign all documents there or
  2. verify your identity at a bank branch of your choice and complete the process by phone. This path looks a bit more complicated, though it doesn’t have to be. Romina already had a guardian from the Call Center. From him she was to receive all the documents to her email. A scan of the ID card (verified and confirmed during a one-time visit to the facility) was to be sent after reading the contract and attachments. The loan was disbursed during the next telephone conversation with the consultant, after accepting the script read, which was treated as a customer’s signature.

Funds from a loan at Meteor Bank can be withdrawn in a branch (cash) or transferred to any account number. We wanted to check the first path, which is why we persuaded Romina to visit the bank branch.

The consultant emphasized that the conditions presented to me are not negotiable. I received the best offer because the standard commission would be higher. I heard that I won’t get better conditions in the ward, on the contrary – they may be worse.

Romina also inquired about the offer of Winter and Unusual Loans. The consultant explained that these offers can only be offered if the customer receives a high credit rating. Our friend’s rating was too low due to the lack of credit history. However, he comforted our tester, explaining that when she regularly repays the loan, this rating will definitely go up .

Credit insurance at Meteor Bank is not mandatory. It is also not included in the installment presented. Importantly – the customer does not have to use any additional bank products (such as a personal account or credit card).

After agreeing to continue processing the application, an email was sent to Romina asking for the account number to be withdrawn and the account history for the last three months. When she sent the document back, her application was sent for further analysis.

The adviser offered me neither a larger nor a smaller loan amount. I was asked for consent for verification in Retro and for marketing consents. The downside is that I could not negotiate the terms of the loan, and those that were offered to me are not favorable for me. In addition, the advisor quite clearly made me aware that due to the fact that I have a clean history in Retro, my assessment will not be the best.

Good morning, this is Meteor Bank analyst …

Good morning, this is Meteor Bank analyst ...

On the same day, around 16:00, Romina received another call from Meteor Bank. The employee asked about what loan he is applying for and what installment to pay, what address of residence and correspondence was given in the application, who is the owner of the given phone number, under what contract she is employed and what position Romina holds, what remuneration she received in the last three months and whether he has any bailiffs.

These questions have already been asked, and our friend answered them – she was surprised by such verification, but heard that it was a standard procedure.

Credit Decision

Credit Decision

Romina received another phone call the next day. The credit decision is positive – our tester was invited to the nearest bank branch. The consultant arranged an appointment with a specific employee of the department and reminded her that during the visit she would need her ID card.

Meteor Bank payday loan – visit to the branch

Meteor Bank cash loan - visit to the branch

Instructed by Dominik’s consultant, she went to the facility. She chose the Wrocław branch of the bank on Skłodowska-Curie and approached the adviser’s desk with whom she had an appointment.

Ms. Advisor at the beginning, without any courtesy (good morning, I invite you, please sit down), she announced that she already has a contract prepared for signature, but Romina in their presence must download the account history for the last 3 months (despite the fact that such a document was already sent by her to the bank). The colleague calmly asked if she could ask additional questions or negotiate the conditions, but the Advisor clearly stated that she could say only as much as she had written in the prepared documents. She admitted that she did not know the details of the offer. However, she clearly stated that Romina should not count on better conditions.

I said that I would like to think about the offer (I suggested that I hope for better conditions in another bank) and asked for a document confirming the loan parameters presented to me. In response, I heard that … everything was proposed to me and presented on the phone, and my consultant should dispel my call center. I can write down what interests me, but I can’t postpone the date of signing the contract, because all the documents are issued today.

Romina refused to sign the contract and said goodbye to the Advisor. The employee in the ward was very rude, he treated her almost like an intruder.

Interestingly – literally a few minutes after leaving the ward the phone rang. The consultant – caretaker at the Call Center was concerned that the contract was not signed and wanted to ask what happened.

There is one conclusion: the process is not consistent. I rate the quality of CC service very well and I would be willing to take a loan at this stage – summarized Romina.

Meteor Bank – pros and cons

Meteor Bank - pros and cons

Pros:

+ fast bank response time;
+ competent CC employee (he does not impose anything, explains, informs what is happening with the application, answers my questions);
+ few documents: to take a loan, all you need is your ID card and documented receipt of remuneration for the last three months (account statement);
+ detailed analysis of my credibility to present the offer.

Minuses:

– no information form so that the customer can calmly familiarize themselves with the offer.
– duplication of the process (a CC employee gathers information from me, a few hours later the analyst who received my application again asks me the same questions).
– very unprofessional service in the branch, I had the impression that the advisor does not care about the client, he does not know the offer presented to me by the CC employee, he is not able to answer my questions, he additionally misleads me;
– the need to log in to the branch in the presence of the banker in order to print the account history again (contrary to the banks’ recommendations not to log in to the account on foreign devices);
– an unfavorable offer, completely out of line with the bank’s current offer (I have not been offered the terms of the Winter Loan or the Unusual Loan).

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