The bank I work for offers short term loans referred to as signature loans. You can apply for a loan online or apply at a local branch. If you apply at the branch, a paper application is completed and the branch will fax the documents to the underwriting department.
A client I will refer to as Amy applied for a signature loan online. The underwriting department contacted Amy to discuss a few details. At that time, Amy was informed she is tentatively qualified for $1,000. Amy stated she needed at least $3,000. Due to several factors personal to Amy, our bank is not able to approve that amount. Amy agreed to continue with the $1,000 loan.
The underwriter informed Amy that after he verifies a few other details in her application, he will contact her with the final result.
About an hour later two paper applications were submitted for a signature loan for Amy. Each application is from a different bank location. Believing that Amy may have misunderstood the process or the applications were not submitting timely by the branch, the underwriter contacts Amy.
During the discussion it is discovered at Amy submitted the other applications because she needs $3,000. In her mind each loan application (she submitted 3)should be approved for $1,000. This will give her the $3,000. The underwriter explains this is not how the process works. Each application is not its own loan. She can only have one loan and he asks her if she wants to continue with the loan for $1,000.
Amy does not agree and wants a manager. The manager also explains what was previously told to her. Amy still does not agree, claims we are trying to scam her and cancels the loan application. This happened early last week.
Today we received another online application from Amy and in the requested amount field is $3,000.