In today’s ‘need for speed’ world, time is money. Saving time can save you money and indeed when buying some goods and services you can pay more to get what you want more quickly.

As Christmas is now appearing on the horizon, more shoppers than ever will look to do their xmas shopping online. Because we want things to be quick and easy, sites like Amazon can offer a wrapping service and can guarantee you will receive your order within 24 hours – for an additional fee.

We all want things now so when searching to find the best and cheapest loan, why wouldn’t you be tempted by ‘Apply for a no obligation loan quote online NOW!!!’ – to quote an unnamed online loan broker.

However, as I discovered after I had filled in their 6-page application form, the reality was no online quote but just that they would call me back. So I have no idea what loan they can offer me - if any, and they’ll no doubt call me when it’s not convenient and therefore waste my time!

The FSA have made Treating Customers Fairly (see FSA TCF ) a priority which promotes that customers should be given clear information which is not misleading. Well I would say that the experience I’ve outlined above was very misleading.

Too many loan comparison claim instant this and online that only to just take your personal information and call you back.

The Lending Wizard is different - it does give you an instant online quote, it does tell you which loans you are eligible for and it does treat customers fairly.

The Lending Wizard welcomes the announcement of a Treasury Select Committee inquiry into how the credit industry records and views credit searches when considering applications for credit.

Most lenders leave what is known as a ‘hard footprint’ on a customer’s credit profile when considering an application. This type of footprint is visible to any other credit provider. Lenders will then use this information when making their own credit decisions and may decline customers who are deemed to have had too many searches.

As a result, someone who has always paid their bills on time and has never missed a payment might not be offered the best rate or worse still, may be declined for credit and all because they simply shopped around for the best deal.

Whilst Treating Customers Fairly is rightly high on the agenda at the FSA, this practise by some lenders does anything but!

At The Lending Wizard, we have worked closely with our lenders to offer consumers a decision in principle for all the loans on its panel and from a single application form. This means customers can find the best loan for their circumstances and know the actual APR before they apply. Only when they apply to their chosen lender will they then have a credit footprint left on their file.

A quick look at Moneysupermarket’s loan panel shows 28 lenders listed on full results (based on search done on August 28 for a £12,000 loan over 6 years as a homeowner with mortgage). However, 20 do not have a “proceed” button. So you can’t even apply and get a true quote. Of the 8 with “proceed” button:

• 2 are exclusive to existing customers only (Nationwide and Barclays)
• 3 are brokers (UCC, Aspire and Ocean)

That leaves only 3 options available to all visitors… that’s a bit limited, isn’t it?