What are the chances.....

jenna141230

I have applied for a loan from Tesco, which has been approved in principal.

They sent me documents through the post to sign and asked for a months bank statement.

I have printed this off, but looking on the bank statement there was a period of a few days where I was above my o/d limit and within the statement i am not in credit (but other than the few days mentioned above am within the o/d limit).

How much will this affect their decision do you think?

Thanks

jonesMUFCforever

First think to check is whether they will accept a home print, Some lenders insist on a real bank statement.

The statement will be used to judge the swing on your account from one date to another. A swing showing an account partially in credit for part of the month is good - no credit balance could be more awkward - hardcore debt?

At the end of the day it will be what your credit files say about you that IMO will be the determining factor.

jenna141230

Yes I am never really in credit, so that will surely impact things.

will they have already looked at my credit rating to determine if I can be accepted in principal? the rate advertised was 7.4% i think and they offered me one at 9% which i assumed was because of my credit rating?

I called tesco and they said they have recently changed their terms to allow internet statements so i should be ok with that.

How long does it generally take to receive a response after you have sent back all documents?

John71

jenna141230 wrote: »

How long does it generally take to receive a response after you have sent back all documents?

I sent my forms back to Tesco Finance on Saturday and the money was in the bank yesterday, although they didn't require any additional documents.