Tesco Principal Again!

streetfast

Hi

I have just been approved in principal for a tesco loan of £4000. I have been asked to send the latest bank statements to them (they say to check direct debits and address? . Does this mean that the loan is not guaranteed and thus can it still be declined? I have given details of my finances so I assume the want to check this over.

I am maxed out more or less on my £2,000 over draft (part of reason for loan as well as clearing my Tesco credit card of £1,200). I have large amounts in and out of my account, I have NOT missed any direct debits NEVER has a default or CCJ??

What do you think they are looking for so I can check that I will be accepted??

just really worried need to sort this out asap.

Thanks

generaloneill

They just need to get you to confirm a few details such as name and address, d. o. b.

and explain Payment protection insurance.

They may also need to put you on a higher rate of interest as advertised if you dont qualify for the advertised rate, because of their credit scoring.

If you pass all their secondary checks, she will advise you how long before you get the cheque, offer you courier delivery in 48 hours for £80-£100 or free delivery in 5 working days.

And your monthly repayments will not start until December.

Does that help reassure you?

Failing that, try bank of scotland, online, instant decision.

streetfast

WOW fast response thanks!

I am just worried I guess this loan is VERY important (aren't they all)?

I have passed the credit check so they know about my credit history dont they and I have paid them with the creditcard without problem?

So this is just to check my details address etc, so should be ok? Anything I need to look out for?

Many Thanks

generaloneill

Just make sure you have all the information in front of you.

Inprincipal doesnt mean you have got the loan, it has been referred and needs more information as above so they can make more checks on you before saying yes or no.

good luck.

streetfast

Hi,

they said I had been accepted but wanted to confirm any missed direct debits, address etc? I know that should be ok I am just looking out for anything that would cause me to be rejected?

Any Ideas on who I can use on a FAIR credit rating, 22 years old for £4,000 should I be let down. I have been stung by YES loans and The Credit People.

Many Thanks

Cash_Flow

streetfast wrote: »

Hi

I have just been approved in principal for a tesco loan of £4000. I have been asked to send the latest bank statements to them (they say to check direct debits and address? . Does this mean that the loan is not guaranteed and thus can it still be declined? I have given details of my finances so I assume the want to check this over.

I am maxed out more or less on my £2,000 over draft (part of reason for loan as well as clearing my Tesco credit card of £1,200). I have large amounts in and out of my account, I have NOT missed any direct debits NEVER has a default or CCJ??

What do you think they are looking for so I can check that I will be accepted??

just really worried need to sort this out asap.

Thanks

I think if Tesco look at your bank statements and see you r O/D maxed out (over commited) your loan may well be declined.

quackers82

I'm in the same boat as you,applied for £10,000 they phoned me yesterday saying i have been accepted in principle at 11.9% APR, they are sending some letters in the post i need to sign and return, and also send them a bank statement and a utility bill.

streetfast

Hi,

Will I get my loan declined if overdraft if almost maxed out even though the loan will be used to pay overdraft?

streetfast

oh and I have printed statements from online account this should be ok? By near max I would say 200-500 available in last month but prior I have been doing ok?? With £3,500 or less available. Money spend on decorating. And wouldnt they see available on credit check carried out? They said bank statements are to check money is coming in and out, check details and I haven't missed direct debits?

quackers82

streetfast wrote: »

oh and I have printed statements from online account this should be ok? By near max I would say 200-500 available in last month but prior I have been doing ok?? With £3,500 or less available. Money spend on decorating. And wouldnt they see available on credit check carried out? They said bank statements are to check money is coming in and out, check details and I haven't missed direct debits?

They told me printed online statements would be fine.

BigDave81

It's possible that they just want to confirm the figures that you gave them are correct and nothing more. Some people do lie on application forms after all!

If it's in principle it does not mean it's confirmed or guaranteed as they have requested the further information to to finalise their decision.

Just wait and see but don't forget if it is declined and you keep applying for more loans it will further damage your credit status.