Sainsburys Loans how difficult to be accepted?

naijapower

But do Tesco loans search Equifax only?
Guess this is important information for those who wish to try elsewhere after being declined by a lender that uses Experian

never-in-doubt

loopy.magic wrote: »

Applied to BOS for the loan today, got turned down

Ouch sorry to hear that. Did they say why? i.e. credit score/adverse data/info received from CRA's? Wait for their letter and tell us what the reason was please....?

loopy.magic

Will wait for the letter and see what they say

jonnywells

I have just got accepted for a loan from Sainsurys. Slightly higher rate @ 9.5% For some reason HSBC (Who i had my mortgage with and current account!!) and post office declined me.

Does anyone know if with sainburys you can do the standing order tick where you pay most the balance off and allow the last payment to clear the loan?

They said you can overpay the loan although it wont change the interest

loopy.magic

never-in-doubt wrote: »

Ouch sorry to hear that. Did they say why? i.e. credit score/adverse data/info received from CRA's? Wait for their letter and tell us what the reason was please....?

Didn't receive a letter so I just called them to ask the reason I was declined. After a few minutes of waffle and 'it's not standard procedure to send a letter' blah blah, I finally nailed them down to the fact that it was the credit score that let me down. Oh well, wait for another 6 months I guess.

speedbird1973

never-in-doubt wrote: »

LOL, trust me a bank cannot dip into another companies account and check records. So in this instance Sainsbury Bank will not be allowed to look at a customers Halifax credit cards. It is two different companies in that respect.

Forget the fact its all Halifax - technically (and in the eyes of law) it is separate entities and therefore data cannot be crossed between the two.

I just came accross this again - you're right NID.. Sainos will have no "info" on HBOS's accounts. I was thinking more of HBOS current accounts/loans/card details being shared inhouse.

never-in-doubt

speedbird1973 wrote: »

I just came accross this again - you're right NID.. Sainos will have no "info" on HBOS's accounts. I was thinking more of HBOS current accounts/loans/card details being shared inhouse.

Ahhh in this situation then yes, they would be able to see the other accounts, this though, would be by using your CIN (customer ID number) not a specific account. So say you go into branch and they swipe your card, they will see the details of that card unless they search other accounts, in which they can then see the other 'in-house' accounts you have.

So when you apply using automated service it doesn;t always link them, unlike the branch can and will do. Thus if you bank with HBOS it is always best to apply in branch or on the phone where they will check other accounts.... if not, and you get declined, simply appeal...

Jonny1982

I have just applied for a loan at Sainsbury's 15,000 over 3 years.

I have no problems repaying and need the loan to consolodate debt.

I have several credit cards at present (stupid me when younger!) and have missed payments on several occasions, not through inability to pay, but shear mismanagement of several cards.

Anyway, back to my application, the final page displayed an offer @ 9.2% (range on offer was 8%-11.9%) after credit check, however I was not given a yes or no. I was given a number to call.

I have just rang the number and was told that a decision had not yet been made in my case and they would call me on Saturday (3 days later).

Is this likely to be good news or bad? Or is it that I am borderline?

I would of thought that if I was borderline, any offer would have been at their top rate of 11.9%.

Any feedback / thoughts of similar experiences with Sainsbury's would be appreciated.

Getting this loan would make my life 10 times less stressful and mean I could be debt free in 3 years.

Thanks for you help in advance.

never-in-doubt

Its probably at referral stage as you have late payment markers (most likely)... However HBOS are unpredictable so hard to say, they may ring you back with higher APR, the same or better or even to decline you.....

Let us know what they do say please?

Jonny1982

Yes, will do. Thanks for that.