Anyone tried getting a Tesco loan?

lolam82

missk_ensington wrote: »

Hi I got a Tesco loan back in January 2009, for £8,000 for about 7% I think it was, I wasnt asked to prove any income (which was a good job really) although my credit rating was/is excellent and Ive obviously always made my repayments. The terms were very reasonable, allowing me to repay the debt at any time and allowing overpayments and they allowed me a 3month delay in repaying the debt when I took it out. Overall, Im very happy with Tesco :-)

When you say they didn't ask to prove any income, did they not ask for payslips? As i have only been in my job for a few weeks, would this affect my application?

phoenix85

Hi guys, just wanted to ask what is the general acceptance rate from Tesco once you have filled in the paperwork?? Do they actually do a full credit check on you before they send the paperwork, or is this kept till you sign all the documents?

They phoned me today as a courtesy call to say it was provisionally agreed to accept me for a loan of £7000 over 41 months @ 10.9%.

i-hate-santander_2

Go for Tesco, and they don't muck you about like A&L. A&L turned me down and blamed your Experian file. Checked mine, it's fine, applied to Tesco, got accepted no probs. Wasted a couple of weeks mucking about checking Experian file etc. Should have just gone to Tesco in the first place - the interest rate is cheaper too.

BenL

The letter i got advised it had been approved in principle, it mentioned something about validating the bank details I gave. This must have been them setting up a DD, this was done by Tesco today - sneakily before I have returned the signed paperwork but they sure move fast.

I will probably have the money tomorrow or Friday.

The paperwork comes with the rate and repayment details so a full credit check must have been done. The fraud prevention checks may not have been done though at that point.

As you have had the phone call I would say that you will be getting the loan at that rate.

chipbeck

My credit rating is pants but I've had a letter from the tax man so I need to get 5 grand quick. I realise that applying will knock my credit rating even further but to be honest it can't get much worse. I'll post the bad news when I hear from them.:beer:

kiwibabe

After being turned down for a loan with Natwest this morning, I decided to try my luck with Tesco, after reading a few posts up on this forum. To my surprise they approved my loan request despite the fact that I had just moved home, and my credit history had suffered a beating in recent months. I was pleasantly surprised.....:D

irish_eyes_r_smiling

kiwibabe wrote: »

After being turned down for a loan with Natwest this morning, I decided to try my luck with Tesco, after reading a few posts up on this forum. To my surprise they approved my loan request despite the fact that I had just moved home, and my credit history had suffered a beating in recent months. I was pleasantly surprised.....:D

how long after applying with tesco did you get told??

well done :T

phoenix85

BenL wrote: »

The letter i got advised it had been approved in principle, it mentioned something about validating the bank details I gave. This must have been them setting up a DD, this was done by Tesco today - sneakily before I have returned the signed paperwork but they sure move fast.

I will probably have the money tomorrow or Friday.

The paperwork comes with the rate and repayment details so a full credit check must have been done. The fraud prevention checks may not have been done though at that point.

As you have had the phone call I would say that you will be getting the loan at that rate.

Thanks for your advice Ben.

Just got in from work and read through some of the paperwork quickly there - I notice they are looking for my last months bank statements stamped and signed by my bank ??? I don't even have hard copies of statements now since I get them online from my bank, saves them sending all the junk that they used to!

I guess a trip is in order to my bank for the necessary stamp & signature then - is this something you had to do as well?

kiwibabe

irish_eyes_r_smiling wrote: »

how long after applying with tesco did you get told??

well done :T

Hi irish_eyes_r_smiling;

Within an hour of applying to Natwest over the phone, I applied to Tesco online. I was a bit concerned that Natwest had previously approved a loan for me, but this time round deemed me unfit to take out a new loan, despite the fact that I had just finished paying my old loan off. They refered me to equifax, Before re-applying, I did check my credit report with both equifax and experian, but I could not find anything that could have been wrong with my credit report (Well nothing that I didnt know already).....I am over the moon, I must say, I have finally managed to put all my eggs in 1 basket.:rotfl:

BenL

Hi Phoenix85

Nope I didn't have to send in any bank statements.

I did however get a call from tesco this morning as they did some more credit checks and saw my old car loan was still showing as outstanding.

I had settled this and it hadn't been reported to the credit reference agencies.

They were going to decline the loan as they thought i was paying £225 a month for the car as well as this loan. They would also have been happy if I used their loan to pay off the old finance. They just didn't want me paying the 2 monthly amounts.

Quite responsible really!