Anyone tried getting a Tesco loan?

phoenix85

I'm paying of 8 months outstanding car finance with this loan as well, I did tell them that in the application so hope all is fine.

I went to the bank yesterday but they said it takes a week to order up a copy of your statement! Jeez! Luckily I had printed out the past month statements and they agreed to stamp and sign it for me. Only thing that worries me is that the Tesco letter said they wanted original copies, whether a print out falls into that category who knows - hope so.

phoenix85

Got the money in my bank today from Tesco Finance. Pretty quick turnaround as I only applied last Monday evening!

This was my 3rd time applying for a loan within a month. Was turned down from Asda (Santander Cards UK) whom I hold a credit card with, and Alliance & Leicester. Reading reviews on this forum would make you think you can't get a loan with several credit checks.

Really pleased with the way Tesco has handled everything so far.

BenL

Yeah me too, got the money yesterday. Pick up my 2nd hand motorhome on Saturday. Woop Woop

GT9

Hi All

Just wanted help regarding Tesco loan.

I applied today around 1pm, got a call at 2.30pm saying the paperwork was being sent out for me to sign.

I have to send back my last bank statement and a utility bill, is that normal? Its not a problem, i expect its to verify my address.

Also if i was to get the forms tomorrow (16th) and i sign and return them the same day, when would i be likely to get the funds paid in my account?

I was hoping to have the funds available for this Friday as i am paying off my Barclaycard and it coincides with the due date!

Thanks

tlc123_2

I'm in the same boat - applied on Sat. I was topping up an existing loan with them, and for the first time ever have to provide a bank statement! Thats a bit decieving though as we both have second jobs and we top up the current account as and when - the rest goes in another account. So it clearly shows me over my OD limit and getting charged. Me thinks we'll be getting rejected this time. But I did attach a covering letter on top of the statement to explain, so who knows.

Its either a new thing or due to the amount? I wasn't asked for a utility bill, but they normally do that if you've not lived there long?

THey say 7-10 days for the loan to come through
T

phoenix85

I got my paperwork through on Wednesday, sent it off Thursday in the post, I got my money in the bank the next Tuesday and also received the agreement back in the post the same day, it was dated the Saturday and said allow 3 working days for payment.

Hope that helps you, bear in mind the post may be slower now due to Christmas post.

GT9

Hi

Thanks for the responses.

Had my forms this morning and i have to send a bank statement and utility bill. I have sent the original bank statment, our phone landline bill, its in my husbands name (bills are in his name) but shows the address and also a photocopy of our council statement which shows my name on the address.

I am a bit confused as to why they want the above? If they have in principle approved the loan does that mean i have passed the credit score and they are verifying my address?

My other concern is my bank statement, i have for the first time a month ago gone overdrawn, no fault of my own, a friend asked if i could draw on a cheque that was clearing which i did and it bounced! It left me £400 over a £250 overdraft limit although i have a £500 reserve too. I have been charged £44 and this is clearly shown on the statement, i have been with Barclays for years and years and never even been anywhere close to the overdraft, i have a platinum banking account but do you think this is likely to affect the application?

Also i have three incomes, two go into the above account and one goes straight into a savings account, the largest amount goes into the savings and that was the one i stated as my employer on my applicationl, again does anybody think this will be a problem?

Final thing, i am paying off my Barclaycard with the loan, again i have an excellent rating always pay on time however the same friend as mentioned above paid my last two payments for me, the payments were by cheque, the first i was aware had bounced but i received a call from Barclaycard on Monday night saying the second cheque had also bounced so i am now 2 months behind, i made a gesture payment of £30 whilst i suss out what the hell is going on but will this of already been checked when i applied for the loan.

I want the loan to pay off Barclaycard but i am worried that the last month or two have ruined my credit file.

Any advice please!!!

HD1

Yes I have a similar question re bank details...

when they send for them is this done before or after they credit search.

I was wondering if they searched first and then for whatever reason you could not provide the bank statements and they presumably declined to lend, if you are then left with a credit footprint.

GT9

Reading through the forums i am very pessimistic about the loan going through despite the in principle acceptance.

I applied with Barclays who i bank with and Nationwide who turned me down but then applied with Tesco and got the inprinciple ok.

I am desperate to pay off the Barclaycard, it should of been paid off recently and i have been badly let down so i want a loan to clear it, i have advised this on my application.

Also i put a covering letter with the signed forms just explaining the overdraft, etc.

tlc123_2

An unpdate...I too had gone over my overdraft limit and although the credit check had been fine (Only last week I checked both of ours and they're excellent) they declined us. Never ever been rejected for a loan ad never ever missed a payment on one either. They must be tightening up. They told my partner we cant re apply for another 3 months - is this right to yor knowledge?
T x