Anyone tried getting a Tesco loan?

GT9

Thanks for the update, i am anticipating a similar response.

I have £9k debt total to my name which is my Barclayard which i am using the loan to pay off, i own my own home (no mortgage) and have no household bills from my name.

I have been inprinciple offered a loan at 8.2% over 5 years for £9k, £188 per month, my income each month is £1200 and i have no 'official' outgoings, although at the moment i am paying out £200 a month minium payment to Barclaycard.

Only £560.00 is paid direct into my bank account, the rest of my income goes straight into savings.

If worse case scenario they only go on the £560 going each month do you think they would still offer a £9k loan based on that?

I am concerned if not because i am making no inroads into the Barclaycard debt and want it paid off, if Tesco reject can anybody recommend another company who can sort a loan quickly?

GT9

One other quick thing, did they say why you were rejected?

dacdesigns

tlc123 wrote: »

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

I also have just been declined for a loan with tesco

My score is good and have never missed a payment.

GT9

How did you two find out your were rejected? By phone or post?

Were they both topup loans? Mine is a new one.

I understand that loan companies have the right to lend to who they want, but the fact i have been accepted in principle if i was to be rejected for one bad bank statement out of over twenty years worth would be very disappointing.

I am panicking a bit as i wanted to pay off the Barclaycard the next day or two and then we have a holiday planned for Wednesday (BA Permitting!)

I would like to go away with it all settled.

dacdesigns

I was told straight on the phone, something like:

NO

lol or felt like it when she said "sorry the computer says you dont fit the criteria needed"

tlc123_2

THey just said that the underwriters had declined it due to our incomings and outgoings. Which is a load of BS as even though I have a lot of debt, the loan was in my partner's name who has no debts and we have money left over and we can easily afford all our payments. I put it down to the OD charges. I even told them that's what it was paying off! But it made no odds. I applied lastnight for A and L and hoping for a better response. No response at all yet though...doesn't bode well.

Mine was a top up loan...

GT9...let us know how you get on
T

GT9

I think thats the polite way of saying it!

I am anticipating the same!

Did you phone up and apply for a top up or apply online then phone to chase it up?

I have not had a loan for years so i am still confused as to why the inprinciple acceptance which i would think means the credit score is accepted, but it could stillbe rejected.

I remember the good old days of yes or no straight away!

GT9

Thanks TLC, i will let you know how it goes, hope A & L come good for you!

tlc123_2

yep - I was expecting a yes or no. When I applied for A and L it said response within 24 hours, mostly within 2. Then they said they'll be in touch within 2 days by post. Guessing thats a no too then. Can't understand it, unless by credit scrore's literally gone all wrong in about 2 days!!
T x

duggie1982

tlc123 wrote: »

yep - I was expecting a yes or no. When I applied for A and L it said response within 24 hours, mostly within 2. Then they said they'll be in touch within 2 days by post. Guessing thats a no too then. Can't understand it, unless by credit scrore's literally gone all wrong in about 2 days!!
T x

Sorry, 'edited' as the wrong thread

Sorry!