Anyone tried getting a Tesco loan?

DomRidd

Indeed they have, just checked my Equifax report... doesn't look too bad apart from the credit cards but that's what the loans for, to clear them and buy a car...

How come getting credit is still a lottery?

dacdesigns

DomRidd wrote: »

How come getting credit is still a lottery?

One that I can't seem to win :rotfl:

cleveden

Hi all,

I have just applied for a Tesco loan of £13,500 over 5 years at £243.00 p/m.

I have had quite a lot of bank charges recently due to my increased debt with 2 x Credit Cards. (NatWest 6k, Capital One 1.5k and a 6k outstanding loan with HSBC of 6k) which hopefully will all be paid off with the Tesco loan, which I stated on the application.

I wanted to write here because I have been struggling with my debt for a long time and I have not been able to get a loan of this amount from my own bank HSBC and I have been scared to apply anywhere else as I have not even been able to get an overdraft.

I have been completely honest on my Tesco application form and I wanted to help others by sharing my situation.

My application has just been agreed in principle online and for everyone that hasnt applied yet this is the message you get afterwards;

What happens next

Thank you !! You have successfully completed your application for a Tesco Loan.


If your loan is approved in principle the pack you receive from us shortly will include a letter confirming the APR offered to you (Please Note: the APR offered is dependant on your personal circumstances and financial behavior and in some cases may be higher than the APR referred to during your application). We may also request some additional documentation from you at this stage.


NEXT STEPS (if loan is agreed in principle):
1. Agreement in Principle posted within 2 business days.
2. Check documents paying particular attention to key details such as loan amount, term and bank account number.
3. Return signed documents along with any additional information requested.
4. Final decision on your loan application - this will usually take 3 business days from when documents are received.
5. Letter sent to confirm application decision. If your application is successful the funds will be in your account no longer than 3 business days after the final decision has been made.


Now my question is, (which worries a lot of people in my position) is that they have just built my hopes up of getting the loan that will change my life by saying "You have been agreed in principle" and quoting things like


"If your application is successful the funds will be in your account no longer than 3 business days after the final decision has been made"

So I am basically sitting here, head in hands, waiting for them to reply with the bad news that I am used to.

Sorry, I dont mean to be negative but anyone in my position will know that its very tough when you feel every bank probably wont touch you!

I'm just worried that they have agreed me in principle but have not yet done the credit scoring? Anyone one know how they work it?

Cash_Flow

cleveden wrote: »

Hi all,

I have just applied for a Tesco loan of £13,500 over 5 years at £243.00 p/m.

I have had quite a lot of bank charges recently due to my increased debt with 2 x Credit Cards. (NatWest 6k, Capital One 1.5k and a 6k outstanding loan with HSBC of 6k) which hopefully will all be paid off with the Tesco loan, which I stated on the application.

I wanted to write here because I have been struggling with my debt for a long time and I have not been able to get a loan of this amount from my own bank HSBC and I have been scared to apply anywhere else as I have not even been able to get an overdraft.

I have been completely honest on my Tesco application form and I wanted to help others by sharing my situation.

My application has just been agreed in principle online and for everyone that hasnt applied yet this is the message you get afterwards;

What happens next

Thank you !! You have successfully completed your application for a Tesco Loan.

cleveden wrote: »

If your loan is approved in principle the pack you receive from us shortly will include a letter confirming the APR offered to you (Please Note: the APR offered is dependant on your personal circumstances and financial behavior and in some cases may be higher than the APR referred to during your application). We may also request some additional documentation from you at this stage.

NEXT STEPS (if loan is agreed in principle):
1. Agreement in Principle posted within 2 business days.
2. Check documents paying particular attention to key details such as loan amount, term and bank account number.
3. Return signed documents along with any additional information requested.
4. Final decision on your loan application - this will usually take 3 business days from when documents are received.
5. Letter sent to confirm application decision. If your application is successful the funds will be in your account no longer than 3 business days after the final decision has been made.


Now my question is, (which worries a lot of people in my position) is that they have just built my hopes up of getting the loan that will change my life by saying "You have been agreed in principle" and quoting things like


"If your application is successful the funds will be in your account no longer than 3 business days after the final decision has been made"

So I am basically sitting here, head in hands, waiting for them to reply with the bad news that I am used to.

Sorry, I dont mean to be negative but anyone in my position will know that its very tough when you feel every bank probably wont touch you!

I'm just worried that they have agreed me in principle but have not yet done the credit scoring? Anyone one know how they work it?

cleveden wrote: »

If your loan is approved in principle the pack you receive from us shortly will include a letter confirming the APR offered to you (Please Note: the APR offered is dependant on your personal circumstances and financial behavior and in some cases may be higher than the APR referred to during your application). We may also request some additional documentation from you at this stage.

Your loan has not been agreed in principal.

Normally with tesco, laons are agreed in principal at the end of the application and a APR% is given.

The fact that this has not happened with you is somewhat concerning.

Tesco in most cases do also request bank statements so if you have bank charges it will not look to good.

cleveden

Thanks for your reply;

I was agreed in principle. It told me on the screen before the one I pasted.

It said something along the lines of "Thank you for applying with Tesco, your your loan has bee agreed in Principle - click to continue"

I then clicked and got the message I pasted.

DomRidd

I'm very much in this situation... Agreed in principle on Monday, received docs Tuesday, Signed and sent wednesday, they've received the docs today today, as an underwriter called to confirm some details and have a chat. Still no decision made by lunch time, asked me to call back tomorrow... So i'm no wiser and it's totally pre-occupying my mind...

cleveden

I hate to say but I just called them 1 hour after be "Agreed in principle" online and they knocked me back.

Back to the worry for the time being.

DomRidd

So you didn't even get the forms through? Very cheeky of them to say you were online then not on the phone.

cleveden

Dom,

Thats correct. I applied today at around 12ish and they said agreed in principle. I phone after 1pm and they said no.

DomRidd

I just called... Apparently there's a note on the system to say I need to provide evidence that the Honda Finance that I settled Monday, has been settled.

Luckily I had a letter from Honda Finance yesterday to state the finance agreement had ended follwing payment in full (sold the car). So have just got this off in the post with a covering letter...

Is this a good sign or still to early to count my chickens...?
Dom