Anyone tried getting a Tesco loan?

freshage

Hi guys,

I have applied for a loan with Tesco's online today, I received a email back instantly stating the outlines of what was going to happen. Now, after reading this thread and seeing others got a call/email back saying they agreed in principle within a hour of applying is scaring me a little as I applied at half 1 and have heard nothing back.

What actions should I take? Should I ring them tomorrow?

Here is the email that was sent.

**** PLEASE DO NOT RESPOND TO THIS E-MAIL, IT HAS BEEN SENT FROM AN UN-MONITORED E-MAIL BOX****

Dear Mr Chris Gough

Thank you for completing the online application for a Tesco Loan. Your application has been received and will now be processed.

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.

Thank you for choosing Tesco Loans

If you have any questions about your loan, please call us on 0845 600 60 16. Our lines are open 8am-8pm Mon to Fri and 9am-5pm Sat and Sun.

Thanks, chris

IWantToBeFree_2

I applied online and got the email you did above, forms came in post saying it had been agreed in principal and I had to send off a bank statement. Was expecting to get rejected when I had sent them the bank statement, as we never have any money left at the end of the month as its all transferred into a savings account but the money landed in my account this morning.

I got £11k at 7.8% which I think is lower than the advertised APR at the minute.

Si_Guy

Hey,
After reading the comments on here i decided to give it ago. Even though i have been denied credit cards. Im really hoping they accept me so i can pay off 3 cc's and a loan with this one tesco loan... fingers crossed! I got the same message as the ones above but nothing about being accepted in principle.
I will post back with the results....

dizzyblonde82

Me and my DH gave up when applying for a Tesco loan, they kept writing to us asking for wage slips and bank statements, we sent them in and would then get a call to send in more. They then wrote to my husbands employer for an employment reference as he is paid in cash, the employer returned the reference on letter headed paper and stamped by their company stamp.

We were then contacted again by Tesco who said that they could not contact the employer due to the line been down - this is an ongoing dispute between BT and the owner of the pub my DH works for and Tesco said that unless the telphone number worked the loan could not be approved - we even went in the tesco store 1/2 mile from the pub to explain the situation and they said that the underwriters would not accept confirmation from them that the pub was a current trading business!

We were informed in writing that everything else with our application was verified and accepted and as soon as the landline to the pub was restored they would complete our loan and send the money to my account.

Me and DH decided that we would just stick with our credit cards and work hard to pay them off instead of consolidating them into a loan.

Hope everyone has a better experience with Tescos than we did!

Si_Guy

dizzyblonde82 wrote: »

Me and my DH gave up when applying for a Tesco loan, they kept writing to us asking for wage slips and bank statements, we sent them in and would then get a call to send in more. They then wrote to my husbands employer for an employment reference as he is paid in cash, the employer returned the reference on letter headed paper and stamped by their company stamp.

We were then contacted again by Tesco who said that they could not contact the employer due to the line been down - this is an ongoing dispute between BT and the owner of the pub my DH works for and Tesco said that unless the telphone number worked the loan could not be approved - we even went in the tesco store 1/2 mile from the pub to explain the situation and they said that the underwriters would not accept confirmation from them that the pub was a current trading business!

We were informed in writing that everything else with our application was verified and accepted and as soon as the landline to the pub was restored they would complete our loan and send the money to my account.

Me and DH decided that we would just stick with our credit cards and work hard to pay them off instead of consolidating them into a loan.

Hope everyone has a better experience with Tescos than we did!

Although this is a pain, i am surprised that a loan company like tesco would even drag it out. in my experience its either a yes or a no!

Si_Guy

Got conffirmation today saying sorry they cant help me! Great turned down again! guess they aint so easy to get.

dizzyblonde82

Si_Guy wrote: »

Although this is a pain, i am surprised that a loan company like tesco would even drag it out. in my experience its either a yes or a no!

The underwriter phoned us and said she had done everything she could to help us with regards to the phone line but she confirmed verbally and then in writing that had she been able to call the landline of the pub then she would have completed the loan application successfully.