Tesco Loans and their service

GT9

I am hoping somebody may be able to pass on some advice and also see if people are experiencing the same problems as i am with Tesco.

I applied for a loan with Tesco on Tuesday, got a call and hour or so later saying i had been accepted in principle.

Received the forms the next day, filled them in, and sent them back recorded delivery so they received them Thursday.

When on the phone to the advisor tuesday i asked how long the procedure would take, he said usually 7 days, no problem with that, i was hoping for quicker but it was fine.

I called up yesterday (Friday) to check they had received my forms, they said they had received them early Thursday and they were being dealt with, call back today (saturday) for a final decision.

I just called back, was told still being assessed, call back Tuesday, they would have a decision, However even if i should be accepted then the funds would not be with me in the bank until after Xmas, possibly even after New Year!!

Now i understand lenders have to be responsible, i applaud them for that but i am very frustrated at the service, i gather they have credit checked me to in principle offer the loan, and they want to check my identity, again thats fine but should it really take six days??

1) From other peoples experiences would you say this means i will be rejected due to the time scale?

2) If i tell them to stuff it, it leaves a black mare on my credit file doesn't it? That then makes it difficult to apply for another loan as i will of had three searches this month.

3) What advice would people give?

I understand lenders have the right to lend to who they want and they have to be stringent but a potential three work turn around is not on, and i am finding the whole thing very stressful.

Wutang_2

GT9 wrote: »

1) From other peoples experiences would you say this means i will be rejected due to the time scale?

2) If i tell them to stuff it, it leaves a black mare on my credit file doesn't it? That then makes it difficult to apply for another loan as i will of had three searches this month.

3) What advice would people give?

I understand lenders have the right to lend to who they want and they have to be stringent but a potential three work turn around is not on, and i am finding the whole thing very stressful.

Its not that stressful is it??

It won't be a black mark although too may searches will dent your credit score/report.

My advice is - it's their money and if they want to lend to you then they can take as long as they want. I would chill.

tlc123_2

I know you're frustrated GT9 but it doesn't necessarily mean you haven't got it. when we got refused after being agreed in principle it was straight away, so it might be a good omen that you're having to wait. I know its ard when you need the money. I'm in the same boat aren't I?

BUt no, you have every right to turn a loan down if youre offered it if for example the APRs to high. As responsible borrowers we should do that, no matter how soon we need the pennies. See what they say and keep us posted

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