Tesco loan application process....

stephane_2

I am looking to borrow £12,500 so Tesco loan sounded good. Applied this morning and within 3 hours got a call from Tesco Finance to tell me that I had been accepted. The interest is slightly higher than expected 11.9% but still not bad. I was surprise to see how quick they were, when she call me, she sounded quite pushy, asking me if I was accepting their offer!!! I said to them that would wait to receive their paper & think about it. Maybe I should have tried with my own bank First Direct....don't know if I should now...

PROLIANT

At 11.9% APR you should be thanking them - take the money no questions asked, that kind of APR is unheard of today.

BenL

Tesco are quite good, I applied in dec 09 and got approval quickly and the docs through.

Be aware though that they will do extra checks on affordability etc after you have signed up.

I returned my docs and then they called me the next day to query some other car finance I had. It was all fine as I had paid off the finance with vauxhall and my credit file hadn't been updated so I could explain it.

I would recommend Tesco, they did give me the advertised 6.8% too.

paulmcerlean

At 11.9%, take the money and run.

stephane_2

I applied this morning online with my bank First Direct, got accepted straight away and with an interest rate of 9.9% which is even better than Tesco, the £12,500 was in my account within seconds.....

PROLIANT

stephane wrote: »

I applied this morning online with my bank First Direct, got accepted straight away and with an interest rate of 9.9% which is even better than Tesco, the £12,500 was in my account within seconds.....

Nice, I have been struggling since mid last year getting a loan from any bank.
My credit files are perfect apart from a high number of searches.

Well done.

missk_ensington

PROLIANT wrote: »

Nice, I have been struggling since mid last year getting a loan from any bank.
My credit files are perfect apart from a high number of searches.

Well done.

A high number of declined applications I presume? One declined application is bad enough, but if you have several then you might as well dump on your credit file and set light to it

PROLIANT

missk_ensington wrote: »

A high number of declined applications I presume? One declined application is bad enough, but if you have several then you might as well dump on your credit file and set light to it

I was thinking for of wiping my @rse on it to save money on bog roll!

paulmcerlean

missk_ensington wrote: »

A high number of declined applications I presume? One declined application is bad enough, but if you have several then you might as well dump on your credit file and set light to it

That's not totally true, but pretty much is

missk_ensington

paulmcerlean wrote: »

That's not totally true, but pretty much is

Ive recently found that a declined application is more damanging than several missed payments. I had the top Equifax/Experian credit score, never missed a payment in my life (and still havent) got rejected for a loan because I am self employed and dont have enough accounts and now I cant even get a basic credit card! Checked Equifax again - I now have 'Poor' Credit :mad:

PROLIANT

missk_ensington wrote: »

Ive recently found that a declined application is more damanging than several missed payments. I had the top Equifax/Experian credit score, never missed a payment in my life (and still havent) got rejected for a loan because I am self employed and dont have enough accounts and now I cant even get a basic credit card! Checked Equifax again - I now have 'Poor' Credit :mad:

A search is a search and it does not indicate whether you were accpeted or declined.
As I have found out, the hard way...again, too many searches are damaging.