Sainsburys loan - very quick

swebb

In case this helps anyone...

I completed an on line application earlier this evening. Once I completed I got a window that said a decision had been made (yes that quickly) and to ring a freephone number. When I rang, the lady took me through a couple checks and I was offered the loan at the stated 7.9% apr. In fact I was offered another 5k if I wanted it.

Surprised me how quick and pain free the process was. I was offered a courier service (£49) which I declined. So the papers will come in the post and once I sign and return I'll get the money.

missk_ensington

Let us know if they contact you to ask for additional income checks after the docs have been returns like Tesco do....

swebb

Will let you know.

CarineG

Sainsbury's Bank are very quick indeed. I got a loan from them a few years ago and go a decision straight away. I opted for the courrier service and got my cheque delivered the next day. I didn't have to provide anymore information/documents than what they asked for originally.

They also informed me that I could increase my loan at any time if I wanted to, unfortunately they fail to tell me that you could not get this done for the first 6 months after the original loan was taken.

In order to get additional funds, I took at loan with Tesco and paid off my Sainsbury's one. Tesco are just as quick in their decision process and their interest rates were similar.

Let us know if Sainsbury's keep to their words.

CreditCruncher

swebb wrote: »

In cast this helps anyone...

I completed an on line application earlier this evening. Once I completed I got a window that said a decision had been made (yes that quickly) and to ring a freephone number. When I rang, the lady took me through a couple checks and I was offered the loan at the stated 7.9% apr. In fact I was offered another 5k if I wanted it.

Surprised me how quick and pain free the process was. I was offered a courier service (£49) which I declined. So the papers will come in the post and once I sign and return I'll get the money.

Good for you!
How good is your credit rating? I am wondering whether I stand a chance with records of a few late payments to a current account overdraft with the CRAs, an year ago!

R0bert_Sterling

Isn't it a bit premature to say they are quick. there is no money yet.

Maybe wait until the money arrives??

swebb

CreditCruncher wrote: »

Good for you!
How good is your credit rating? I am wondering whether I stand a chance with records of a few late payments to a current account overdraft with the CRAs, an year ago!

I haven't checked my rating for a long time. I haven't missed any payments on previous loans and only have one credit card which I am way under the limit for. So I think I'm in good shape.

swebb

R0bert_Sterling wrote: »

Isn't it a bit premature to say they are quick. there is no money yet.

Maybe wait until the money arrives??

Fair comment - I just wanted to highlight how quick the process took so far. All being well, I should have the money by the end of the month - which suits me. As soon as I get the papers (hopefully Tues/Weds), I'll sign and return and then a BACS into my account.

Tabitha200

Hi All

I am new to ths so please bear with me if I ramble but thought I would share my recent experience of Sainsburys finance.

I received a letter from them in February and was given a code to quote if I wished to ‘top up and refinance’ my current loan. I had not been actively seeking to change my loan however as we had just booked a holiday I rang to see how much it would be to borrow an additional £2000. I was pleased to find it would only cost an additional £4 per month to pay off my existing loan and borrow these additional funds.

After considering this for a few days I rang customer services on the 13th March 2010, the code was still valid and I arranged my loan simply and easily on the phone quoting the code and received my documents which I signed and returned.

I rang on 20th March 2010 to ask when the funds were likely to go into my account only to be informed my loan had now been declined. I was very surprised at this and customer services spoke to the underwriters and told me it was not my credit rating but that the code given, which Sainsbury’s sent me, was not a valid code for my account and the underwriter suggested I asked for a review. Which i did and the decision will be on Tuesday.

Does anyone know if this will affect my credit rating which is good as it will show as a declined loan even though they say it was the code???

Has anyone else experienced this?

Thanks

CreditCruncher

swebb wrote: »

Fair comment - I just wanted to highlight how quick the process took so far. All being well, I should have the money by the end of the month - which suits me. As soon as I get the papers (hopefully Tues/Weds), I'll sign and return and then a BACS into my account.

Any updates,swebb ?

swebb

The paperwork came in the post today. I have signed and returned it in the prepaid envelope. Once Sainsburys receive it the money will be transferred into my account - up to 3 working days. Nothing else needed - no other checks as far as I can see. My first payment will be 3 months after I receive the money i.e. end of June. I can ring and arrange a different date if I have an alternative preference.