what does this mean surely it should be yes or no???

phidy2010

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.

Thank you

email recieved

Tesco Personal Finance
noreply@loans.tescofinance.com [noreply@loans.tescofinance.com]
Sent: 04 January 2011 22:25
To:
xxxxxxx
**** PLEASE DO NOT RESPOND TO THIS E-MAIL, IT HAS BEEN SENT FROM AN UN-MONITORED E-MAIL BOX****

Dear mrxxxxx

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.

zppp

phidy2010 wrote: »

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.

Thank you

email recieved

You have an AIP, which means you need to sign and return the documents, and the application will go to their underwriting team, who will make the final decision on the application.

phidy2010

zppp wrote: »

You have an AIP, which means you need to sign and return the documents, and the application will go to their underwriting team, who will make the final decision on the application.

Hi there thanks for replying!!!

what on earth is a AIP???

what do the underwriter team do? any one had any experience with this sort of thing-first loan!

thank you

mum2one

Just borrowed their email

Dear mrxxxxx

Thank you for completing the online application for a Tesco Loan. Your application has been received and will now be processed. - you've done the 1st of the paperwork, the general applicatiom. Decision still up in the air

If your loan is approved in principle - if your application has been approved be in principle - means your 50% there, - you've met the basic criteria for their lending

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).
The apr = is the interest payable, it might be advertised as from 7.5%, bit this all depends on amount borrowed and also your credit history, at this stge - theyve moved you one step up the ladder and saying if yes - this is what you would be paying per month and how long etc.

We may also request some additional documentation from you at this stage.
That could be something like payslips, bank statements, proof of your ID ie driving licence, incomings v outgoings (there just examples of what they may ask for)
NEXT STEPS (if loan is agreed in principle): Basically 3/4 of the way - again this depends on the previous steps all being ok

1. AGREEMENT IN PRINCIPLE posted within 2 business days. - subject to final checks etc - the loan now would be set up in principle, as amount borrowed, apr, payments
2. CHECK DOCUMENTS paying particular attention to key details such as loan amount, term and bank account number. -double check all the information - esp bank accounts as you don't want it going into someones elses account
3. RETURN SIGNED DOCUMENTS along with any additional information requested.
The signed documents would be all the paperwork and authorising them to do credit checks etc, - the additional info may be from the list I suggested earlier
4. FINAL DECISION on your loan application - this will usually take 3 business days from when documents are received. This is the nail biting bit, - this is where the underwriters - there basically the financial side who do the decising based on factors including the loan, what you want it for, can you afford the payments, and if you have had to send in any additional information,
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. After that - this is the final yes/ no answer.

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.


I've just broked the email down, and worked in comments, at the moment, your at the first stage which is the intro stage, - you've obviously passed that, it would be a general criteria, - it does seem like a never ending game, but since the credit crunch, companies doing loans etc - aren't as free and easy, so were put through the ringer a bit.

Good luck with it all x

phidy2010

mum2one wrote: »

Just borrowed their email

Dear mrxxxxx

Thank you for completing the online application for a Tesco Loan. Your application has been received and will now be processed. - you've done the 1st of the paperwork, the general applicatiom. Decision still up in the air

If your loan is approved in principle - if your application has been approved be in principle - means your 50% there, - you've met the basic criteria for their lending

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).
The apr = is the interest payable, it might be advertised as from 7.5%, bit this all depends on amount borrowed and also your credit history, at this stge - theyve moved you one step up the ladder and saying if yes - this is what you would be paying per month and how long etc.

We may also request some additional documentation from you at this stage.
That could be something like payslips, bank statements, proof of your ID ie driving licence, incomings v outgoings (there just examples of what they may ask for)
NEXT STEPS (if loan is agreed in principle): Basically 3/4 of the way - again this depends on the previous steps all being ok

1. AGREEMENT IN PRINCIPLE posted within 2 business days. - subject to final checks etc - the loan now would be set up in principle, as amount borrowed, apr, payments
2. CHECK DOCUMENTS paying particular attention to key details such as loan amount, term and bank account number. -double check all the information - esp bank accounts as you don't want it going into someones elses account
3. RETURN SIGNED DOCUMENTS along with any additional information requested.
The signed documents would be all the paperwork and authorising them to do credit checks etc, - the additional info may be from the list I suggested earlier
4. FINAL DECISION on your loan application - this will usually take 3 business days from when documents are received. This is the nail biting bit, - this is where the underwriters - there basically the financial side who do the decising based on factors including the loan, what you want it for, can you afford the payments, and if you have had to send in any additional information,
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. After that - this is the final yes/ no answer.

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.


I've just broked the email down, and worked in comments, at the moment, your at the first stage which is the intro stage, - you've obviously passed that, it would be a general criteria, - it does seem like a never ending game, but since the credit crunch, companies doing loans etc - aren't as free and easy, so were put through the ringer a bit.

Good luck with it all x

hi thanks for explaining it, i personally couldnt make heads or tails of it! it was as if "yes,maybe,yes ect"

hopefully i get it as id rather tesco rather than my bank! not that im bad or anything,

i was accepted for a 4500 loan friday paper work arrived today
then realised id need more 7500 accepted friday evening paper work on the way
then thought id try it today for a little less and it declined:eek:


still got the other two to send back but only need 7000 not 7500 no point straddling up more than i need :A

so thank you again hopefully all goes through ok as then i get some tesco points :rotfl:

phidy2010

sorry to be a pain again,

i take it from this they have not already carried out the credit check?

. RETURN SIGNED DOCUMENTS along with any additional information requested.
The signed documents would be all the paperwork and authorising them to do credit checks etc, - the additional info may be from the list I suggested earlier

thanks

mum2one

phidy2010 wrote: »

sorry to be a pain again,

i take it from this they have not already carried out the credit check?



thanks

Don't be daft your not being a pain, its these financial lot, hope u dont think I'm being cheeky, I know you said in thr post above that you'd got paper work for lower amount, but you still have two to go, thats the worst route to take, - as the first thing will flag up to prospective lenders is between xx and xx JJ applied for 4 loans - the first thing they would assume is fe's in trouble and on desperate route, Even thats not the case.

Id this doesn't come off, I'd try your bank, as your already one foot in the door, so may not need so much stringent testing!, if that fails, I'd leave it 6 months before applying for any sort of credit, give the credit file a chance to heal itself. x

phidy2010

mum2one wrote: »

Don't be daft your not being a pain, its these financial lot, hope u dont think I'm being cheeky, I know you said in thr post above that you'd got paper work for lower amount, but you still have two to go, thats the worst route to take, - as the first thing will flag up to prospective lenders is between xx and xx JJ applied for 4 loans - the first thing they would assume is fe's in trouble and on desperate route, Even thats not the case.

Id this doesn't come off, I'd try your bank, as your already one foot in the door, so may not need so much stringent testing!, if that fails, I'd leave it 6 months before applying for any sort of credit, give the credit file a chance to heal itself. x

thank you, gone the wrong way around it its like being in a sweetie store lol

the other two are certainty apparently subject to bank statements which are no problem - sais a nationwide chap

just thought id try tesco as ive been hearing so many good things at work compared to nationwide the only thing i can see going against it was the third reduced loan application being declined - they sy third time lucky in! in the case of them i guess not,

thank you again

p.s not cheeky at all just under estimated the cost of a mini cooper 06! even with my staff discount !

thanks again

Movies_in_Running

phidy2010 wrote: »

just thought id try tesco as ive been hearing so many good things at work compared to nationwide...

thanks again

Tesco - Global corporation ruining a High Street near you.

Nationwide - British Building Society with a proud history.

phidy2010

Movies_in_Running wrote: »

Tesco - Global corporation ruining a High Street near you.

Nationwide - British Building Society with a proud history.

They have my mortgage, current account, credit card, life insurance, house insurance, car insurance, savings, and more

tesco : has my shopping

i personally think i can rightfully put my eggs in another basket on this occasion ! lol

Movies_in_Running

phidy2010 wrote: »

They have my mortgage, current account, credit card, life insurance, house insurance, car insurance, savings, and more

tesco : has my shopping

i personally think i can rightfully put my eggs in another basket on this occasion ! lol

Of course, but there are nicer baskets.