Loan accepted in principle

bobmonkeydog

Hi everyone

I could do with some advice on this.

I am an existing loan customer with Tesco. I noticed that they are offering top up loans to existing customers. I called them to apply. I gave all details and the lady put me on hold to do a credit check. About 5 minutes later she came back and told me that she was delighted I had been accepted. I was told that I would recieve the paperwork and would simply need to sign and return. As I am an existing customer the money would we immediately transferree via CHAPS payment as opposed to the 2-3 day wait for non existing customers.

The paperwork has come through and it states that I have been agreed in principle. What does this mean? I was credit checked whilst on the phone and passed. I have checked my credit report can see the search. They have not asked for any additional info such as pay slips or statements. Will they do a more detailed credit check or is the 'in principle' just until I have signed and returned the docs ( I have sent them back today)

Another small concern is that I completely forgot to mention that I have a Teso Credit card when I was asked about my outgoing. It only has a small balance and is always paid on time etc but I am annoyed that I forgot to mention it. I still passed the credit check so perhaps it will not be an issue??

Any advice would be appreciated as I am worried I will declined despite being accepted on the phone.

lawrie28

SHould be fine, don't worry about the ccard, they will have seen it on the search.

Check your rate though, it may not be the one you applied for.

If they are not asking for more details, get it signed, sent off and you should see the loan hit.

bobmonkeydog

Thanks for that. It was worrying me that I would get declined after having been accepted over the phone and recieving my offer in principle in the post.

I have checked the rate and they have offered me the 7.3% that they quoted me over the phone.

Hopefully the money will hit my account this week!