Sainsburys loan application

Babbler

Hello all,

I have applied for the sainsburys 6.2% loan. When I finnished the application I got the message:

" Thank you for applying for a Sainsbury's Loan. We may require some additional information before we can make a final decision on your loan. Please call 0800 024 1326 after 72 working hours so that we can complete your application with you. Please be aware that we will not have a decision for you before this time.
If you are successful we can, for a fee, arrange for your documents to be delivered by our secure courier service and transfer your funds directly into your bank account, within three to five banking days. If you call us before 3pm, we can usually do this the next day.


"


Im confused. Does that mean I probably wont get it? Also the 6.2% rate ends tomorrow so in 3 days time it will be too late for that rate! What does it mean - anyone had this and been ok?



Not sure what additional info they want. I have good credit history and good income etc so shouldnt be a problem... a bit worried it will be declined now for no reason and I wont be able to get another loan

somethingcorporate

Not sure anyone but the bank in question can answer this for you.

You won't be declined for no reason, you'll be declined because Sainsburys don't want to lend you their money.

You'll just have to be patient.

Babbler

Thanks - just wondered if anyone else had this message. Will have to wait but its a pain... lol.

scott_lithgows

Wife got this last month,refused loan but then offered one at 15-16% from a division of Lloyds tsb,never took it up.

idc74

I'd give them a call tomorrow, to check that you'll still get the rate promised at the time you applied.

Don't assume you've been accepted at 6.2% though. I've never had a problem getting a loan before, have a full-time job, own a house, have an excellent credit rating, but applied for the Sainsburys loan - enticed by the great rate - got provisionally approved, then when I spoke to them on the phone the best they said they could offer was 10.2% (quickly followed by 9.2% when I questioned it). See more details in Sainsburys posting below (I can't post the link I'm afraid!)

Good luck - and post again to let us know how you get on.

iolanthe07

The 6.2% only has to be offered to 51% of successful applicants, so be prepared for an offer at a much higher rate.

Babbler

Thanks - Im prepared to get a crappy rate. Already had a loan with Barclays at 9.9% but wanted to reduce the rate with this one. Time will tell but as you say - likely to get a bad rate...

I just dont want to be "rejected" and have a bad credit note then on my file! :mad:

Babbler

Well, I rang them in my lunch hour... they had made a decision.

Wasnt as bad as I expected - offered me 8.2%. I said thats too high so they went off and 5 mins later came back with 7.2%. I accepted it - they said they would mach cheaper rate if I get one so will try tesco later today:j

Thanks all for your replies!

somethingcorporate

According to the other thread it appears that knocking 1% off when you challenge is the done thing at that company. Why not ring up and try the same tactic again? you have nothing to lose!

Babbler

somethingcorporate wrote: »

According to the other thread it appears that knocking 1% off when you challenge is the done thing at that company. Why not ring up and try the same tactic again? you have nothing to lose!

I will give it a go tomorrow after checking tesco tonight...

iolanthe07

Well done. 7.2% APR is an excellent rate for an unsecured personal loan in the current climate.