Tesco loan

Apples2

oliel wrote: »

theres no way i want to be that in debt its a no brainer as far as im concerned

At the moment you are £7,000 in debt.
You are eagerly hurrying toward £12,000 plus interest in debt. You are doubling your debt.

Think carefully about how far backwards you are going, you talk of debt free but are far too eagre to increase your debt massively. All you are doing is moving debt and clearing nothing.

.

fozmcfc

I agree you should think hard before committing to further debt.

Most people who need a loan are advised to try their bank first, particularly if they feel they aren't 100% likely to be accepted, due to lack of history or they already have debt, or 1 or 2 blemishes on their credit history.

Your bank know your finances best and how you conduct the account.

As your card is with them, you could say, if you are accepted for the loan you wish to pay off the card and close the card down. That way the card cannot be run up again. So they know your commitment to themselves would be the £12k.

As others have said, people who aim to consolidate debt, don't always (myself included, twice) and just run cards back up again, so banks will always look at it as the current debt + amount being asked for.

Super-debt-man

Hi everyone! This is my first post!

Oleil, I have applied for a Tesco Loan on Saturday for £13500 and my case has been referred, so now I am just waiting for an answer. I only finished a loan with Tesco about 2 weeks ago and am using the new one to consolidate some existing cards and another Halifax loan. I had a ‘Good’ rating with Experian.

Here is my current standing:

Credit card: £2900
Credit card: £2400
Halifax Loan: £7900
Never missed a payment
Am home owner
Credit Rating is ‘Good’
On electoral roll

I very much doubt I will get it as it will be a total borrowing of £26700!!:eek: I only earn 27k. Its never going to happen!!


Good luck with your loan, I will let you know how I get on.

geoffky

All just numbers on a screen...its not that it is real money....if only some people realised how quick things can change...i would not sleep if i had 5k of debt..let alone the numbers listed above.

Super-debt-man

Just got the call!

Can’t believe they have lent me the money, I now have 98% of my income as debts lol!:T

Don’t worry though, I will be paying off my Halifax loan and two credit cards with this Tesco new loan.

Thank you Tesco!!:j

nelly12

Super-debt-man wrote: »

Just got the call!

Can’t believe they have lent me the money, I now have 98% of my income as debts lol!:T

Don’t worry though, I will be paying off my Halifax loan and two credit cards with this Tesco new loan.

Thank you Tesco!!:j

Well done you. It just goes to prove that the myth that appears on most loan posts here that you can't borrow more than 50% of your income on an unsecured basis is a load of bull!

RichGold

nelly12 wrote: »

Well done you. It just goes to prove that the myth that appears on most loan posts here that you can't borrow more than 50% of your income on an unsecured basis is a load of bull!

That's if you're daft enough to believe this 2 post wonder.

oliel

Glad you got the loan there hope for me then - i have never defaulted on any loan or had late payments. I always use my loans for things such as home improvements or assets such as cars. Make sure your clear your debt straight away. This is a great help to have this website but I do think that some people are a little too judgemental of others sometimes which is a shame. Not everyone is born with a silver spoon in their mouth. I have worked extremely hard to have my house which I have loads of equity in and loans have helped me achieve this all of which i should point out have been repaid in full - at not cost to any savers!! thanks.

londonmet

Hi all,

First time poster. I had a tesco loan a few years ago to consolidate my student debt (not my official student loan though). Last week I applied for a £11k loan over two years (about 6.3%) and i've been approved. As someone above suggested the key is to not run up the debt again!!

DCFC79

oliel wrote: »

This is a great help to have this website but I do think that some people are a little too judgemental of others sometimes which is a shame. Not everyone is born with a silver spoon in their mouth.

Id actually rather people were honest with me if i ever asked a question about loans, mortgage etc, i also wasnt born with a silver spoon unlike some people. I do think im quite savvy on the money and only spend what i can afford, there are areas of finance/money im not up to speed on like mortgages and when the time comes ill ask on here if i were to have any questions.