Tesco loan - checks?

v1cky24

Hi!

My first post so I hope I have it in the correct place!

I have just applied for a loan with Tesco for a car and they have told me they are 'checking' something and it will take 3-5 working days to do so.

Now, this has set alarm bells ringing and the lady on the phone was rather evasive when I asked what they were checking.

I am now thinking they are going to decline my application or offer me a more expensive rate.

I have never had credit or loans refused before so I'm now wondering what I should do about it?

Is applying elsewhere while they are 'checking' a bad idea?

Any help much appreciated! Thanks

Gordon_Hose

Won't they be checking your credit file?

They could also be checking with National Hunter http://www.nhunter.co.uk/

v1cky24

Does it take them 3-5 days to check your credit file? I didn't know this. Last time I applied for a loan I had an instant decision. Though that was a long time ago admittedly.

Ah, so they might be checking to see if it is a fraudulent application? I see.

Thanks for your help!

Gordon_Hose

I guess they can take as long as they please to do it. Might be they have a backlog, or the system is having trouble and they have to do it manually.

Don't go applying for other loans until you get a decision one way or the other from Tesco.

tlh858

Automated checks will be pretty much instant.

However if the automated check reveals something which requires an actual person to look at it, the process will take much longer.

v1cky24

Ah ok, I guess I'd better find some patience then!

shedhead55

Is the loan to be secured on the car and is it used? If so they may be checking the cars history for outstanding finance, or being an insurance write off etc.

DCFC79

Yes have some patience. Just because you havent been declined in the past it doesn't mean you will get declined in the present and future. Its 3 to 5 days, hardly a life time.

v1cky24

shedhead55 wrote: »

Is the loan to be secured on the car and is it used? If so they may be checking the cars history for outstanding finance, or being an insurance write off etc.

No, it was an unsecured loan.

I guess I am just baffled as to what they would be checking, though there are probably a million things!