Loan Processing Times - Tesco vs. Sainsbury's

james231287

james231287 wrote: »

I agree that providers who are not so-called 'retail banks' do require a greater affordability ratio (they do only accept particularly credit-worthy customers) as their margins are made from groceries and other services, hence why their lending rates are generally better than retail banks).

If you read the consumer credit act it details the rules in there (even how large the APR has be displayed, such as being more bold and 'prominent' than the other text promoting the loan). Tesco will be required to evidence to the FSA that they have offered at least 51% of customers (who are accepted) that rate - or they will be forced to remove it.

here is a link to the ccd - check out page 5, point 8.

w w w.gov.uk/government/uploads/system/uploads/attachment_data/file/31904/10-1072-consumer-credit-directive-quick-guide.pdf

rachyrach_2

I applied for a Tesco loan about 3 weeks ago to finance a new car. I was told I was approved for the advertised 5.1% rate and that I should wait for paperwork to arrive which could take up to 5 working days.

The paperwork arrived in about 3 working days but had an error in my address. I rang Tesco and they said they would amend the paperwork and send me out a new version. They also said that they would need to run another credit check on me because of their error in my address (I just hoped this wouldn't negatively impact my credit rating too much).

I waited for the new paperwork...and waited....and waited. 5 working days, no paperwork. 7 working days, no paperwork. I called Tesco at 3 different times during the following two weeks and they said just wait as the paperwork has been sent.

I ended up getting so frustrated that I applied for a loan with my bank HSBC, who were advertising a special rate for existing customers which was 5.9%. Higher than the Tesco rate, but whilst researching this I found quite a few forum posts from other people who had been accepted in principle for a Tesco loan and then once they had sent the paperwork off, were actually rejected!

I didn't want to chance this (or wait for the paperwork any longer) so I applied online to my bank and within 10 seconds of the application the money was in my account. Talk about efficient! I also like the fact that when I log into internet banking my loan amount also shows and I know how much I have left to pay off.

So I got the money from my bank in about 10 seconds of the application, bought the car a few days ago and today...the Tesco paperwork finally turns up, 2 weeks after they sent the amended pack. I won't be bothering with them, what a long winded and arduous process.

ch3101

If you own your home you sound like a good candidate for tesco. Of course it still depends on anything else.

I work for them.

It typically takes 3-5 days from the decision for the agreement to come through then, if no other documents are required, 48hours to send the money.
Courier options are available to speed things up.

Best to apply on the phone, online system is useless.

yepigamess

haiza, i am ...????

Apples2

yepigamess wrote: »

haiza, i am ...????

Spartacus???

gb12345

yepigamess wrote: »

haiza, i am ...????

A particularly stupid spammer?

I'll give you a clue - this is a money saving website (the name gives it away), so at least try and make your inane posts finance related.