Sainsburys loan - waiting 72 hours?

ricksExpensive

Good afternoon,

Looking for a little advice on what to do next regarding a loan.

Basics = good credit rating, looking for a £12500 loan for a car over 4 years, on a salary of £41K with only a credit card £2K limit and a mortgage.

Was in the bank for other reasons at weekend so thought I would ask there. The bank said yes in principle with a rate of 6.9% - but read that sainsburys were offering 4.8% mentioned this to the bank who said they couldnt match it, but if I applied at sainsburys and changed my mind I could come back to them.

Applied for sainsburys loan after reading details of "instant decisions" after applying I was greeted by a message saying I had to wait 72 hours for a decision?

Phoned them up yesterday, and they said they are unable to tell me of an outcome until 72 hours has passed, nor can they cancel my request, but did confirm it will have added the request for a loan to my credit score etc.
They also wouldnt confirm what was being checked for it to take 72 hours nor the particular reason for it, after it states on the website "instant decisions"?

Can anyone clarify what takes so long, and if I now went to the bank would they say no to my request because I have another request outstanding/pending?
I have read another forum which says that you can have a delayed response if they are to offer you a higher rate than the one advertised. If this was the case and it came back higher than the bank, could I accept the banks original proposal or would the fact sainsburys had added information the my credit file go against me?

Thanks for any help or advice in advance.

opinions4u

You want to borrow lots of money.

They want to think about it before they decide to lend it to you.

Seems fair to me.

ricksExpensive

That's fair I completely agree and understand, I just thought there may be some other reason apart from the obvious.

Clive_Woody

ricksExpensive wrote: »

That's fair I completely agree and understand, I just thought there may be some other reason apart from the obvious.

Possibly smaller amounts get an automated check and approval but possibly for larger amounts a real human being looks at your credit file and the computer output and them makes a decision.

This is only a guess as I have no inside knowledge. I would guess something on your application pinged up and required further investigation that a computer alone could not complete.

Mizen79

Good luck anyway, I hope you get what you want, either way.

I had a bit of an agonising wait last week, but all worked out in the end.

Thrugelmir

ricksExpensive wrote: »

Can anyone clarify what takes so long,

Probably no underwriters were working at the weekend.

claret_mike

could be to do employment checks, could be because something you have entered doesn't quite match up to the computer records held on you and needs a human eye.

ricksExpensive

Thank you for all your posts.

Just to report back in case information helps anyone else out.

Loan application was accepted, reason for the delay was due to the amount a cross check was needed via phone conversation.

Didnt get the rate of 4.8% as advertised, but got 5.9% which is still cheaper than any other rate I managed to find.

Paper work will be sent first class in the post, and then money added to the account in 3-5 working days after they receive it.

Very helpful chap on the phone and im very happy at this end.

Thanks again everyone and hope this post may help others who might panic at seeing 72 hour notice on website when applying.

Mizen79

ricksExpensive wrote: »

Thank you for all your posts.

Just to report back in case information helps anyone else out.

Loan application was accepted, reason for the delay was due to the amount a cross check was needed via phone conversation.

Didnt get the rate of 4.8% as advertised, but got 5.9% which is still cheaper than any other rate I managed to find.

Paper work will be sent first class in the post, and then money added to the account in 3-5 working days after they receive it.

Very helpful chap on the phone and im very happy at this end.

Thanks again everyone and hope this post may help others who might panic at seeing 72 hour notice on website when applying.

Good news!

Did you have to provide any paperwork other than the loan agreement, when you sent it back to them?

When I got mine last week, I had to send proof of my income.