Tesco Loan

nursie2302

Hi,

I applied for a tesco personal loan of £5K last week, got accepted in principle and sent the forms back a couple of days ago. Does anyone know how long it takes them to make a decision and let you know either way?

Thanks

iolanthe07

It may take a while if they send it to underwriters for a final decision. Be prepared to be offered a loan at a lot more than the headline rate, which they only have to offer to 51% of successful applicants.

nursie2302

Thanks. They offered me a higher interest rate in the papers that they sent to me. They also asked for bank statements to check which I sent back the same day. I guess if I don't hear by early next week, they can't have liked something on them.

misscookie91

Need help also, applied for a £14,000 loan over 4 years at 4.8% APR. My bank Natwest offered me 32% APR!
I received the paper work today at an APR of 9.7% today to from Tesco-

"We're delighted to tell you we have approved your loan application, as long as your details haven't changed, and the checks are fine, we'll pay the loan into your bank account"

To me that sounds promising of securing the loan. Does anyone know if it is likely I will get it?

[Deleted User]

As long as your details haven't changed and the checks are fine, then you'll get it.

ch3101

If they have asked you to send in a bank statement then they want to check your income and expenditure, as well as your account conduct.

So, of you have inflated your income or deflated your expenditure on the application form, be prepared for them to decline it.

Otherwise, everything will probably be fine and dandy.

misscookie91

Thanks for your replies.

I had been reading on lots of forums that they send you this type of letter but then decline you. To me it sounds as if I've been approved and not approved in principle but I think mine has been approved.

I don't need to send any documents in apart from to sign the contract. Fingers crossed I get this as I am currently paying £380+ per month for 2 credit cards/store card, with the loan I can consolidate them but also to buy a fairly new used car that is much needed (3 door car with 2 children is hard work!) with this loan I am only paying £320 a month. That extra £60 will go far!

Nice_Weather_For_Ducks

Its tragic reading that someone is happy to get a loan.

Loans are a burden, and should really never be taken out.

Anything other than a home should never be bought on credit, but saved up for.

And we wonder why bankers are rich!!!

Cash_Flow

Nice_Weather_For_Ducks wrote: »

Its tragic reading that someone is happy to get a loan.

Loans are a burden, and should really never be taken out.

Anything other than a home should never be bought on credit, but saved up for.

And we wonder why bankers are rich!!!

That's your opinion.

iolanthe07

Consolidation loans can work well for people who are disciplined enough to rein in their spending and not take out further credit.

somethingcorporate

iolanthe07 wrote: »

Consolidation loans can work well for people who are disciplined enough to rein in their spending and not take out further credit.

I wonder what % of people that take out consolidation loans go on to rack up the now freed up credit cards?

Quite a high one I would imagine.