What sort of time scale does Tesco loan take

eddiejones

Hi,
Just being impatient of course but I applied for, and was accepted for a Tesco loan at a fairly reasonable rate.
Got sent some paperwork, asking for proof of this and that and sent it off last Tuesday I believe. Just wondering what sort of time scale it would be until things are finalised. It appeared to me that I was "finalising" stuff by signing the agreement but appreciate that I have to verify a few bits and bobs.....So what sort of time have people experienced in terms of the final stage?
Partly wondering whether I should get more confirmation or whether the first thing I hear is when money appears in my bank account!
Thanks!

nzmegs

We were told 5 working days. Our paperwork should have arrived there today - so will be watching with interest to see how quickly we get the money too. We have been told we are pre-approved so there should be no paperwork concerns.

eddiejones

Thanks.
I'm finding the whole process a little curious. Sent off my bank statement and a copy of my Driving License, as they requested, 8 or 9 days ago. And have heard nothing since...
Will I receive a letter to say things are ok (assuming they are)? Or will the first sign of completion be when money appears in my account? And is this sort of wait par for the course?

eddiejones

Hmm, ok, so I gave them a call just now and told me that I needed to send in a certified copy of my Driving License.
I took a colour copy of my driving license to my bank last week and they said that:
a) they had to make their own copy
b) all they could do was stamp it with their branch stamp, which they claimed was normal
The list of ok certifiers from Tescos included:
Your Bank - should use their Bank/Branch stamp to authenticate their certification.
Hmm, guess what they did wasn't good enough. Will have to get another copy certified tomorrow at the Post Office or so.

SammenForLivet2

In terms of their processing time, one my colleagues recently took a loan out from Tesco.
They raved about the fact that they had the money in their account the day after sending the form back - so I presume their quite quick at processing them.

nzmegs

We got our money yesterday. I mentioned on your other thread about getting certified copies at the Post Office. it is a good service and worked fine with us.

We got our money within 2 days and got our documents sent back to us immediately.