Loan agreement received - is it confirmed?

cjstepinrazor

Hi There,

A quick question regarding the process of loan applications.

I applied for a Sainsburys loan online and it was 'agreed in principle'. I called them the next day to discuss the APR and next steps and was told the APR rate given was the headline amount (4.5%).
I have now (the day after) received the documents in the post at the stated APR.

Some of the bits of paper say things along the lines of:
"loan agreed in principle, subject to credit checks"
while other bits of paper say:
"Once your signed agreement is received we will transfer your funds into your account"

From this, a couple of questions:

They'll have done credit checks to get this stage (assumption), so why would this depend on further credit checks - is this to just make sure that nothing drastic has changed (such as trying to take two loans out at the same time with different places etc)?

How likely are they/can they even decide to change the rate or not give me the loan at all at this stage? (circumstances/existing credit/limits are the same as when I applied a few days ago)

Thanks in advance.

jonesMUFCforever

You need to sign the CCA and return it to find out.


It is unlikely to have got this far to be rejected.

cjstepinrazor

Thanks for the reply.

The documentation has been signed and sent back, but I wanted to get an idea as to any possible delays (and if indeed I'm definitely getting it!).

Does anyone else have any experience of loan companies coming back and asking for more info or even changing conditions at this stage?

Apples2

They can do as they wish, it is their money (at the moment).

As long as your story hasn't changed and you have signed that everything you have said so far is true, then it is unlikely to falter at this stage.

If they get the documents back and only then find out about a Bankruptcy, financial association or some other kind of revelation then you can expect some misery.

Carrera74

Just wondering if your loan went through as I am now in a similiar position.

I have also applied online, received an email to say they needed to check a few things so I phoned them and they offered the loan at the rate quoted online and said the paperwork will be sent out which I am now waiting for. Do they do more checks once they receive the signed agreement? They didn't offer to send it out via courier - which they did years back when I had a loan with them. Not sure if they still do that and at £50 it is a bit of a rip off!

chanz4

Tesco do the same, and was fine

Carrera74

Thank you.

I sent the form off on Wednesday and have just received a call from my bank to warn me that I am getting a large sum in my account from Sainsburys

Apparently they contact you now to warn you in case your account is being used by money launderers.

cjstepinrazor

Sorry about the late reply.

I realise that you've now found that your loan went through but I thought I'd confirm that mine did also for the benefit of any future readers.