Sainsbury Loan

invert456

I appreciate this post has probably been visited before but looking for advice.

My partner has applied for a Sainsbury loan and she got an approved in principle response. We will send the documents via 1st class post etc...

Today she has received an email saying this has been declined from an email address ending @rtdom.com. A quick search says this belongs to Lloyds TSB but I am sceptical.

Has anyone else received a similar process? We are waiting to see if the documents still arrive by post before contacting them by phone.

Thanks in advance.

Kind Regards

20aday

invert456 wrote: »

I appreciate this post has probably been visited before but looking for advice.

My partner has applied for a Sainsbury loan and she got an approved in principle response. We will send the documents via 1st class post etc...

Today she has received an email saying this has been declined from an email address ending @rtdom.com. A quick search says this belongs to Lloyds TSB but I am sceptical.

Has anyone else received a similar process? We are waiting to see if the documents still arrive by post before contacting them by phone.

Thanks in advance.

Kind Regards

I've never applied for a loan with Sainsbury's Bank before so I can't help you 'as such' but until quite recently Sainsbury's Bank was part of the Lloyds Banking Group (it's a separate entity now) so it might be worth your time phoning them.

karin_cc

mine was from plqueries@sainsburysfinance.co.uk

invert456

karin_cc wrote: »

mine was from plqueries@sainsburysfinance.co.uk

This would make much more sense but will see if we have any post. If not an interesting phone call awaits.

redpete

invert456 wrote: »

We are waiting to see if the documents still arrive by post before contacting them by phone.

Why wait? You are concerned enough to raise a question here but not enough to call them direct - seems a bit odd.

invert456

redpete wrote: »

Why wait? You are concerned enough to raise a question here but not enough to call them direct - seems a bit odd.

Fair point, wa have called them and it was declined after all due to not having enough credit history. My question was why pre-accept in the first place, considering who to try next but only a few applications before it starts to go against the credit score so need to get accepted really. Any suggestions people?

20aday

invert456 wrote: »

Fair point, wa have called them and it was declined after all due to not having enough credit history. My question was why pre-accept in the first place, considering who to try next but only a few applications before it starts to go against the credit score so need to get accepted really. Any suggestions people?

Is the loan you wish to apply for really urgent OP? If you've not enough credit history you may find it hard to be accepted for finance as potential lenders won't see how well you've managed past accounts.

You could try your own bank as they'll have a fair idea of your past account conduct. Failing that open a sub-prime credit card (for example: Capital One) and spend ,say, £10 on it and pay in full when the statement arrives.

After six months' worth of positive reporting to your credit files you might stand a better chance of acceptance.

BIB: please discount the credit score you'll see from Callcredit/Experian/Equifax. Too many applications in a short space of time will have a negative effect to lenders as it'll look like you're struggling/desperate for credit.

However they have their own criteria in place as to who gets what products etc.

invert456

20aday wrote: »

Is the loan you wish to apply for really urgent OP? If you've not enough credit history you may find it hard to be accepted for finance as potential lenders won't see how well you've managed past accounts.

You could try your own bank as they'll have a fair idea of your past account conduct. Failing that open a sub-prime credit card (for example: Capital One) and spend ,say, £10 on it and pay in full when the statement arrives.

After six months' worth of positive reporting to your credit files you might stand a better chance of acceptance.

BIB: please discount the credit score you'll see from Callcredit/Experian/Equifax. Too many applications in a short space of time will have a negative effect to lenders as it'll look like you're struggling/desperate for credit.

However they have their own criteria in place as to who gets what products etc.

The loan is fairly urgent to be honest, it is needed for a number of things. We could try Barclays (own bank) but in the past they have been really fussy and awkward about extra lending such as Overdrafts.

I appreciate the reasoning of not enough history which leads me to suggest we do a joint application how my credit report (high number of accounts + high credit utilisation) is very poor so chances are it will look worse. Part of this loan is to clear some of these but this is not considered on the application, robotic and number focused.

Considering loans with interest rates between 8-14% which would still be very affordable for us. This process is so frustrating when all the criteria is so secretive.