Sainsburys loan

potting81

I applied for a sainsburys loan this evening (£11.5k) and expected an instant decision once I'd got through the online application - however at the end it basically just said "thanks, we'll be in touch". Not even an email confirmation of my application...

Should I be concerned? I thought I'd get an agreement in principle

Salary 69k, mortgage per month £1.5k, cc total £11k - this loan is for a car. Experien rating 930 (good) and sainsburys own eligibility checker had me at 90%. Any thoughts?
Thanks in advance!

andyfromotley

I dont want to sound facetious .... but they will be in touch!

We can specualte here but seriously, what would be the piont?

potting81

But they said it would be an instant decision - is there any reason why in this case it wouldn't be?

DCFC79

If only the rating given by Experian had any meaning on loans, your rating isn't seen by lenders.

They money you would use for repayments, where does it go, savings ?

potting81

Pretty much. Got a mortgage 14 months ago and 4 year car lease about 6 months ago, so I've been fine in the past. It's the fact I didn't get an instant decision which is puzzling me

[Deleted User]

You've been referred. It happens. They'll be in touch.

potting81

But my question is whether that is a bad sign or indifferent?

Stevie_Palimo

potting81 wrote: »

But my question is whether that is a bad sign or indifferent?

Simple answer it may be yes or no and nobody on here can tell you as they are not Sainsbury's and do not look at loan apps, Patience is a virtue.

vlad

The application will have gone to their underwriters who will look at it, no one but them knows if they will say yay or nay,they usually take a few days to decide and may ask for additional information from you.
Look on the bright side they haven't yet said no.

potting81

I called first thing this morning, turns out the delay was because they couldn't match the town on one of my old addresses, all sorted and accepted at 4.8%