Tesco loan application procedure...

bigfatolly71

Hi all,first post on this useful forum.
I applied for a Tesco loan of £10k at the lowest rate online last Sunday,they couldn't give a decision online and said they would need to do further checks.
I was expecting at least a phone call with a few questions,so waited patiently and heard nothing,not even an email to confirm they were looking into the application.
As I need the money fairly quickly I was going to make an appointment with my bank to see if I could apply with them,as they are now advertising the same rate.
Today I received a text message from TescoBank saying my loan has been approved and all I need to do is read,sign and return the credit agreement they are sending through the post.

Is this the normal procedure and will it be the rate that I applied for ?

I have an excellent credit report but I was worried I wouldn't get the loan as I do have a credit card with a fair bit of unsecured debt as well,although the total doesn't come anywhere near half of my salary.

Thanks in advance.

[Deleted User]

bigfatolly71 wrote: »

Is this the normal procedure and will it be the rate that I applied for ?

The rate they're offering will be shown on the agreement.

PeacefulWaters

Normal procedure, yes.

Will you get the rate? Probably not.

DCFC79

bigfatolly71 wrote: »

Hi all,first post on this useful forum.
I applied for a Tesco loan of £10k at the lowest rate online last Sunday,they couldn't give a decision online and said they would need to do further checks.
I was expecting at least a phone call with a few questions,so waited patiently and heard nothing,not even an email to confirm they were looking into the application.
As I need the money fairly quickly I was going to make an appointment with my bank to see if I could apply with them,as they are now advertising the same rate.
Today I received a text message from TescoBank saying my loan has been approved and all I need to do is read,sign and return the credit agreement they are sending through the post.

Is this the normal procedure and will it be the rate that I applied for ?

I have an excellent credit report but I was worried I wouldn't get the loan as I do have a credit card with a fair bit of unsecured debt as well,although the total doesn't come anywhere near half of my salary.

Thanks in advance.

It's normal procedure but be prepared for the rate being offered not the 1 you expect.

bigfatolly71

Well that's not good.
I was kind of hoping I would get at least an email with the rate offered.
I did also get a low rate offered by Zopa in principle,wondering if I should also apply for them now.
If someone who has actually had a Tesco loan please confirm that this is normal practice?

[Deleted User]

Yes, it's normal practice.

john1002

Why not just ring up and ask for the rate given.

That way you won't need to apply to zopa if you've got your rate.

John

bigfatolly71

john1002 wrote: »

Why not just ring up and ask for the rate given.

That way you won't need to apply to zopa if you've got your rate.

John

Good idea,will do it tomorrow..

da_rule

Also, if you don't take the loan Tesco may have to cancel the application otherwise it may cause other lenders concerns.

bigfatolly71

Phoned them up this morning,and happy (ecstatic) to say I got 3.3 percent.