Sainsburys Loan

mrspatts82

Hi,

I applied for a Sainsburys Loan on Sunday and had a pop up to say that they needed to ask more questions.

I had a call from them on Monday to confirm details and Just after I got an email saying the following:

"Your Loan agreement is on its way
Thanks for applying for a Sainsbury's Bank Personal Loan.
We're posting your loan agreement pack to you today and you should receive it soon.
When you receive your loan agreement please check it carefully. If you are happy that it's correct, sign, date and return the Fixed Sum Loan Agreement, and any other documents we may have asked you to send, in the prepaid envelope provided.
Once we have everything we need from you and have satisfactorily completed all our checks, we will send the money to your account"

I rang them yesterday to confirm if the loan had been accepted as the email was rather confusing. The lady I spoke to confirmed it had been approved and she checked if I need to send any other info and come back and said no - all you have to do is sign the paperwork and return.

Now I know im being daft but even after sending the forms back could they decline my loan? I have been looking at threads on here and have seen that people have been declined after they sent the forms back. Im assuming that as she has said it is accepted and that I dont need to send them more information that they have done all the checks they need?

Has any one else got this far and then got declined?

DCFC79

You do realise your worrying over nothing ?

Sign the form and send it back.

mrspatts82

I know - think until I receive the money in my account I am going to worry about it. Must stop reading the bad reviews for Sainsburys bank!

bigisi

mrspatts82 wrote: »

Now I know im being daft but even after sending the forms back could they decline my loan? - probably, yes - if something comes to light they didn't know about I have been looking at threads on here and have seen that people have been declined after they sent the forms back. Im assuming that as she has said it is accepted and that I dont need to send them more information that they have done all the checks they need?

Has any one else got this far and then got declined?

What's the point in asking the question? You'll never know for definite unless you sign the forms and send them back and you certainly won't get the loan unless you do.

mrspatts82

Hi,

The only reason that I was asking the question was due to the fact that the lady at the sainsburys call centre said that it was approved, even though I have yet to recieve the paperwork or sign it. Surely she should not be saying that if there is a chance that I could still be declined?

HappyHarry

As with any arrangement, don't commit to spend any of the loan until you have the funds in your bank account.

elle_may

mrspatts82 wrote: »

Hi,

The only reason that I was asking the question was due to the fact that the lady at the sainsburys call centre said that it was approved, even though I have yet to recieve the paperwork or sign it. Surely she should not be saying that if there is a chance that I could still be declined?

They have approved you, now you have to approve the loan. And making sure the loan, APR, and how long to pay it back was offered, by signing the paper work and sending it back.

foxy-stoat

mrspatts82 wrote: »

Hi,

The only reason that I was asking the question was due to the fact that the lady at the sainsburys call centre said that it was approved, even though I have yet to recieve the paperwork or sign it. Surely she should not be saying that if there is a chance that I could still be declined?

Give them a chance to change the interest rate - with a bit of luck you will read your agreement before signing and returning the paperwork.

mrspatts82

Oh I will definitely check all the paperwork before I sign anything. Hopefully the paperwork is waiting for me when I get home to check and sign. I am not going to do anything until the money is in my account. Are Sainsburys known to change the APR?

[Deleted User]

All lenders may change the APR, as it need only be given to 51% of accepted applicants.

mrspatts82

Ah right - will double check. Do you know what their maximum APR is? I cant imagine it being too high...