Sainsbury's Personal Loans - Be Warned

Tiney46 wrote: »

Hi all,


First post on the forum and wanted to start with this one, like many trying to find a good deal you someone times do find you get messed around and always say to yourself I should really let others know, So they are not caused the unnecessary grief/stress but never do. Well this time I said I will!


Last week me and my Wife had a Car MOT which passed but highlighted a few items which got us into thinking maybe its time to retire the old girl. Mazda 3 great car BTW owned for 8 years and cost us only £350 of "non-consumable' Items in that time.....that led us to find a new motor and the now the need to find a suitable Loan to cover the cost.....because well car finance BAH! Some crazy person told me to offset it on the mortgage!!!! I smiled nodded and walked calmly away.


Onwards to MSE I said and started browsing the lowest APR loans and .....well WOW I said 2.8% and 2.9% I thought I'll have myself some of that and decided on applying to Sainsbury's after a few minor questions mostly name and am I a home owner and not a lot really that I deem that important with a loan application like lets say....monthly wage/mortgage cost each month it said my application had been put through. The following morning I get an e-mail to say the loan acceptance paper work was on its way first class. (This was Wednesday 3rd april 2019) and so we put money to hold the car we chose as the e-mail didn't state anything else to cause concern. I even phoned them to make sure no details had changed on Monday 8th april 2019 and to chase where this first class post had gone after 3 working days with still nothing?? This morning the paperwork arrived and as we were now running out of time on them holding the car my wife drove with both of the children across town to deliver it to me to sign and get in the post that night. HERES THE IMPORTANT BIT - ALWAYS READ THROUGH SOMETHING THAT IS A FINANCIAL BOND BEFORE YOU SIGN! Firstly I flip through the pages to see where I had to sign but decided to wait and just do a bit of proof reading first and I'm glad I did as the paperwork stated that they had approved the application but at the interest rate of 5.2%!!


Now before you all go oh yeah I bet this guys financial background is in absolute ruin and he thinks he can get a loan because MSE/Experian rate him at 990/999 Noodle rate me at 4.8/5 I don't but its a slight indication that I have a good credit background when I've chosen that credit is the only way to pay.


I'm pretty sure I know why the rate went up so much and this is because there system probably aren't as thorough or well designed as a REAL BANK like not to mention any names *Cough* Lloyds as they don't know the overall picture of my finances as after all they are good at what they do selling carrots and tatters not lending money. They see I have very little disposable income as when I'm paid, my account (visible to them) is then emptied to a joint account (Blind to them) leaving myself some spending money for the month and everything left over goes into a combined savings pot. My choice of good money management but probably not the best when it comes to lending.


Just a side note at this point as financially I am known to Sainsbury's after they approved a loan for our wedding back when they had the acceptance rating system and I scored 98% and then was instantly declined....WT*! I rang them and they informed me that it was a computer error on their side and it was shortly approved. And paid every month without fail for the next 4 years.....I am a nectar customer and always fill up my company car 40,000 miles annual with them. also shop sometimes with them as there the closet (Probably set to change in the future). - So they should have a rough idea.


Verdict: The whole process took 5 working days to get the paper work which was not what I had applied for and frankly a complete waste of time - a further who knows how many days if I had signed until the money was in my account is unknown.


What I did then: (Time frames are completely true and I'm having to do it by the minute here)
Went to my bank *cough* Lloyds 17:00 Online
Reset my password and memorable information - I'm only human :rotfl: 17:10 (PlusNet mobile down so took longer as the call wouldn't go through..I know not my day)
Used easy Loan calculator to chose loan amount and repay term 17:20
Clicked complete.
The next bit is no joke checked my account 17:21 Money not present but deposit showing
17:22 +£15,500 (Job Done)


Bottom line and figures
Lloyds rate was 3.90% over Sainsburys 2.9% but reality 5.2%
Lloyds completed their loan apply/acceptance and money in the bank within 22 mins
Sainsbury's..........Post.....THEY POST THEIR DOCUMENT'S in 2019! HAHAHA!
Stress levels going through Lloyds - 1/10 - where did I write that blo**y password down to!
Stress levels going and waiting for Sainsbury's snail mail....Sleepless nights and a very unhappy ending - Oi no jokes! it was awful.


THINK before you apply if time is a factor to avoid any unnecessary stress.


I hope this is an insight for anyone thinking of applying, not saying your app with be the same just wanted to highlight what happened.


Thanks for reading.....:j