Tesco Loan - Approved in Principle

pompty · 21 August 2019 at 2:08PM

Hi everyone,

I just wanted to post something as I have applied for a loan yesterday through Tesco which was approved in principle, and are sending me the documents to sign over the next few days.

They have also asked for 1 document from List B which is proof of address so i will be sending the first page of a recent bank statement that includes my name, address, sort code and account number.

I wanted to cover myself just in case this fell through so applied for a Sainsbury's loan this morning (Haven't had a decision yet), but I wanted to know if this could negatively affect my ongoing application with Tesco?

Also, with them just asking for a document that shows proof of address, does this mean once they have received the evidence, it will all be done and I will receive the funds?

The loan was £9,000 over 3 years with APE - 11.9%.
My credit score is in the fair bracket and between 820-880 off the top of my head.

Thanks,
P

pompty · 21 August 2019 at 2:10PM

UPDATE:

I have just received the email from Sainsbury's confirming that the loan will not be approved on this occasion.

They haven't given me a reason for this just a range of things that they look at.

So hopefully, the Tesco one will pull through but from reading various post's it really is hard to say whether it eill be approved or not.

tonycottee · 21 August 2019 at 2:16PM

Only Tesco can answer that. However, if it flags up on their system that you applied (and was denied) a loan from another company after being accepted by them, they may withdraw their offer.

pompty · 21 August 2019 at 2:25PM

tonycottee wrote: »

Only Tesco can answer that. However, if it flags up on their system that you applied (and was denied) a loan from another company after being accepted by them, they may withdraw their offer.

Thanks Tony,

I did ring Tesco this morning and made them aware that I had made an application through another company to 'cover myself' just incase this didn't go through, and she double checked with someone and came to me to say that it may not show up on their checks as they update every 30 days or something along those lines.

I don't know if this is just for the application, it may be a different story now it has been declined.

She did also say once I have given evidence of proof of address, they will verify this and do their final checks which would be to make sure I haven't missed any payments etc during this period since applying so again, I don't know if this would show up in their final checks.

Mrs_Ryan · 22 August 2019 at 2:25AM

If it helps, my partner has just been approved for and has now received a loan from Tesco. He was declined by HSBC just before but it didn’t effect his application with Tesco.
They’re pretty quick with their final checks though- OH received his documents to sign on Tuesday morning , signed and posted them back Tuesday afternoon, got the text yesterday afternoon to say funds transferred and money was in his account at 12.01 today. Whole process took about a week.

boo_star · 22 August 2019 at 5:01AM

tonycottee wrote: »

Only Tesco can answer that. However, if it flags up on their system that you applied (and was denied) a loan from another company after being accepted by them, they may withdraw their offer.

They won't know that they were denied, only that a credit search was done.

Nicosy · 28 August 2019 at 2:25PM

Tesco will see the credit search that you applied for another loan, not that you were denied. So will match the story you've told them.

Tesco Loan - Approved in Principle

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