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Anyone applied for a tesco loan lately?

£0.00 @ Tesco
Hey I applied for a tesco loan and the internet says I have been accepted, and then had the paper work through and again said I was accepted, but then says, (Providing nothing has changed and we do … Read More
canada16 Avatar
3y, 3m agoPosted 3 years, 3 months ago
Hey
I applied for a tesco loan and the internet says I have been accepted, and then had the paper work through and again said I was accepted, but then says, (Providing nothing has changed and we do final checks)

They have not asked for anything.
Has anyone had this response and been refused later?
Its not in principle, just said I was accepted, but just wondering what final checks they need to do that they could not have done with a simple credit check when they accepted me.

Any thoughts. thanks
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canada16 Avatar
3y, 3m agoPosted 3 years, 3 months ago
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#1
Sounds normal to me, they accepted your loan request on the basis of your current financial situation. If you lose your job tomorrow and get 10 defaults on your credit history tomorrow amongst other things they would obviously prefer not to give you the loan.
#2
http://faq.tescobank.com/help/loans/after_apply_for_loan


Within 5 days you’ll receive some important documents that you’ll need to check, sign and return to us.
We may also request some additional documents to support your application, such as proof of your identity or address.
When you return your signed loan documents, with any supporting documentation we request, we’ll make some final checks and as long as your details haven’t changed and the checks are fine we’ll fully approve your loan and pay the money into your bank account.
Your loan offer is valid for 30 days from the date you apply, so it’s important that you return your documents to us as quickly as you can.
#3
I know it says that oldenglish, I am just wondering what final checks.
I wont be losing my job or doing anything different.

I am just worried as I have 2 credit cards and wondering if they might refuse me if they did not know about these when they said yes.
They never asked me if I had any cards, and they have not asked me for anything, they just asked me to sign and date and return.

Seems a bit too easy for such a large amount of 11,000
I do own a house, but this is not a secure loan
#4
canada16
I know it says that oldenglish, I am just wondering what final checks.
I wont be losing my job or doing anything different.

I am just worried as I have 2 credit cards and wondering if they might refuse me if they did not know about these when they said yes.
They never asked me if I had any cards, and they have not asked me for anything, they just asked me to sign and date and return.

Seems a bit too easy for such a large amount of 11,000
I do own a house, but this is not a secure loan

I would guess with them sending you the paperwork out you have passed the first stage.

Did the forms they sent you have a lot more detailed questions, e.g how much you earn ect?
#5
No nothing, they just asked me to check my bank details and my address and that was it.
No proof of address, no bank statements nothing.

Seems very strange lending someone that amount and just saying you have been accepted.
#6
canada16
No nothing, they just asked me to check my bank details and my address and that was it.
No proof of address, no bank statements nothing.

Seems very strange lending someone that amount and just saying you have been accepted.

Think they have probably agreed in principal, you may have all that to come & the credit checks.
[HUKD Blog Network]#7
I've never had a Tesco loan or worked for them but did work for Barclays for a long time. The final checks are usually ID&V (Identification and Verification) on the supporting documents (if requested) Do you have any existing holdings with Tesco or the group? This can make processing seem more simple than it should be sometimes. All sounds ok to me to be honest, especially since you've received the actual loan paperwork. Barclays used to credit score up to £25,000 in this manner-long time ago mind and a different financial climate perhaps.

Edited By: karri123 on Jan 21, 2014 15:15: edited
#8
Will check when I get home, but I am sure it says I have been agreed, nothing about in princible, but says pending further checks and nothing has changed as per your statement oldenglish.
#9
karri123
I've never had a Tesco loan or worked for them but did work for Barclays for a long time. The final checks are usually ID&V (Identification and Verification) on the supporting documents (if requested) Do you have any existing holdings with Tesco or the group? This can make processing seem more simple than it should be sometimes. All sounds ok to me to be honest, especially since you've received the actual loan paperwork. Barclays used to credit score up to £25,000 in this manner-long time ago mind and a different financial climate perhaps.

I do have a long standing clubcard and also have a credit card with them, but accidently went over my agreed limit by 150.00 last month. but never missed a payment with them
[HUKD Blog Network]#10
canada16
karri123
I've never had a Tesco loan or worked for them but did work for Barclays for a long time. The final checks are usually ID&V (Identification and Verification) on the supporting documents (if requested) Do you have any existing holdings with Tesco or the group? This can make processing seem more simple than it should be sometimes. All sounds ok to me to be honest, especially since you've received the actual loan paperwork. Barclays used to credit score up to £25,000 in this manner-long time ago mind and a different financial climate perhaps.

I do have a long standing clubcard and also have a credit card with them, but accidently went over my agreed limit by 150.00 last month. but never missed a payment with them

Clubcard means nothing but the credit card is important. That means you have previously been ID&V'd and makes the process much simpler. I'm not exactly sure where you are in the process though Canada, have you filled in the online application and printed off the actual loan paperwork?
#11
I took out a Tesco loan last year for a car (£16k).

I also didn't divulge any other credit cards that I had at the time (of which I had three or four) and am also a home owner. Same thing applied to me with regards to the terminology and the paperwork and I received the cash in my bank account shortly after.
#12
I am not in canada I am in cardiff.. lol
I was just raised in canada.

I checked my paper work and there is nothing about Loan in Principle, just says I have been approved.

Very strange, they must like me.

Be nice to pay off all my credit cards and have 1 payment, and will save me the transfer fees all the time.

Credit cards are ugly things in my case.
#13
Make sure you check the APR you have been 'accepted' at as it will more than likely be higher than you applied for!!
I have perfect credit rating applied and was 'accepted' but when I checked through the paperwork thoroughly the APR had risen to 9.6% .. Rang them and they said 'tough' if you don't accept it it still shows on your credit file which can affect further applications so you're pretty much done over!!
I still told them to shove it though!
Tesco all over... Con artists!!
#14
I checked and its 4.9%
[HUKD Blog Network]#15
canada16
I am not in canada I am in cardiff.. lol
I was just raised in canada.

I checked my paper work and there is nothing about Loan in Principle, just says I have been approved.

Very strange, they must like me.

Be nice to pay off all my credit cards and have 1 payment, and will save me the transfer fees all the time.

Credit cards are ugly things in my case.

Sorry if you thought I was suggesting you were based in Canada X) Was just referring to your username, assumed you were UK based to be honest! From what you've described (having paperwork and all) and being an existing customer, pretty sure it's just a case of returning paperwork and funds being transferred now.
#16
Well just thought I would share.

I received £10,400 in my bank with no questions asked, and all credit cards paid off.

Found it very strange that they did not ask any questions or ask for documentation and my credit rating was not the best with 4 cards open and 2 of them have not been used in years as I forgot to cancel them.

Some of my friends are now going to try and clear their debts as well,

Got the loan at 4.8% which is only about £12,000 payable over 7 years, but will try pay extra as I have shares in my company.
[HUKD Blog Network]#17
canada16
Well just thought I would share.

I received £10,400 in my bank with no questions asked, and all credit cards paid off.

Found it very strange that they did not ask any questions or ask for documentation and my credit rating was not the best with 4 cards open and 2 of them have not been used in years as I forgot to cancel them.

Some of my friends are now going to try and clear their debts as well,

Got the loan at 4.8% which is only about £12,000 payable over 7 years, but will try pay extra as I have shares in my company.

It can seem strange but you weren't a new to bank customer canada, so the process would have been much simpler. Any friends trying it who are may not find the process as easy as you did. Your credit rating cannot be that bad at all, it's not soley based on the number of cards you have but how you manage them (plus any other holdings you may have) Anyhow, glad it all worked out for you and you've taken control and did what you feels best for you and your circumstances :3
#18
canada16
Well just thought I would share.I received £10,400 in my bank with no questions asked, and all credit cards paid off. Found it very strange that they did not ask any questions or ask for documentation and my credit rating was not the best with 4 cards open and 2 of them have not been used in years as I forgot to cancel them.Some of my friends are now going to try and clear their debts as well,Got the loan at 4.8% which is only about £12,000 payable over 7 years, but will try pay extra as I have shares in my company.

https://i.chzbgr.com/maxW500/6395355904/hEE38F221/
#19
mork-09
canada16
Well just thought I would share.I received £10,400 in my bank with no questions asked, and all credit cards paid off. Found it very strange that they did not ask any questions or ask for documentation and my credit rating was not the best with 4 cards open and 2 of them have not been used in years as I forgot to cancel them.Some of my friends are now going to try and clear their debts as well,Got the loan at 4.8% which is only about £12,000 payable over 7 years, but will try pay extra as I have shares in my company.
https://i.chzbgr.com/maxW500/6395355904/hEE38F221/

LOL I wish

Its sickening to think I have just spent 10,400 in a matter of minutes, due to my past mistakes of spending.
But to be honest I was engaged with a house and had a split, so where as before I could afford to spend with a joint income, I was in a world of shock when I had to pay them off and pay for all my own bills ect after 9 years.

But hey thats life and its only money.
#20
canada16
mork-09
canada16
Well just thought I would share.I received £10,400 in my bank with no questions asked, and all credit cards paid off. Found it very strange that they did not ask any questions or ask for documentation and my credit rating was not the best with 4 cards open and 2 of them have not been used in years as I forgot to cancel them.Some of my friends are now going to try and clear their debts as well,Got the loan at 4.8% which is only about £12,000 payable over 7 years, but will try pay extra as I have shares in my company.
https://i.chzbgr.com/maxW500/6395355904/hEE38F221/
LOL I wishIts sickening to think I have just spent 10,400 in a matter of minutes, due to my past mistakes of spending. But to be honest I was engaged with a house and had a split, so where as before I could afford to spend with a joint income, I was in a world of shock when I had to pay them off and pay for all my own bills ect after 9 years.But hey thats life and its only money.

:D me too... me too

I hope it all gets sorted out for you... ;)
#21
How long did it take for the loan to come through once you sent the paper back? thanks
#22
andyridder
No , I didn't. Want to know something. I got an offer from klickcredit.com for loan of 1500usd . APR would be 7percent. Is it a gpod micro loan?

Hot UK deals??

UK site? You're in the US and asking about USD?

oO
#23
Hi I just applied for a Tesco bank loan for £5000 over 2 years, I have the same situation as you same as you my credit score isn't the best & I'm not a Tesco customer. Anyways my loan got accepted & sent the paper work out to me within 2 working days.
No bank statements no wage slips etc
Little bit worried what the final checks are?
What do they check? Income?
Really don't want to get declined right at the last stage!!
Cheers guys!
#24
Hi I'm 18, I applied for a Tesco Loan of £8,000 over 5 years online for a new car, had a call a day later, received credit agreement in the post 2 days later after the call (Requesting no bank statements or other supporting documents) , My APR is 10.4% which is the best deal I've found. Signed back on Saturday so they should get it back Today or Tomorrow.

I Have 3 credit Cards 1 with a outstanding balance of £200, all others paid off, never missed a payment or gone over my credit limit i have an overdraft (£300) that never gets touched, also a phone contracts in my name, I've checked my credit rating with noodle and shows to be (3/5) I turned 18 in July and got my first credit card on my 18th birthday to start credit building.
My Monthly income after tax is around £1,700 and my fixed monthly outgoings are around £350. I've been in the same employment for 1.7 years.

The letter we have agreed your loan, please sign and send back etc, then its we will carry out the final checks.

What are my chances of getting this Loan, i've read reviews some good some bad but a good majority of people that have just been asked to sign and send back the credit agreement with no supporting documents have received their loan promptly.
These final checks, what are the?
Any advice or similar experiences?

Regards,
Kane
#25
I applied for a loan and was accepted in principle 10 days ago, nothing has arrived through the post. Advert says I should received my paperwork within 5 days of application.
Is there a problem?
#26
ferryman56
I applied for a loan and was accepted in principle 10 days ago, nothing has arrived through the post. Advert says I should received my paperwork within 5 days of application.
Is there a problem?


I'm not sure have you ever thought about asking tescos?
#27
Just applied for a tesco loan on sunday ..they said I should receive my paperwork within 5 working days ...but how much sooner would it come ...anyone ...
#28
What did Tesco say when you called them?

I don't get this.... it takes longer to search, find this ancient thread, create an account, post up a random question and then wait for a reply than it would to simply call them and say ""Hi - what's happening?".

5 mins tops and you get 100% correct info from the people that are giving you the loan??

:|
#29
What part of insane are you lot? Why anything at all with Tesco mafia?
If it is loan, Sainsbury is as good as any.

Car insurance Tesco will take your premium no problem. However, if you submit a claim they get out the piano wire
#30
Was just accepted for a loan
5 mins ltr said has been an error
Does any one know why that would be?
Cheers
#31
Be Careful!

I accrued debt which required me amalgamating all my loans and took out a TESCO loan 5 years ago. £15,000 over 3 years which hurt to repay but thanks to TESCO's loan I saved myself a decade of heartache and potential bankruptcy!

No the careful bit I refer to is I applied for a TESCO loan recently to complete an MBA, approximately £10,000 over 5 years at approx. 10.3%apr. Everything was agreed with Tesco's and I sent off my paperwork, but they then rang me up and told me they had re-evaluated my rate so I would now be paying 13.8% apr. This would have increased my payments form £180 per month to approx. £230!

Even though I can pay that each month I thought the increase to be a dirty trick especially as the lady on the phone said her manager had got involved and re-evaluated my loan. He obviously thought that an MBA student would be raking in more cash and therefore 13.8% apr would be easily paid back.

I cancelled the loan and no longer have to worry about the MBA or the repayments. Happy Days. 2017 will be about no debt, happiness and fitness instead.

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