Found 6th Jan 2015
Hi I just applied for a Tesco bank loan for £5000 over 2 years, 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!

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  1. Ask

its all checked online. don't need bank statements or anything now. if they've sent you the paperwork to sign then you are approved already.

Just check the APR, if you are considered a risk that may have been raised from the initially quoted rate.

The application you signed would of told you the Apr and monthly amount payable. if you are getting the paperwork it means you are approved and the money will soon be in your account

Original Poster

On the final paperwork it says, " Once we have received your signed documents we will do some final checks then make our final decision & fully approve your loan" what could the final checks be?

Tesco can do an "ghost" credit file search upon receipt of your signed paperwork to ensure affordability and that you have not applied for multiple loans/credit cards within a few days/week of applying to Tesco. Hopw that helps.

Original Poster

The thing I don't understand is how do they verify income? Don't want them contacting work & everyone knowing I have a loan haha!
Unless they just assume??

i would seriously check the APR on a loan like this. If as you stated you have a bad credit score they will only offer you loans/credit with high APR

it looks like it may be too late though

Original Poster

It's the advertised APR rate I checked before I signed no worries about this 12.3% APR
My score is 434 which is pretty bad!
Hope I don't get declined!

Original Poster

Anyone else know anything about these final checks?

Got one with them last year signed paperwork sent off and day later all money was in my account. Not sure they do any other checks.

Original Poster

hopefully that's it then, because it was pretty much instantly approved & no other documents were asked for. Just on the signed documents earlier it worried me as I thought i had already been accepted & they have already made there final decision.
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