Tesco Loans - Advice needed please!

steve927

Dear All,

I applied for a loan with Tesco Loans online last week. I didnt hear anything from them to say that i was approved or otherwise. Then i received all the documentation in the post yesterday via registered mail requiring signatures, witnesses, bank statements etc and a prepaid registered envelope to send the stuff back.
I rang them to enquire as to the applications status and was told that it was approved in principal??

Questions:

Will i get the loan?

Would they have gone to the trouble of sending all this stuff if they weren't going to grant the loan?

Has anyone one used them and was the above similar to your experience?

Sorry for the long post and thanks for reading:)

BuffyBot

Approved in principal is exactly what it says - they've approved it based on the information you've given and now need the documentation to prove it. Should it match up, then yyou'll most likely get the loan.

FDuff

well, if you do get the loan, I hope you're not in a hurry... from what I've read on the forum and from personal experience with them, it takes ages for them to move! In fact, it can take up to 2 months before you get the money into your account...

we were going to get a loan from them, but realised how messy is their system and how bad they are to react, we canceled the application and went on with AIB instead. It's a bit dearer but we had the money in within 5 working days.

Ogham

FDuff wrote: »

well, if you do get the loan, I hope you're not in a hurry... from what I've read on the forum and from personal experience with them, it takes ages for them to move! In fact, it can take up to 2 months before you get the money into your account...

we were going to get a loan from them, but realised how messy is their system and how bad they are to react, we canceled the application and went on with AIB instead. It's a bit dearer but we had the money in within 5 working days.

Did you actually apply to Tesco and experienced delays - or were you just put off by other peoples comments? Tesco seem to be quick enough with steve927's application.

Marksie

I found it took a while, but as i had planned in advance it wasn't an issue.
Same thing re the post happened with me, but i sent the documentation off and it was fine. THe money appeared in my account about two or three weeks later.
My bottom line is
I got the money, the correct repayment is going out and it is a significant saving.. I particularly like the fact that it isn't a tiered repayment percentage

rabbitinlights

FDuff wrote: »

we canceled the application and went on with AIB instead. It's a bit dearer but we had the money in within 5 working days.

Did you go into an AIB branch or was it over the phone etc?

Lizzykins

It looks likse you'll have it alright but as some others have said I hope you're not in a hurry for the money. I waited for weeks for mine to come through and wouldn't bother going through them again. Mind you they were a good bit cheaper than the competition and once the money was lodged to the bank account I had no problems at all.

shoegirl

In the same position, they took a while to send out the forms, but sent off on Friday and will see how long it takes them to sort it out, see how things go.

rabbitinlights

I am having an AWFUL time with Tesco Finance. I applied about 5 weeks ago and I was told I had been accepted in principle, a full 2 weeks after applying online. I filled out the forms and sent in all the correct details in the tracking envelope they provided. I checked tracking and it was delivered 2 days later. I kept ringing them to see what the current status was, but they kept saying they had not processed the application yet. Last monday I got a phone call confirming and congratulating me that I had been fully accepted and that I just needed to provide a photocopy of my driving licence that was signed by a Garda. I sent this the next day, I rang on Friday to see if they had gotten it and I was informed that my loan application had expired as the whole process had taken over 30 days...........

I wont go into detail of how that phone call ended, but I was passed from the 1st guy to his senior, then from that guy to his senior. No matter what way I talked to them, they said their hands were tied and I would need to apply all over again, they said they will try and get it processed faster.

I am furious at them and don't know what to do next? Do I stay with them for the great rate and the fact that I can hound the guy who said he will process my application personally? Or do I start again with another bank...

Is there some sort of ombudsmen that I can complain to?

S.

Lizzykins

That's unbelievable! I'd go through your own bank if possible as I did this year. I'd been offered a Tesco loan top up and got the impression that it would only take a phone call to get it sorted. When I rang I had to go through a whole application process and then they sent another raft of forms. At that stage I cancelled the application and got a loan through B of I in a day or two.

[-0-]

I'm in the same boat here. I was contacted by Tesco today to say the loan is approved in principle and I just gotta sign some documentation.

Question: What documentation are they looking for from me? Bank statement, pay slips?

I'm hoping I get the loan. Do you think it would matter that I've went into my overdraft a few times in the last 6 months?

broker2008

I think Ulster Bank provide underwrite the finance for Tesco Finance. Generally the way some of these schemes operate is Tesco go to a number of lenders and demand a number of requests - to be cheapest I'm sure is one of the requirements. They would have agreed service level agreements, turnaround times etc. When you call them, they are probably employees of Ulster Bank who answer the phone and not Tesco employees. They would have rules to follow and the 30 days for the length of the application form is possibly one. On the 28th or 29th day, a staff member should have pointed that applications are only valid for 30 days. I freshly completed application form probably would only take a couple of minutes. Personally I wouldn't bother dealing with them for the sake of a few quid - I think one would be better served dealing with a local bank (whoever that may be) and building up a relationship for the future.

IsThatSo?

[-0-] wrote: »

Do you think it would matter that I've went into my overdraft a few times in the last 6 months?

Nope, an overdraft facility is an authorised arrangement that allows you to go overdrawn up to a certain amount. Once you remain within your overdraft facility then your account is deemed to be in working order. It should say on your bank statement what the overdraft facility is so anyone assessing an application will see you are authorised to be overdrawn.

If you mean that you went over your overdraft limit a few times then thats a different story as it means you went outside the terms of your agreement. Each lender would take a different view on this, depending on whether is was €2 or €2000 over the sanctioned amount.

[-0-]

IsThatSo? wrote: »

Nope, an overdraft facility is an authorised arrangement that allows you to go overdrawn up to a certain amount. Once you remain within your overdraft facility then your account is deemed to be in working order. It should say on your bank statement what the overdraft facility is so anyone assessing an application will see you are authorised to be overdrawn.

If you mean that you went over your overdraft limit a few times then thats a different story as it means you went outside the terms of your agreement. Each lender would take a different view on this, depending on whether is was €2 or €2000 over the sanctioned amount.

Thanks for the info! I went a couple of euro over it a few times. The most I ever went over it was €23 euro and that was a total mistake. I've never missed a payment for using the over draft (I'm charged 12 euro for ever thousand I use).

I've another question... On the forms I signed for tesco I said I make x amount a month after tax - which is true when I've sent away for my on call time. Unfortunately I never signed away for it for this month so my wages are 300 less than I said I make a month after tax. Do you think this will matter much? They've asked for a bank statement going back 3 months and the most recent pay slip I have... I was thinking of giving them the bank statement with my last 3 pay slips. It's a bit of a shame cause my next pay slip is going to be twice what I earn monthly due to the missed pay and a bonus I'm getting.

Kev.

rabbitinlights wrote: »

I am having an AWFUL time with Tesco Finance. I applied about 5 weeks ago and I was told I had been accepted in principle, a full 2 weeks after applying online. I filled out the forms and sent in all the correct details in the tracking envelope they provided. I checked tracking and it was delivered 2 days later. I kept ringing them to see what the current status was, but they kept saying they had not processed the application yet. Last monday I got a phone call confirming and congratulating me that I had been fully accepted and that I just needed to provide a photocopy of my driving licence that was signed by a Garda. I sent this the next day, I rang on Friday to see if they had gotten it and I was informed that my loan application had expired as the whole process had taken over 30 days...........

I wont go into detail of how that phone call ended, but I was passed from the 1st guy to his senior, then from that guy to his senior. No matter what way I talked to them, they said their hands were tied and I would need to apply all over again, they said they will try and get it processed faster.

I am furious at them and don't know what to do next? Do I stay with them for the great rate and the fact that I can hound the guy who said he will process my application personally? Or do I start again with another bank...

Is there some sort of ombudsmen that I can complain to?

S.

Exact same thing happened to me,every day its something else with these tossers

If you need money quick stay well away, absolutely a disaster

Kev.

Just another thing that i noticed today when I got my reciept of complaint from them

There contact number on there headed letters gives the number of the galway bay hotel

What a joke this company are