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How long to wait for Tesco Loan?

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  • 02-07-2008 3:01pm
    #1
    jentomgrant
    Registered Users Posts: 16 ✭


    Hi All
    Just wondering if anyone out there has got a loan with Tesco finance before? Ive applied online today and I am just wondering how long I can expect to wait for them to be in touch about it?

    Thanks!
    Jen


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    #2
    TechieEddy
    Closed Accounts Posts: 185 ✭✭TechieEddy


    Well my expereince has'nt been great. Basically low rate, crap service.
    Heard of some people waiting up to two months for the money to be drawn down.
    They are also prity strict (underwritten by Ulster Bank)


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    #3
    Lizzykins
    Closed Accounts Posts: 637 ✭✭✭Lizzykins


    I applied online for a loan about 18 months ago and it took seven weeks before I got the funds into the account. This included them having to send forms twice as I hadn't received the first lot. Then there was a long wait while they checked my credentials which included bank statements,utility bills,photocopy of passport which had to be signed by guard. Eventually I got the money-2.5k. Good interest rate alright.

    This year when the loan was finished I got a letter inviting me to apply for another loan. I phoned and went through the whole rigmarole again and they dispatched more forms asking for much the same info as last year. I sent three months bank statements as they had asked and then got a note back saying that as the statements went from 4th Dec to 3rd March that wasn't three months! I gave up then and cancelled the application.


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    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    That's woeful :rolleyes:

    Any loan I put up is turned around in 24hrs (assuming the underwriters don't have to refer the application back), but def no longer than a couple of days.


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    #5
    311
    Closed Accounts Posts: 5,332 ✭✭✭311


    The credit union kicks ass!


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    #6
    jentomgrant
    Registered Users Posts: 16 ✭jentomgrant


    :( Thanks for the replies I was hoping not to be waiting that long!

    For those who did apply before, how long was it before someone phoned you back to say that they had even received the application? (online)


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    #7
    Lizzykins
    Closed Accounts Posts: 637 ✭✭✭Lizzykins


    Actually they never did. I had to ring them! Would you not go to your own bank? A lot less hassle and as for the credit union-wow. Only joined a few months ago and I wish I had done so years back.


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    #8
    jentomgrant
    Registered Users Posts: 16 ✭jentomgrant


    Well own bank has such a high interest rate, I thought Tesco would be the better option. Also just joined credit union recently and its brill! But the loan I want is quite large and I havent built up enough Shares in CU to get it Im afraid! Thanks for the reply :)


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