Hi My husband applied for a tesco loan back in July, it was to purchase a car, he had a clubcard, a tesco credit card and car insurance, through Tesco, so we assumed that the application would get approved instantly. I won't go into all the details but it was referred and he was subsequently given incorrect information several times over about the next two weeks, the loan was refused, no reason given, we appealed, the appeal was refused, we wrote to the complaints department and the complaint was upheld in the way it had been dealt with and he was given £50.00 but they wouldn't say the reason for the loan refusal. My husband has no debts, perfect credit scores, we checked with all three agencies that Tesco used and the loan was totally affordable against his salary. We have tried every avenue and nobody will tell us the reason why the loan was refused, what criteria was not met, we are not even bothered about the money, we just want to know the reason why it has been refused (somebody must know and be able to tell us!!) as it is totally unfair to have this against his name for absolutely no reason!!
Hello , I'm sorry to hear this. When a loan application is completed, we perform a credit search and the outcome of this determines whether we can accept the application. We receive information from credit reference and fraud prevention agencies but sometimes the information they send to us is very vague. This means that when we give a reason for declining it can be as simple as "The information we have received from the credit reference agencies means you haven’t met our criteria on this occasion" and we don’t have more information to elaborate. I'm sorry for the disappointment this causes, but as each lender has a different criteria, it doesn't mean to say that your husband would be declined elsewhere. I'm sorry I'm not able to be more help.
Thank you for your reply. What we want to know is what is your lending criteria, as you must have a set critetia, is it that you don't lend to people that have never had any debt, other than a mortgage, have never missed any payments, always pay the credit card off every month. Perhaps you just like lending to people with bad credit history?? As previously stated we applied to all three of the credit/fraud agencies that Tesco used and all came back with no issues whatsoever. You have no idea how upsetting and frustrating this has been as loyal customers to Tesco. I really feel like I don't want to let this drop as I think the very least we are owed is an explanation as if we did want to apply elsewhere we would have to say that a loan has been rejected which is so unfair as we have no idea why! I await your reply. Thank you.
I understand your frustration, but unfortunately we don't have the ability to confirm why the loan was rejected, I'm afraid. As we confirmed above, it may be the information sent from the credit reference agencies is very vague, so it may not necessarily be the information you have been able to view that has effected the application. I appreciate this may not be the answer you hoped for.
I think Tescos are a complete joke and treat their customers really poorly!!!! Why would you turn down a loan on vague information, I have seen all the checks and they are perfectly detailed.
I'm really sorry you feel this way and can appreciate that you are frustrated by the decision however we don't have any more information than we have already provided above.
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Former Your Community ExpertHello , I'm sorry to hear this. When a loan application is completed, we perform a credit search and the outcome of this determines whether we can accept the application. We receive information from credit reference and fraud prevention agencies but sometimes the information they send to us is very vague. This means that when we give a reason for declining it can be as simple as "The information we have received from the credit reference agencies means you haven’t met our criteria on this occasion" and we don’t have more information to elaborate. I'm sorry for the disappointment this causes, but as each lender has a different criteria, it doesn't mean to say that your husband would be declined elsewhere. I'm sorry I'm not able to be more help.
19-10-18 17:09Hi
CarolineM
ChristopherP
