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Loans

How long will it take to get my loan?

If you apply online, we try to give an instant decision. If you’ve been approved, we will either send you some paperwork to check and sign, or if possible you may be able to sign your loan agreement digitally. We’ll then use Faster Payments to send the money directly to your bank account. This can take up to 48 hours and the money can be withdrawn as soon as the funds reach your account.

 

If you apply over the phone or we require some supporting documentation, it may take between 5 – 10 days for us to check everything is ok. Once we make a final decision, if approved we will send a loan agreement for you to sign and return. As we try to do this as quickly as possible, we do not send an acknowledgment email or letter, but will inform you as soon as a decision has been made. Once this is processed, we will use Faster Payments to send the money to your account.

 

If you gave us your mobile number during your application we will send a text when the funds have been sent to your account, followed by a welcome letter.

 

Please note that it is currently taking 5 - 6 days to make decisions on referrals. We are working hard to make these decisions quicker, but please bear this in mind before contacting us for an update. Thank you for your patience. 

 

Should you need more information or have any questions, please call us on 0345 600 6016 (Monday to Friday 8am – 10pm and 9am – 5pm Saturday & Sunday). This number may be included as part of any inclusive call minutes provided by your phone operator.

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Comments
Tiffany30132

Hi iv recently applied for a loan is there any chance I can sign digitally and send bank statement via email? 

Hi @Tiffany30132, thanks for getting in touch. We only offer the digital signature at the end of our applications if the loan is being accepted straight away; we're unable to send it out if we require further information, like a bank statement or proof of identity. You'll receive a prepaid envelope which you'll be able to use to return a signed copy of your agreement and any required statements.

Sabshaz

Why do tesco bank askd for a bank statement

Sabshaz

The way the ask for newest bank statement and on that statement if your are bit over budget so there is more chances of decline the application

Hi @Sabshaz we may ask for various documents in support of your application including an up to date statement.

Sabshaz

After sending the supporting document how long does it take to bank to make a descision and realise the funds

This can vary @Sabshaz depending on what was requested and if any additional checks are required. However, you can get an update by contacting us on the number above.

Buckers2

Hi I applied for a loan monday, I'm not sure if it was accepted or not? Was very brief at the end, do I wait for paperwork or an email? 

Hi @Buckers2, thanks for your message. What did the final screen say after you agreed to the credit check? We don't send out emails when you apply, but you should receive your paperwork within five working days after the application is made.

Merlin22

Hi, I applied for a loan yesterday and it was approved. At the end it says we will do some final checks and you will hear from us in 24 hours, ive still not heard anything as yet?