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Loans

What happens when I apply for a Tesco Bank loan?

When you apply for a loan, a credit reference search will be carried out and a credit score will be calculated based on the information you enter and your credit reference information. This will determine if we’re able to offer you a loan and you’ll receive one of the following decisions:

 

  • Approve – We’re happy to offer you a loan. If it's just you applying you may be offered the ability to sign your loan agreement digitally and get your funds next day, or the same day if you are logged in to Tesco Bank when you apply.
  • Approve in principle – We may be able to offer you a loan, but need a bit more information from you before we can fully approve your loan
  • Refer – In some circumstances we may need some more information from you before we’re able to make a decision. We'll contact you, if necessary.
  • Declined – We're unable to offer you a loan. If you've been declined as a result of a Credit Reference Agency search, we recommend you obtain a copy of your credit file and check the information on it before reapplying or applying for credit elsewhere.

If your application is approved or approved in principle:

 

  • You’ll receive some important documents within five days, which you’ll need to check, sign and return to us.
  • We may also request some additional documents to support your application, such as proof of your identity or address. You must send these with your signed loan documents.
  • Once we receive your signed loan documents, with any supporting documentation we requested, we'll make some final checks.
  • Once we're happy with the information you've sent, we'll fully approve your loan and pay the money into your bank account.

Please note: your loan offer is valid for 30 days from the date you applied, so it's important you return your documents to us before your offer expires.

Version History
Revision #
7 of 7
Last update:
‎05-04-2017 10:21 AM
Updated by:
 
Comments
Hyatt91
Hi I was approved in principle and sent my additional documents and paperwork back on Tuesday. When can I expect to hear whether I have been accepted.
Jess0502
I applied for a loan on yesterday. I had a missed called from Tesco yesterday. Tried to call back but automated messaged said they would try and ring me again if they needed to speak to me. Got a text message this afternoon saying I need to ring but when I do it asks for a extension number but I haven't been provided one?
Jess0502
I meant I applied on Wednesday not yesterday... damn auto correct

Hi @Jess0502 If you send a message to our CET account including your DOB, postcode and query we'll take a look into this for you. When sending your personal details please ensure you leave a space between each character as shown below.

A B 1 2 3 C D
0 1 0 1 0 0 0 0

Alternatively you can give our team a call on 0345 307 3425 (no extension will be required) anytime between Mon to Fri 8am-10pm and Sat/Sun 9am-5pm

LittleOne
I have also applied, I'm sure it said I was approved, I answered a few questions at the end and then I went to a screen saying "what happened next" and some of the thing a they say happen is "we"ll check that everything is okay..." "... This is usually working 24 hrs" the page times out before I could click on anything else on there but what I want to know is do I have to wait for a pack in the post? I think the questions I answered were security one like you would get in a pack I suppose? Just looking for bit info, thanks
Hollie17
I have applied for a loan yesterday, are we supposed to receive an email to confirm or just wait for the paper work?
Jess0502

@RossM Thank you for getting back to me. I have sent @CET a message.

Hayleymorris91
Hi I applied for a Tesco loan a week ago now and have had no correspondence since any help with what's going on would be much appreciated
Stephlois2511
I applied for a loan recently and not had any e-mail confirmation. It says it takes 2 working days but not heard a thing via telephone, post or email. Any suggestions on who to contact?

Thanks in advance

Hi LittleOne Hollie17 Hayleymorris91 Stephlois2511. I’m sorry you haven’t heard back from us yet, we don’t send email confirmation so don’t worry that you haven’t got an email. If you send a message to our CET account including your DOB, postcode we can look into this. We wouldn't be able to confirm the status of your application via social media but we can check to see if it’s been received and is being processed. When sending your personal details please ensure you leave a space between each character as shown below.

A B 1 2 3 C D
0 1 0 1 0 0 0 0

Alternatively you can give our team a call on 0345 307 3425 (no extension will be required) anytime between Mon to Fri 8am-10pm and Sat/Sun 9am-5pm.