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.