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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
Burns47

Hello,

I was just wondering how I can get an update on my loan application please?

 

I applied yesterday and was told I was approved but final checks were being carried out and I would hear within 24 hours. 

Hi @Burns47, if you call the number from my post above, the Application team can help :-)

Burns47

Hi @ScottW I'e already spoken to the team. They said my application is just goong through the last checks and then I will receive a text message to say the funds have been transferred. I'm just a little concerned as it' coming up to 48 hours now with no correspondence.

 

Many thanks

Hi @Burns47, I hope this is now resolved? We wouldn't contact you until we have an update on the application.

Julia601

How are you contacted with either loan approval or disapproval, I applied over 24 hours ago and have heard nothing?

Michellebarr5

Julia, it takes at least 5 days after initial approval to get paperwork.  You will get a text message or it will just turn up through post (paperwork). I never got told approved or not it just arrived after 5 days! Call if you want an update on your application, you won't get that Info here.


Amanda_C wrote:

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.


 

Hi @Julia601, our team will do their best to call as soon as a decision is made, but if they're unable to call or miss you, they'll send out further information in the post. As @Michellebarr5 mentions though, you can call the team on 0345 600 6016, available 8am - 10pm through the week and 9am - 5pm at the weekend, and they can help.

Rhezon

I applied for a loan today (12/2/18) it just said that i would get some documents in the post to sign. Does this mean ive been accepted? Would it have said if it had been in principle? Why do i not have any emails regarding my application? Is there a way i can check on the application on my online banking? 

Im quite concerned ive not recieved an email regarding the application. 

We don't send out email confirmation when applying for any of our products, @Rhezon; I hope this settles your mind! We can't confirm you've been accepted until your documents have been signed and returned. If you'd like to discuss the application or require an update then give us a call on 0345 600 6016 (Mon - Fri: 8am - 10pm and Sat - Sun: 9am - 5pm) and my colleagues will assist. I'm afraid you can't register for Online Banking until you've been accepted.

Jgodfrey

Hi there,

I applied for a loan on Friday 9th and was told that I would be contacted within the next two working days to confirm a decision. I have not received a phone call or email with any more information. Is it worth my while phoning and asking? Please advise. 

 

Regards, 

 

Jordan