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Jack Ward

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Review of the Tesco Bank, Loan:

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Waste of time

Initially applied for the loan of £12,500 @4.9% on the 24th Jan 2023. Took until the 27th Jan to receive any confirmation about my application, this was the first red flag after no email or anything and left in the dark for 3 days. Basically the text just said we have received the application and will let you know the next steps… Another 2 days later I got a text saying my loan had been agreed in principle. Thinking okay we are getting somewhere but it’s been 5 days. This text said I’d receive the credit agreement to sign etc. Another 2 days have passed. I received the documents in the post this was the credit agreement and further documents needed for proof of identity and proof of address. However the APR I was approved for was 8.9% nearly double what I applied for… but I proceeded and I provided passport details and my recent Mortgage statement from HSBC. I returned these items the same day. Another 3 days had passed and I heard nothing. So I rang them up asking if my documents had been received. I was told they were received 31st Jan and it would take another 2-3 days to see if they would accept my documents, yet again kept in the dark. So another 3 days had passed and I rang again as I was promised I would of been notified by now. However, the guy on the phone said that the documents had only been seen on the 3rd Feb even when they receive the documents 4 days earlier… I was sent no text and only knew this because I chased them up. So they had declined my proof of address because apparently the Mortgage Document I provided apparently does not prove that I live at my address. Which blows my mind as it has the address all over the letter. Even says a mortgage statement is perfectly fine. So I cancelled the loan. So after 15 days of wasted time I ended up with no loan and damage to my credit score thanks to their hard searches. Please I beg people to not waste your time. They don’t promise their advertised APR and take their time in trying to sort out anything. Stick to real banks. Reviewed on: 3rd February 2023

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