# Bad Tesco Loan experience



## François (3 Oct 2008)

I'd thought I would warn people to consider the downsides to Tesco low rate 6.9% loan before applying. 

I applied for a loan around the 25th of August. I had heard nothing from them by September 7th so I rang up to see what the hold up was. I was told they had a back log and I would get an answer within a week. I mentioned I would 'consider' cancelling the application if it took much longer than that.

I've been away on holiday for the past 10 days so I rang up today October 3rd to ask what was the deal with the loan. After a long wait I was told I was approved for the loan on September 23rd but I cancelled the application soon after, which was news to me. So in order to get the loan I will have to restart the whole process, including credit checks and sending in original documents.

I think I'll apply to BOI or AIB and pay the higher rate and get the money within a few days than deal with these clowns. 

So friends, if you are in any sort of urgency for a loan avoid Tesco loans.


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## Lulu123 (3 Oct 2008)

Yeah we had a similar experience a couple of months ago....we told them it was urgent and was told we would have the cash in 10 days, 4 weeks later we were still waiting. Had excellent credit record and gave them all documents on the day we applied.

Also dont apply to AIB if you are not a customer already - the credit crunch means they are only lending to their own customers at the min. Went with Halifax in the end but BOI would have prob been as quick.


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## superdrog (3 Oct 2008)

I too had a bad Tesco experience , got approval in principle over the phone , told me agreement would come out in the post , that took a week to arrive , I returned all requested documents - then waited , and waited , after two weeks I called them , was told that my documents had just arrived but because of the backlog (they said something along the lines "because of our popularity and our low APR" we have a backlog!) it would be another few days before my application would be processed. Another two weeks passed so I gave up on them and borrowed elsewhere , for a slightly higher APR and had my funds in three days. Five weeks after sending Tesco my documents I got a call from the out of the blue saying that they are pleased to advise that my loan had been approved and the funds were transferred to my account , I then had to go to the bother of cancelling the contract and returning the funds to them.
All in all , a terrible customer service , and would not recommend them to my worst enemy.


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## PaddyW (3 Oct 2008)

Lulu123 said:


> Also dont apply to AIB if you are not a customer already - the credit crunch means they are only lending to their own customers at the min.



And even turning their own customers down!


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## Luckycharm (3 Oct 2008)

Yep I got one it took me 3 weeks and constant chasing- you are basically dealing with Ulster bank. Funny thing was I am an ulster bank customer and they could not offer me the same rate!!


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## cathy353 (28 Oct 2008)

Guys thanks for this info I applied for a loan over three weeks ago I have given new sets of documents three times (why did they not specify what they wanted first time round) today they ring to tell me they need a statement for a particular date (which I don't have as I only get bank statements every quarter) and if they don't have it tomorrow I will have to reapply for the loan (what?). They have had my current set of documents for over a week and only query it now. So I rang today and said I could not get the document that quickly so I am just going to let the application lapse and go with someone else.

Anyone got any recommendations


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## superdrog (29 Oct 2008)

When I was having my troubles with Tesco/UB I went to GE [broken link removed] and  , as I posted previously had my funds in a few days.


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## EBennet (30 Oct 2008)

Can anyone clarify if their poor experiences were primarily through the Tesco or UB application process? I applied directly to UB 4 weeks ago and was approved and issued with documentation. I returned all the documentation inlcuding original bank statments etc almost two weeks ago and have not hear a word from the since. Is this the normal turnaround from UB in people's experience as I'm concerned that my documents- all of which were originals and of which I stupidly did not make copies- have been lost or misplaced.


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## johnnygman (30 Oct 2008)

They are shocking i wanted to switch a loan i had to a lower rate as currently nearly 2 % higher on existing rate.
Perfect credit file, homeowner, sent all docs, got reply saying they would be in touch a month passed rung up they said have requested further info from me and said application now out of date, if i want to reapply i would have to send all in again.
I never received any correspondence from them and have no intention of re applying due to this appalling service and the cheek of them to blame the post instead of accepting the mistake i have a simple address and nothing like this has ever "gone missing in the post in the past"
I would imagine there are similiar tales of woe from other people regarding this service up and down the country, i certainly will never consider them for business despite the low interest rate.


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## Luckycharm (30 Oct 2008)

UB are awful, you basically have to harass them -  I used to ring them every day!!!


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## smiley (31 Oct 2008)

i thin this is the reason why Tesco have now bought out RBS's (aka Ulster bank) stake in Tesco finance.They have obviously had so much grief dealing with Ulster bank they decided enough is enough!.

I bet once Tesco are running the show you wont have any of this dreadful service.


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## reb73 (20 Nov 2008)

Luckycharm said:


> UB are awful, you basically have to harass them -  I used to ring them every day!!!



Agree completely.. Here's my experience -

1. Applied for a Tesco loan online on 22-Oct-2008
2. Agreement/DD forms arrived by post 30-Oct-2008
3. Sent off signed agreements + supporting docs on 03-Nov-2008
4. Called contact number everyday between 6th and 13th making it a point to note down the name of the contact person (they kept asking for more documentation only when I called them)
5. Logged a concern and threatened to write to the ombudsman on 14th
6. Got call from a Level-2 officer on 17-Nov-2008 intimating no more details require and a decision within 48 hours
7. Approved and funds transferred to my account on 19-Nov-2008

The daily badgering (polite though) on my part seems to have helped a bit and to be honest calls were answered pretty quickly every time - its just that seemed to lacked the expertise to explain what/why exactly they wanted more documents and also the reluctance to contact applicants when they need more documentation.

I just feel that UB are contractually obliged to consider/process any applications on behalf of Tesco Loans, but the delay in the approval process borders on deliberate at times. This delay coupled with a 30 day application expiry timeline seems to dissuade most applicants!


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## Midsummer (21 Nov 2008)

I have an even better one - I applied to Ulsterbank Online for a loan - about 2 weeks later expected the usual forms in the post - instead I got a letter saying "we have tried to contact you by phone - please call the below number" - noone had tried to call me.  

I rang the number and was told as the application was processed on a Sunday - noone had actually rang me - they just sent this letter expecting me to ring them.  The person on the phone told me I would have to reapply over the phone with him as the original application had lapsed during the delay.  I said I didn't have time etc. and asked to speak to a supervisor about my original application standing.  She persuaded me to just reapply which I did but was uneasy about it.

Next thing I receive in the post forms saying I'm approved for a *Tesco* loan & to sign etc.  I didn't bother completing as during the delay I had made arrangements which meant I didn't need the loan plus I was a bit perturbed by how I'm suddenly being offered a loan from somewhere I wasn't even applying to.  Odd.


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## smiley (23 Nov 2008)

midsummer....my god! Your experience beats them all. lol

Im glad im not an ulster bank customer.


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## darrenhoss (17 Dec 2008)

i applied for a tesco loan on the 27th of November and received the loan today the 17th Dec. i knew from reports that it would be slow. any time I rang to get an update the customer service was very good and i only had to wait at the most 30 seconds to talk to someone. 

my advice is before you apply have all the relevant documents in place and then be prepared to wait (a little!).


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## VOR (19 Dec 2008)

darrenhoss said:


> my advice is before you apply have all the relevant documents in place and then be prepared to wait (a little!).


 
Every little helps!!!


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## mariagalway (13 Jan 2009)

Adding to the posts here I had a very bad tesco loan experience also, more from sheer incompetence of the people working there than anything else.  We returned application with all requested documents, including copies of our passports.  They then decided they wanted a fax of my drivers licence (not my husbands) which I faxed to them.  I called to confirm they had gotten it, and was assured they had everything they needed and would call later to confirm loan approved.

They didn't call back, so I called the next day, they now needed another bank statement so I faxed that, and again was told they would call the same day to confirm loan approval.

Again no phone call, so I called again to be told they didn't get the fax of my driver's licence so could I refax it.  Which I did, only to be told they couldn't read the fax so could I post them the original.  

At which stage I cancelled the loan application, couldn't be dealing with that sort of customer service.


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