Advantages well known company with a good history/good rates of interest,offered as a good package to the customergood advertising of product
Disadvantages what a waste of time/application form very non explanitory/send you all the paperwork in a couple of weeks and make you feel secure/very slow on decision making
what an offer 7.3% on loans but dont be fooled!!!!!
on a joint application i made for £15000 for re-finance with a income of £30,000 + i was led into the trap that tesco where there to help.
After filling the maze of questions in on the internet i was accepted in principle,as with many people we all have credit cards and overdrafts which were indicated on the application and all the loan was for re-finance,i eventually had a reply from tesco's 1 week later saying my application was accepted in principle, i recieved credit aggrements and bank mandate and even the date of first repayment, which was signed and sent back with no pay slips or bank statements,to good to be true,a further phone call told me in about a week i would have a final decision but there should be no problems and the money would be in my account within 2 days as no further infomation was required,but i had to phone and chase that,suprise surprise it had been rejected some where on the maze of questions i did not put how much my house insurance was or my sky tv was but one question was ARE YOU A HOMEOWNER so its obvious we all have insurance and (sky and life insurane ,redudancy insurance,car insurance etc,etc,etc tescos are always sending info to try and get you to buy it) ,good ay you wait nearly 3 weeks with all these promises but gain nothing,tesco are quite happy to take £400.00 a month from me for food but when you complain about the finance side they say they are a completey different part of the company yet tesco name is all over there letters,not only that they have a signed bank mandate which they say is destroyed and you cant have back.
please note when you read the small print it appears the the money you borrow is not from tesco but from the bank of scotland (bearing in mind they offer loans at 7.3% as well and obviously tesco need to make a profit, so unless you borrow a large amount of money and have all the protection you have a slim chance of getting a loan)so you just as well borrow from a leading high street bank than a glorified fruit and veg stall.
any how for a loan of £15000 over 60 months @ £297.00 without payment protection being rejected and wasting my time has cost tesco £400.00 per month over 60 months a loss of £24000.00 compared to a gain of £2820.00 interest.
asda shopping here we come.
p.s it takes about half hour to go into my bank at lloyds and arranage the same loan(ok may be a little bit higher rates) and walk out with the money.
big thumbs down for tesco.
|Competitiveness of APR|
|Quality of Customer Service|
|Security and Privacy|
|Ease of Application|
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