I've applied for a loan. How long does it take to get back to me?

[shep_no_platinum]

Right guys,

I have applied for a loan.

I have 3 years / 7.5k left to pay on my loan (£229 a month). If i take out a loan for £8k (36 months) my repayments are £249 and i can pay off the existing loan and will be left with 1.5k.

I have applied with Santander & Tesco. I applied at 7pm Friday evening. How long does it take before i hear anything?

Can i phone them up and find out my decision that way?

Thanks.

 

[shep_no_platinum]

I understand what you all saying but if i pay off the rest of my loan my interest is way higher.

If i get this loan, i get £1500 and £20 a month more in repayments. I'm not in the cack and have quite a bit of money in the bank.

I just want to get the lower APR and i have worked it out that i get £600 back in my pocket (non being paid on interest).

 

[shep_no_platinum]

I don't have enough to pay the loan off and its currently with HSBC. You have to pay it all off or monthly as agreed. My remainder is £7500 but my settlement figure is £6500.

 

[shep_no_platinum]

UPDATE: i need to wait for a pack through the post which tells me if i have been successful and my APR. i'm not in the cack i just want the lower APR.

 

[shep_no_platinum]

HSBC never mentioned any charges? They just said i have £7500 left to pay but i can pay it off today for £6500....?

Therefore why wouldnt they tell me of hidden charges?

 

[shep_no_platinum]

Jusy had a word with Tesco. They have agreed the loan in principal. However the apr is 9.9% so i'm not helping myself. Santander declined.

 

[shep_no_platinum]

Its not paying it off im bothered about. I can afford it easily. Its just i thought it would be better getting a bette APR on the loan but obviously not.