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.

 

[TrUz]

You'd have found out by now if you just rang them instead of posting here...

TrUz

 

[antijoke]

Oh dear.

 

[Participant]

Pay off finance with finance...it's the way forward!

 

[Father Ted]

OP - make sure your original loan doesn't include a penalty clause for early repayment, lots do and will whack all the interest onto the final settlement figure.

 

[Michael Myers]

such a fail reason to get another loan, im guessing you are in the **** and need an extra grand in your hand

 

[KNiVES]

Getting a loan to pay off another loan is a step towards the path of madness.

 

[L0rdMike]

What happens when you need to pay the new loan, get another one? \o/

 

[antijoke]

It's quite a state of affairs.

 

[dienamite]

You'll get a letter in about 7-10 days from both, but I can already tell you it'll be a no.

Have you tried applying with HSBC? They'll give you a decision and transfer the money instantly.

 

[Angilion]

Getting a loan to pay off another loan is a step towards the path of madness.

Been there, done that.

It took me 5 years working two jobs to dig my way out of that. Bloody awful time.

OP: Why do you want that £1.5K? Unless you need it, increasing your debt is a bad idea. When I say need, I mean need as in "I'm going to lose my home or job if I don't have it" not "I need a holiday".

 

[apatia77]

Should you have not applied only for 1.5k if that's what you need? I see here some weird combination of paying loans with other loans.

 

[antijoke]

You'll get a letter in about 7-10 days from both, but I can already tell you it'll be a no.

Have you tried applying with HSBC? They'll give you a decision and transfer the money instantly.

How do you know it's a no?

 

[Cosimo]

How do you know it's a no?

How do you know it isn’t?

 

[LiE]

In the past when ever applying for a loan I've been told the same day if I've been successful. They will normally ask you to call them to get the decision.

 

[snowball1]

Madness!

 

[RDM]

Last time my wife applied for a loan it was in her account by the end of the appointment. The advantage of going in and seeing the bank manager I guess.

 

[Dave]

Not really "left with 1.5k", loan interest will have a say in that!

 

[Tefal]

Right guys,

I have applied for a loan.

I have 3 years / 6.5k 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.

Are you using these loans to buy jeans by the pallet load?

 

[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).