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

Joined
26 Feb 2007
Posts
3,292
Location
Blackpool
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.
 
Last edited:
Associate
Joined
7 Dec 2006
Posts
1,632
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.
 
Associate
Joined
2 Nov 2007
Posts
115
Location
Bournemouth
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.
 
Man of Honour
Joined
5 Dec 2003
Posts
21,004
Location
Just to the left of my PC
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".
 

LiE

LiE

Caporegime
Joined
2 Aug 2005
Posts
25,697
Location
Milton Keynes
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.
 

RDM

RDM

Soldato
Joined
1 Feb 2007
Posts
20,612
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.
 
Caporegime
Joined
30 Jun 2007
Posts
68,784
Location
Wales
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?
 
Soldato
OP
Joined
26 Feb 2007
Posts
3,292
Location
Blackpool
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).
 
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