Tesco Loan

  • Sudip's Avatar
    Fresh Eyes
    I am currently looking to apply for a loan at the stated apr of 6.1%. I have an "excellent band" credit score of 946 (+11 soon in few days) on experian and when i did a loan search of £25,000 on experian and compare the market. It says I am 90% likely and 70% likely respectively to recieve the loan from tesco.

    However, these were soft searches but I know my credit points will drop for every hard loan search. The thing is, if I do get accepted but the rate is higher than 6.1% for £25,000 loan then I only want to loan £10,000 at whatever rate it is. However, if I get the 6.1% rate for £25,000 then its all good.

    I just wanted to ask if I can apply to get a loan for £25,000 and the rate comes out more than 6.1%, would I have to do a second "Hard search" for the £10,000. I don't want to run x2 hard credit searches for the loan.
  • 1 Reply

  • Verified Answer

    ChristopherP's Avatar
    Your Community Expert
    Verified Answer
    @Sudip Hey there, thanks for getting in touch.

    If you wished to change the amount you originally applied for, we would need to perform another affordability check. This is a soft search that you would need to consent to.

    However, please bear in mind, we can't guarantee any subsequent applications will be accepted or predict the APR you'll be offered. You also won't be able to return to your original application once it has been changed.

    I hope this clarifies things for you.


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