Loan eligibility debt consolidation

  • Vasanth678's Avatar
    Fresh Eyes
    Hello Tesco,

    I found this option for loan on my tesco app. I have my credit cards with tesco and other loan with barclays. Currently am paying high interest on these loans and thought it's good idea to apply for tesco loans offering lesser interest rates. I applied on debt consolidation option , but it was declined stating my repayment capacity is less while the whole purpose of this loan is to reduce the debts so I can pay lesser interest. In this case am already paying more which will become less if opted your loan. Around 550 pounds every month is my repayment for loans + credit cards at 24% APR . If I can repay this much How can I not pay tesco loan of 6% APR? Please help or guide further.

    Regards
    Vasanth Rajagopal
  • 1 Reply

  • ChristopherP's Avatar
    Your Community Expert
    @Vasanth678 Hey there, thanks for getting in touch!

    Generally, we will decline an application if some of the information provided falls outside of our current credit policy for lending. We are limited to what we can discuss via this channel I’m afraid, however you will receive more information in the form of an email or a letter depending on your contact preferences listed on the application.

    If you wish to appeal the decision or want more information on applying again, the links below will provide some further details.

    I’m sorry for any disappointment this causes.

    https://community.tescobank.com/cont...sion#ckb_start

    https://community.tescobank.com/cont...the-first-time


    If you need to ask a question about a Tesco Bank product, you can make a post in Help & Support here


Need some help?