Tesco Bank Personal Loan
1 to 10 years
£3,000 to £35,000
6.0%*
Yes
Representative APR 6.0%*. Based on a loan of £10,000 over 60 months at an interest rate of 5.8411% p.a. (nominal). Monthly repayments of £192.59. Total amount payable £11,555.40. Maximum APR: 34.5%.
- Must be a UK resident
- Must be aged 18 or over
Tesco Bank personal loans: At a glance
Established in 1997, Tesco Bank offers several financial products and services, including personal unsecured loans, credit cards, car insurance and savings accounts.
Tesco Bank offers unsecured personal loans to individual borrowers and those looking to take out a joint loan. Importantly, you don’t need to be an existing customer of the bank to apply but Clubcard holders could get cheaper loan rates.
It’s possible to take out a Tesco Bank personal loan of between £3,000 and £35,000, while the length of time you’re allowed to repay the loan can be as short as one year and potentially as long as 10 years, depending on the loan amount and how the funds will be used.
Tesco has now sold its retail banking operations, which includes personal loans, to Barclays, which will continue to use the Tesco Bank brand on existing products for now.
» MORE: Compare personal loans and rates
Tesco Bank loans pros & cons
Pros
- You can choose the date that your monthly payments are taken.
- Joint loans are available.
- You could get an instant decision when applying online.
- Tesco Clubcard holders could get preferential rates.
Cons
- There are interest charges if you pay your loan back early.
- There is a more limited choice of customer support than some other lenders offer.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
Am I eligible for a Tesco Bank loan?
To qualify for a Tesco loan, you will need to:
- be between 18 and 74 years old (or at least age 22 if the loan is to refinance existing debt)
- be employed and not in a probationary period, or have a separate regular income such as a pension
- have lived in the UK for at least three years
- have a UK personal current account.
You will also need to pass any credit checks that Tesco carries out as part of the application process.
You can check your eligibility for a Tesco Bank personal loan in a matter of minutes and without affecting your credit score on the bank’s website. A full credit check will only be made if you decide to apply for a loan.
Alternatively, you could consider using a loans eligibility service to conduct a soft search across multiple lenders. This will show you the likelihood of a successful application against several different loans, without affecting your credit score. But check the details of the service you use, to make sure it only uses soft searches and how many lenders it checks.
» MORE: Am I eligible to get a personal loan?
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Other loans may be available in the UK loans market that are not included in this service.
Frequently asked questions
You’re likely to stand a better chance of getting a Tesco Bank personal loan if you have good credit, although other factors such as your earnings and employment will also be important in determining if you’re offered a loan. It’s also worth noting that Tesco Bank does not offer specific bad credit loans.
Applying for a Tesco Bank loan has the potential to affect your credit score, but simply checking your eligibility for a loan will not. If you already have a loan, your credit score could be negatively impacted if you fail to make repayments when you should.