Tesco Bank

Tesco Bank have scored an overall satisfaction level of 4.5 / 5 stars based on 321 reviews and is a readies® A rated lender.

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Company Information

  • Company Name:
    Tesco Bank
  • Website Address:
    http://www.tescobank.com
  • Business address:
    Interpoint Building 22 Haymarket Yards Edinburgh EH12 5BH
  • Phone number:
    0845 600 6016

Aside from being the UK’s largest supermarket, Tesco (Tescobank.com) is now a major financial services provider, offering credit cards, savings, mortgages, travel products, insurance and loans, as well as a current account to its many customers. Tesco offers its customers the chance to collect extra points on their Clubcard when they purchase financial products, which can be redeemed for rewards and vouchers. Customers can access Tesco Bank online, over the phone, or in one of the in-store Tesco branches at their local supermarket.

APPLICATION REQUIREMENTS:

Loans from Tesco Bank are available to UK residents, aged 18 or over. The offer given to each individual customer can vary, depending on their credit score, loan amount, and financial circumstances.

LOAN AMOUNT AND CHARGES:

The personal loan from Tesco Bank can be used to cover a wide range of expenses and costs, from paying for an important life event to making a major purchase. Customers can borrow anywhere from £3,000 to £25,000, with varying interest rates depending on the amount borrowed, the repayment term and the customer’s personal financial circumstances. Once you have received a rate, it will remain the same throughout the length of the loan, so you can rely on one predictable monthly repayment. The overall length of the loan can range from 12 months up to 120 months. Customers can repay their loan early, but will be charged up to two months interest.

PROCESS:

Customers can apply for a Tesco Bank personal loan online for an immediate decision. To receive the loan even faster, customers can pay an additional fee for a courier service to have the loan agreement documents delivered the next day.

PAYMENT:

Certain eligible customers can also benefit from a two-month repayment holiday at the start of their loan. Interest is still charged during the break and the overall length of the loan is extended by two months, but this gives you the chance to avoid repayments for the first couple of months if you’re concerned about making immediate repayments. If you’re interested in receiving the payment break, you’ll need to specify this in your application to be considered.

321 Reviews of Tesco Bank have been submitted - read the latest 3 below

Thank the lord people like Tescos decided to go into the banking business otherwise I might not have got such a great loan to help pay for my daughter's wedding. She wasn't expecting it but there was no way I wasn't going to be paying for my only daughter to get married. I wouldn't feel right walking her down the aisle otherwise. Her mum and I divorced when she was little and I've always felt grateful that we were able to do it amicably and still remain friends today. So this Tesco Bank means a great deal to me because it's an affordable loan that I couldn't get from my own bank and applying for it and getting it approved the same day was more than I could have hoped for. Once that approval was confirmed I could stop worrying and start looking forward to walking my daughter down the aisle. Thanks Tesco Bank you've made a not quite so old man very happy!

Review posted by Vincent Caulderwell, Stockport

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

I must admit to not being a regular customer of Tesco's supermarkets so I really wasn't aware of their financial services and in particular the loans they offer. So it was a very pleasant surprise to see their name on the loan comparison website and to see just how good their loans really are. The rates they were quoting for the loan amount I was looking for were considerably better than those my own bank were advertising. It wasn't too difficult a decision to make to go with Tesco Bank for my loan.

Within a week the loan was finalised and the funds deposited into my bank account. I was even given the option to defer the first two months repayments if I so wished but I was more than happy with this loan and just wanted to start repaying it as soon as possible. Who knows, I may just decide to take out another loan with Tesco Bank after being so pleasantly surprised with this one.

Review posted by Tessa Davenport, Merton

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Having to take out this personal loan coincided with a lot of family upheaval and the last thing we needed was more stress trying to get an affordable loan. We thought about approaching our bank for the loan but they weren't offering particularly good rates and we needed the loan in a bit of a hurry so we didn't have time to do too much research. In the end we went onto the internet like a lot of people do and looked on the loan comparison websites. That's how we found out that Tesco Bank were offering such good rates. We also noted that they offer you a two month repayment break at the start of your loan which would be very handy for us so we jumped at the chance of trying to get a loan through them. We managed the online application easily and were delighted to get the instant approval we were hoping for. Taking Tesco's advice we opted to pay for the next day courier delivery service and that helped to speed up the process. Within less than a week we have our loan and the money firmly in our bank account. We've got two months now to get the family situation sorted and then make the first payment on this loan and we can't thank Tesco Bank enough for coming to the rescue with such a great loan.

Review posted by Malcolm Stapleton, Burnham, Bucks

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money