Tesco Bank Loan Reviews

  Ratings based on 44 reviews       Last review 2 weeks ago    

Tesco Bank personal loan reviews on Smart Money People are honest reviews. If you're trying to determine whether this is the right personal loan for you, reading our Tesco Bank personal loan reviews can help you to find out what other people have to say. Smart Money People launched in...

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Tesco Bank personal loan reviews on Smart Money People are honest reviews. If you're trying to determine whether this is the right personal loan for you, reading our Tesco Bank personal loan reviews can help you to find out what other people have to say. Smart Money People launched in October 2014 to help people like you to find the best personal loans. If you have used a Tesco Bank personal loan, we'd love you to write a quick review too.

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Your Loan Reviews

44 reviews

Review Tesco Bank's Loan now

What a load of bo***cks

95% chance of approval rating according to Experian. 5.7% fixed interest £7.5k loan for a car, 98 credit score. Hard check for loan knocked my credit score 13 points (this is normal, but in the following context it's frankly deeply unfair and massively re Read more

95% chance of approval rating according to Experian. 5.7% fixed interest £7.5k loan for a car, 98 credit score. Hard check for loan knocked my credit score 13 points (this is normal, but in the following context it's frankly deeply unfair and massively reduces my chances of getting a loan elsewhere) and these muppets offered me 11.8% fixed interest. Almost doubling the alleged 95% chance of success with 5.7% fixed rate.

Steer clear, there's lots more reviews out there lots of people having similar experiences. Promising a very good chance of the advertised deal and then leaving you with an appalling deal - I was pre-approved for lower fixed interest than 11.8% before that credit score hit.

Reviewed on 18th November 2022
Ben 's avatar
Ben

Slow application process and higher than advertised rates

After waiting almost a full week, the paperwork comes through and the interest rate is about 3% points higher than what was advertised. No communication at all from approval to receiving paperwork. Wasted a lot of time and caused me a lot of stress

Reviewed on 15th November 2022
Vince N's avatar
Vince N

Poor rate given

l've got a prefect credit score, have been a Tesco home shopping customer for over twenty years, am employed, own my own home, have a club card and have never had a bad debt. l've previously had a Tesco loan and all was well. However this time l wante Read more

l've got a prefect credit score, have been a Tesco home shopping customer for over twenty years, am employed, own my own home, have a club card and have never had a bad debt.

l've previously had a Tesco loan and all was well. However this time l wanted to borrow £15,000 and despite the 5.1% advertised rate l was offered 9.1%

Worse, when l called customer services they couldn't tell me the reasons for the poor rate offered and just repeated the spiel that "50% of our customers get the 5.1%"

l raised a complaint and after being told it could "take up to eight weeks" l was called the next day and told that l had "no grounds for complaint"

Reviewed on 15th November 2022
Martin Oliver's avatar
Martin Oliver

FRAUDSTERS

PEOPLE PLEASE BE VERY CAREFUL!!! I have applied for the loan today and been offered 3.2% interest rate. Unfortunately they is a biggest liars and cheats!!! After application and hard credit checks completed those liars changed the interest rate to 5.5% Read more

PEOPLE PLEASE BE VERY CAREFUL!!!
I have applied for the loan today and been offered 3.2% interest rate.
Unfortunately they is a biggest liars and cheats!!!
After application and hard credit checks completed those liars changed the interest rate to 5.5%
Those liars harmed my excellent credit history rated at 974 of 1000
Please avoid those fraudsters if you want to keep your credit score high and with no harm of pointless credit checks.
By the way hour later took the loan with another large bank at 2.9% within 20 minutes.
SHAME ON YOU FRAUDSTERS

Reviewed on 18th September 2022
Marekas Marekas's avatar
Marekas Marekas

Great loan when needed

Applied for a loan for home renovations and was in my bank account within a few days. Great service from Tesco bank. Also made a lump sum payment and they immediately reduced the term. Would use them again for another loan in the future.

Reviewed on 11th August 2022
Mark Wiseman's avatar
Mark Wiseman

Rejected

Received a text asking me to call them, which took several attempts as kept getting cut off. When put on hold think they forgot about me and after waiting 10 mins ended the call and called back which meant I had to explain myself all over again - at the Read more

Received a text asking me to call them, which took several attempts as kept getting cut off. When put on hold think they forgot about me and after waiting 10 mins ended the call and called back which meant I had to explain myself all over again - at the end of that conversation and despite having an Experien Credit Score of 620 (which apparently is Good) my application was rejected and the operator couldn't/wouldn't tell me why

Reviewed on 9th August 2022
Morag Shepherd's avatar
Morag Shepherd

Good

Fast service good comunication very help personel staff

Reviewed on 11th March 2022
Andrzej's avatar
Andrzej

Took the Mick

Interest Rate offered was nowhere near the advertised amount. requested extra information (which was fine), but he people processing the extra information were a joke. Took a minimum of a week at a time to get any sort of response. No online contracts/cre Read more

Interest Rate offered was nowhere near the advertised amount. requested extra information (which was fine), but he people processing the extra information were a joke. Took a minimum of a week at a time to get any sort of response. No online contracts/credit agreements signings. Went to Natwest after a month and got the money the same day - what a waste of time.

Reviewed on 10th February 2022
Luke's avatar
Luke

Tesco bank loan 2.8% offer is impossible to get.

I applied for a £10000 bank loan at 2.8% with tesco bank, after letting them have full access to my bank accounts the loan was accepted in principle, saying sign the contract they will post to you & return and money will be in your account within 2 worki Read more

I applied for a £10000 bank loan at 2.8% with tesco bank, after letting them have full access to my bank accounts the loan was accepted in principle, saying sign the contract they will post to you & return and money will be in your account within 2 working days. They took 3 weeks to send forms out then at the 11th hour declined the loan, saying my earnings weren't enough even though it was on application. I will never ever deal with this rip off organisation again or step foot in any of they supermarkets. Don't waste your time applying you will never get the advertised interest rate. You may get offered a loan but at a much much higher interest rate. I intend to take this further with the financial ombudsman. AVOID

Reviewed on 5th February 2022
Kevin Spooner 's avatar
Kevin Spooner

One to avoid

Terrible service from Tesco loans and especially their customer services department. Very slow to respond by letter if they respond at all. Passed from pillar to post on the phones.

Reviewed on 16th May 2021
jack thack's avatar
jack thack

Straightforward loan

Applied for a loan, got an instant decision and money in around a week. Competitive rate and excellent customer service. Thank you, Tesco!

Reviewed on 14th October 2020
Biggs's avatar
Biggs

Excellent Product

Tesco loan is straightforward to set up and approved quickly. Excellent Customer Service received in all aspects of communication with Tesco.

Reviewed on 20th September 2020
Davidroy28's avatar
Davidroy28

Cheap as chips

Been able to pay for my new kitchen and bathroom with one affordable payment every month and the statements couldn't be clearer. Even 2 years later I checked to see if there was a better deal and there wasn't.

Reviewed on 9th July 2020
Caroline Cordery's avatar
Caroline Cordery

Great rates and amazing customer service

The rates are great and Tesco Bank customer service are brilliant. Even during the current crisis they sorted a 3 month payment break with ease and I found them SUPER organised.

Reviewed on 9th July 2020
Eliz Suffolk's avatar
Eliz Suffolk

Quick, simple, but do not give the interest rate they tease you with.

Applied for and approved for a Tesco’s loan for a car (I have an excellent credit rating). Loan process is simple and quick, however DO NOT be fooled by the interest rate they suggest you may get, they added an extra 1 percent on top. OK, its not a lot Read more

Applied for and approved for a Tesco’s loan for a car (I have an excellent credit rating). Loan process is simple and quick, however DO NOT be fooled by the interest rate they suggest you may get, they added an extra 1 percent on top. OK, its not a lot more, but its not what’s offered and there’s no explanation., even when asked. By the point of offer its then too late as I didn’t want to upset my excellent credit rating by applying for other advertised loans which now could be cheaper (if those companies adhered to the rate advertised).

Reviewed on 22nd November 2019
DE Adamson's avatar
DE Adamson

Loan application experience

My experience I would like to say I am so impressed with the service I have received from Tesco bank throughout the process of borrowing £16000 to purchase car. I found it very easy to apply and the speed of response has been exceptional along with the Read more

My experience
I would like to say I am so impressed with the service I have received from Tesco bank throughout the process of borrowing £16000 to purchase car. I found it very easy to apply and the speed of response has been exceptional along with the very pleasant and professional lady who texted me to call when I had spelt my address incorrectly in the application.
Full process with money in the bank account in less than a week

Superb!

Thank you very much

Gordon

Reviewed on 6th September 2019
Gordon's avatar
Gordon

No early repayment fees

Easy to obtain a loan only missed out on the full stars as the interest rate was slightly higher than advertised. No early repayment fees are a huge bonus. I was able to pick the payment (direct debit) date which assists with budgeting.

Reviewed on 15th April 2019
DE Adamson's avatar
DE Adamson

Customer services

Very good customer services. Quick response when made application. Very satisfied with T & C.

Reviewed on 5th February 2019
Sorin Si Juliana Dinu's avatar
Sorin Si Juliana Dinu

Happy customer

I’m happy that I chose Tesco bank to satisfy my needs! Thank you!

Reviewed on 29th January 2019
Ioana Titu's avatar
Ioana Titu

easy application process

easy to use website quick and efficient processing of application

Reviewed on 8th January 2019
alex's avatar
alex