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Tesco Bank: Loan reviews

Name: Loan
Rating: 3.41 (75 reviews)

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2.87

Based on 75 reviews, last reviewed 30th Dec 2024

100% decrease in 5 star reviews

in the past 90 days

50% decrease in 1 star reviews

in the past 90 days

50%

11%

35%

Latest highest rating:

4

Tesco Loan I took out a loan with Tesco bank. The interest rate was decent but it was very easy to take out the loan. Their website was very intuitive and easy t... Read more Reviewed on: 4th October 2024

Latest lowest rating:

1

JUST GO TO TOUR OWN BANK AND APPLY FOR A LOAN! JUST GO TO TOUR OWN BANK AND APPLY FOR A LOAN!! We were accepted by our bank in 2 minutes and the £20k loan was in the account within 5 minutes. Real... Read more Reviewed on: 30th December 2024

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About this product

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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Tesco Bank Loan reviews (75)

JUST GO TO TOUR OWN BANK AND APPLY FOR A LOAN!

JUST GO TO TOUR OWN BANK AND APPLY FOR A LOAN!! We were accepted by our bank in 2 minutes and the £20k loan was in the account within 5 minutes. Really bad experience with Tescos. Application took over 2 months to process and when it finally did they asked for additional information which wasn’t a problem, my wife sent over the marriage certificate electronically as we’d just got married as she had to prove the name change. Only for tescos to say we need the real copy and if we didn’t send it over they would cancel our application which they did. Our circumstances may have been different to others but it as dealt with so poorly and with barely any communication. We then went to HSBC who we bank with and got it straight away. Reviewed on: 30th December 2024

Tesco Loan

I took out a loan with Tesco bank. The interest rate was decent but it was very easy to take out the loan. Their website was very intuitive and easy to use when making payments. Reviewed on: 4th October 2024

Two good experiences

So I've had two loans with tesco, one was to consolidate some debts and the second was a top up loan on the same agreement. Perks - the first time I applied, once I completed my application online - the credit agreement was sent to me electronically and signed on the same Web page as my application was completed on - funds where in my account within 2 minutes of me pressing accept however I'm led to believe that this is subject to you credit history and credit report and also subject to if you leave an application and return. Staff where happy to answer any questions. The rates offered and flexibility for amounts and term length was also really useful. Additional borrowing is available after you make 8 payments on your existing loan. You have two options to either add a second loan alongside your current Or add additional borrowing to your existing agreement (a new hard search and application is essentially done for this) on that occasion Tesco state that a hard copy of a credit agreement is needed for this so they send out an agreement. This was at my house within a day or two. I would strongly recommend you pay additional postage to get the letter back to them rather than rely on the 1st class prepaid business envelope they provide. The letter got back and was paid in to my account once the document was scanned but again this is dependent on if it was approved or approved in principle. Positive experience, club card rates are offered and it makes sense to add your club card if you have one even if it only saves you a few quid each month on your direct debt repayments. The rates where much more favourable with tesco bank than any other provider by miles but again I assume this is credit file dependent. Friendly Scottish staff when you ring up and overall nothing bad to say. Reviewed on: 24th September 2024

Tesco bank app

Low APR rates on personal loans and variety of products to choose from also easy apply through Tesco bank app Reviewed on: 23rd August 2024

2 months for a loan.

If you want to wait 7 weeks for a loan that other providers Admiral can provide within a week, use Tesco Loans. A company stuck 10 years in the past, embarrassing that a company can operate like this in 2024. Reviewed on: 12th August 2024

Applied for a car loan at the advertised 5.

Applied for a car loan at the advertised 5.1% APR. Have Tesco Clubcard and spent £70,000 with them over the years. No issues on my credit score or anything else. Offered loan at 10.9% Went to Natwest and got 6.1%. Tesco couldn't explain the high APR. Raised a complaint but was told no grounds to complain Reviewed on: 24th July 2024

The most ridiculous bank ever.

The most ridiculous bank ever. It came to my attention that there are entries in me credit report showing two missed payments on my account. However, these entries were inaccurate. I did indeed make all required payments manually; unfortunately, they were not processed via direct debit, leading Tesco Bank to classify them incorrectly as missed payments. I contacted them but they said they cannot change it. How stupid that is? This misclassification is affecting my credit score unfairly and does not reflect my actual payment history. Reviewed on: 25th June 2024

Easy to use and efficient.

Easy to use and efficient. All online. Reviewed on: 16th June 2024

It's very easy and very helpful us during my home im...

It's very easy and very helpful us during my home improvement. Reviewed on: 6th June 2024

Waste of Time.

Got 95% Pre-approval for Tesco personal loan from both Money supermarket and compare the market. Applied for Tesco personal loan, got a referred application.. after 4 days I was rejected. I have a near perfect credit score, no outstanding debts a Top 1% salary. Tesco's are complete time wasters and of course vague as to the reason why my application was rejected. Went with MBNA and was approved instantly. Just avoid they waste your time and Pre-approval scores are not accurate ! Who are they approving for loans? Reviewed on: 23rd January 2024

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