Tesco Bank: Loan reviews

Name: Loan
Rating: 3.57 (60 reviews)

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3.57

Based on 60 reviews, last reviewed 5th Jun 2023

400% increase in 5 star reviews

in the past 90 days

20% decrease in 1 star reviews

in the past 90 days

53%

12%

30%

Latest highest rating:

5

Good rates - excellent customer service A very good experience with Tesco Bank. The loan rate was among the most competitive available but the real advantage has been the flexibility to mak... Read more Reviewed on: 5th June 2023

Latest lowest rating:

1

Terrible system and process management and overall attitude towards service. I applied for a Loan, which involved a Hard Credit Search. Every part of my application was handled badly. The postal service used to send me the docu... Read more Reviewed on: 25th May 2023

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About the Loan

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 (60)

Good rates - excellent customer service

A very good experience with Tesco Bank. The loan rate was among the most competitive available but the real advantage has been the flexibility to make overpayments and the ease with which this can be done, either by setting up a standing instruction or by phone. Phone line staff are friendly and helpful and easy to reach without long periods spent on hold. The website from which my loan can be managed is also easy to use and extremely helpful for checking the loan balance, final payment date and for making additional payments. I would have no hesitation in recommending Tesco Bank. Reviewed on: 5th June 2023

Excellent!

I’ve had a few loans in the past from many different providers - however, the company that really stands out for me is Tesco Bank. There’s a few reasons as to why I’ve selected them. The main reason is because it’s the only loan provider I’ve had that has given me the lowest APR. There are many other providers that advertise a low APR but when it comes to the application being approved, the APR increases. It’s a waste of time going through a full blown application when you never get the lowest APR. It also adds a hard search to your credit file. The other reason is the staff and customer service - everyone I’ve spoken to on the phone at Tesco Bank have been helpful, friendly and seem willing to help. And finally, the application process was simple. It was easy to do and also gave a slightly smaller APR being a Tesco Clubcard member. All in all - excellent. I really cannot fault them. Reviewed on: 31st May 2023

Terrible system and process management and overall attitude towards service.

I applied for a Loan, which involved a Hard Credit Search. Every part of my application was handled badly. The postal service used to send me the documents was not a signed for service, this meant that there was no way to track these Highly Confidential documents (their words) after requesting the documents a second time I got them 3 weeks later! Sadly by the time I signed and sent back my application my loan request had already expired. Despite calling on several occasions no one informed me of the failed application. Theoretically if I hadn't pushed for answers in my latest phone call they would have left me waiting for the loan. The customer service was bad, the process they use to save money was bad and because of this all loans I apply for will have a higher interest rate due to my Credit score being affected. Do not use, avoid at all costs! Reviewed on: 25th May 2023

click bait

Tesco Bank appears to be luring us in. I applied for a personal loan at 5.1% APR. I used the Money saving expert eligibility calculator and this said I had a 95% chance of approval. My Experian credit rating is 999. I have zero mortgage , one credit card with a £9000 limit and zero balance. I have had no bad credit episodes and I am reasonably well paid. I got accepted but offered triple the advertised interest rate. Reviewed on: 9th May 2023

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