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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)

Application declined right at the last moment

Please avoid Tesco loan, they will waste your time. People who work there have no clue what they are doing. I initially applied for loan on 13th Dec and was approved at5.9% which was cheapest at the time. After the application no sign of any email or text. Called up next day and I was told a letter has been posted. Waited for over a week and didn’t receive any letter. Called up again and I was given all sort of reasons beacuse of Christmas postal service is slow. They said they have sent 3 letter and I only receive 1.. Also they don’t have email facilities so I can’t receive or send documents electronically. Waited for 2 weeks to get the letter. Finally letter came through. Posted back with requested documents. Within few days I had a phone call saying they need to see back part of the biometric card which was never mention previously. Sent 2 letter paid £7.35 for each letter on next day delivery so I can get the money on time. On 9th Jan I had another phone call from Tesco loan money will be in my account with 2 hrs. After the previous phone call within 30mins I had another phone call from Tesco saying my application has been declined. due to affordable reason.. what a waste of time promising loan and making people wait for 3 weeks and saying it’s been declined. Why were these checks done previously? ABSOLUTELY UNPROFESSIONAL. Reviewed on: 9th January 2024

Do not apply for a Tesco loan - Do not offer rate advertised when you apply

So - Advertised a loan at 5.9%, told me I was 95% probability of being accepted, at no point said rate might be higher, then "approved" my offer at 13.5% 0 what a joke - I never would have even applied at that rate. ought to be laws about this sort of cowboy behaviour. Expected better. Reviewed on: 5th December 2023

Amazing offers

If you’re looking for a car, better to get loan from Tescos better rates than what is currently offered in car showrooms Reviewed on: 8th September 2023

5.2% advertised - 11.7% offered

Clickbait offers!! Total joke to more than double the advertised clubcard rate, Reviewed on: 28th June 2023

good enough

was helpful to have payment holiday during the pandemic :) Reviewed on: 23rd June 2023

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

Simple and easy

Applied For a loan via the app - decision in two minutes and money in account in 30 . Wow Reviewed on: 11th April 2023

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