Write a review

Go to business site

Tesco Bank: Personal loan reviews

Name: Personal loan
Rating: 3.42 (78 reviews)

View other Tesco Bank products

3.11

Based on 78 reviews, last reviewed 4th Dec 2025

No new 5 star reviews

in the past 90 days

100% increase in 1 star reviews

in the past 90 days

51%

10%

35%

Latest highest rating:

5

Best Loan Received a small loan for a car, very happy with interest, ease of application & of app now to monitor. Reviewed on: 12th June 2025

Latest lowest rating:

1

Stay away if you value your credit score. Stay away if you value your credit score. My payment was reversed as something unexpected had gone out of my account on the same day. I received a te... Read more Reviewed on: 4th December 2025

Read all reviews See your review

About this product

A Tesco personal loan can be used for a range of purposes.

The lowest rates for Tesco personal loans are for Clubcard members. If you’re approved, you could get the money paid into your account within 24 hours. You can pay your loan off in one lump sum but will be charged two months interest.

Tesco personal loan reviews help you find out what it’s really like to be a customer. If you’ve used Tesco Bank before, you can also leave a review and share your experience.

Tesco Bank Personal loan reviews (78)

Review of the Tesco Bank, Personal loan:

Waste of time

Initially applied for the loan of £12,500 @4.9% on the 24th Jan 2023. Took until the 27th Jan to receive any confirmation about my application, this was the first red flag after no email or anything and left in the dark for 3 days. Basically the text just said we have received the application and will let you know the next steps… Another 2 days later I got a text saying my loan had been agreed in principle. Thinking okay we are getting somewhere but it’s been 5 days. This text said I’d receive the credit agreement to sign etc. Another 2 days have passed. I received the documents in the post this was the credit agreement and further documents needed for proof of identity and proof of address. However the APR I was approved for was 8.9% nearly double what I applied for… but I proceeded and I provided passport details and my recent Mortgage statement from HSBC. I returned these items the same day. Another 3 days had passed and I heard nothing. So I rang them up asking if my documents had been received. I was told they were received 31st Jan and it would take another 2-3 days to see if they would accept my documents, yet again kept in the dark. So another 3 days had passed and I rang again as I was promised I would of been notified by now. However, the guy on the phone said that the documents had only been seen on the 3rd Feb even when they receive the documents 4 days earlier… I was sent no text and only knew this because I chased them up. So they had declined my proof of address because apparently the Mortgage Document I provided apparently does not prove that I live at my address. Which blows my mind as it has the address all over the letter. Even says a mortgage statement is perfectly fine. So I cancelled the loan. So after 15 days of wasted time I ended up with no loan and damage to my credit score thanks to their hard searches. Please I beg people to not waste your time. They don’t promise their advertised APR and take their time in trying to sort out anything. Stick to real banks. Reviewed on: 3rd February 2023

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

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

Do you have a different Tesco Bank product?

Share your experiences with products to help others make smarter financial decisions and learn more about different products available. Write a review

Are you a business? Get insights, reply to reviews, invite customers and understand their needs

Alternative products

Loans
from Leeds Credit Union 4.58 from 11 reviews
Personal Loan
from Admiral 4.76 from 1396 reviews
Loans
from Manchester Credit Union 4.94 from 2124 reviews

Want to see more from Tesco Bank?

Life Insurance
from Tesco Bank 4.40 from 2 reviews
Current Account
from Tesco Bank 4.38 from 68 reviews
Clubcard credit cards
from Tesco Bank 3.96 from 321 reviews

View all products

Join Smart Money People

Keep up to date on ratings of your favourite businesses. Find out about our awards and write new reviews with ease

Create an account

News, guides and insight from our team

View resource hub