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Tesco Bank: Personal loan reviews

Name: Personal loan
Rating: 3.42 (78 reviews)

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3.07

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

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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:

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

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

Good Rate

Good rate, easy to deal with. Sorted very quickly Reviewed on: 6th April 2023

Lons

Very good service and good Laundrette Reviewed on: 3rd April 2023

Bait and switch

Tesco Bank appears to be abusing the 51% rule on representative rates. I applied for a personal loan at 4.9% 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 a tiny mortgage (10s of k), a single credit card with a lowish limit and zero balance, zero adverse credit events, and I earn over £100k. I got accepted but offered double the advertised interest rate. Immediately went to the Post Office and got accepted straight away at the advertised rate (5% APR) - so clearly nothing wrong with my creditworthiness. This gives the impression that Tesco are using an attractive headline rate to bait people into applying (hard credit search) only to then bump the rate up for no reason. This is sharp practice. Take your business elsewhere. Reviewed on: 28th March 2023

WASTE OF MY TIME LIES ON APR

Offered 5.4 APR pre approved sents letter and offer 10.9 APR waited two weeks for the credit agreement, waste of my time NEVER GO WITH TESCO BANK LIES I have taken if further with them. Would recommend them at all. Reviewed on: 23rd March 2023

Perfect service , quick and easy

I called Tesco to apply for a new loan ad to consolidate an existing loan. After speaking to the customer advisor and for only 15 minutes, my loan was re negotiated, my additional funds for a vehicle was agreed and I was paying £150 less than my previous payment. Reviewed on: 10th March 2023

Very bed service!!!

you advertise yourself as a quick loan with payment within 2 hours. My loan was accepted more than 1 week ago, but it hasn't arrived since then. This country of loans would have transferred my money to any other bank. It is a mistake to choose this company because their service is zero and the call center condescendingly asks why I am calling them. amateur lazy obnoxious people work as they do in tesco. your work is not worth a single star, that's the truth!!! Reviewed on: 6th March 2023

Misleading loan adverts

Big bold letters 4.9% apr to hook you in. After completing all the relevant info suddenly jumps to 13.9% several companies doing it. Your bang out of order Reviewed on: 6th February 2023

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

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