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Tesco Bank: Loan reviews

Name: Loan
Rating: 3.38 (76 reviews)

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2.90

Based on 76 reviews, last reviewed 6th Jan 2025

100% decrease in 5 star reviews

in the past 90 days

200% increase in 1 star reviews

in the past 90 days

49%

11%

36%

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

Waste of time / dodged a bullet Waste of time got accepted for a joint loan sent off the requested documents same day few days later been told all looks good checked with her supervi... Read more Reviewed on: 6th January 2025

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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.

Tesco Bank Loan reviews (76)

Review of the Tesco Bank, Loan:

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

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

No communication

Applied for a modest loan for a car after reviews and MSE website. Then after pre-approval they knocked it back and still haven't communicated anything to me after 4 weeks. what a waste of time and slice off my credit score. Dont worry I got a loan from the AA on a good rate. Reviewed on: 23rd January 2023

95% likely to get a loan and then declined!

I telephoned Tesco bank and discussed my circumstances to apply for a loan. I’m retired with a full State Pension, Work Pension, income from a let flat, and my daughter’s income. We have no mortgage, no debt and excellent credit history. Told I’d be able to borrow £25,000. Applied on-line. At the start, 95% likely to get the loan. After completing a glowing account of my finances, I was declined because I’m retired!! What an absolute waste of time. Why don’t they say that they’re ageist at the beginning? Reviewed on: 13th January 2023

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