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Tesco Bank: Personal loan reviews

Name: Personal loan
Rating: 3.42 (78 reviews)

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3.09

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:

Quick, simple, but do not give the interest rate they tease you with.

Applied for and approved for a Tesco’s loan for a car (I have an excellent credit rating). Loan process is simple and quick, however DO NOT be fooled by the interest rate they suggest you may get, they added an extra 1 percent on top. OK, its not a lot more, but its not what’s offered and there’s no explanation., even when asked. By the point of offer its then too late as I didn’t want to upset my excellent credit rating by applying for other advertised loans which now could be cheaper (if those companies adhered to the rate advertised). Reviewed on: 22nd November 2019

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

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

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