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Tesco Bank: Loan reviews

Name: Loan
Rating: 3.42 (78 reviews)

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3.10

Based on 78 reviews, last reviewed 12th Jun 2025

No new 5 star reviews

in the past 90 days

No new 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

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.

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Tesco Bank Loan reviews (78)

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

15k loan

Applied and money was in my account within 2 days. great APR rate. very happy Reviewed on: 12th January 2023

What a load of bo***cks

95% chance of approval rating according to Experian. 5.7% fixed interest £7.5k loan for a car, 98 credit score. Hard check for loan knocked my credit score 13 points (this is normal, but in the following context it's frankly deeply unfair and massively reduces my chances of getting a loan elsewhere) and these muppets offered me 11.8% fixed interest. Almost doubling the alleged 95% chance of success with 5.7% fixed rate. Steer clear, there's lots more reviews out there lots of people having similar experiences. Promising a very good chance of the advertised deal and then leaving you with an appalling deal - I was pre-approved for lower fixed interest than 11.8% before that credit score hit. Reviewed on: 18th November 2022

Slow application process and higher than advertised rates

After waiting almost a full week, the paperwork comes through and the interest rate is about 3% points higher than what was advertised. No communication at all from approval to receiving paperwork. Wasted a lot of time and caused me a lot of stress Reviewed on: 15th November 2022

Poor rate given

l've got a prefect credit score, have been a Tesco home shopping customer for over twenty years, am employed, own my own home, have a club card and have never had a bad debt. l've previously had a Tesco loan and all was well. However this time l wanted to borrow £15,000 and despite the 5.1% advertised rate l was offered 9.1% Worse, when l called customer services they couldn't tell me the reasons for the poor rate offered and just repeated the spiel that "50% of our customers get the 5.1%" l raised a complaint and after being told it could "take up to eight weeks" l was called the next day and told that l had "no grounds for complaint" Reviewed on: 15th November 2022

FRAUDSTERS

PEOPLE PLEASE BE VERY CAREFUL!!! I have applied for the loan today and been offered 3.2% interest rate. Unfortunately they is a biggest liars and cheats!!! After application and hard credit checks completed those liars changed the interest rate to 5.5% Those liars harmed my excellent credit history rated at 974 of 1000 Please avoid those fraudsters if you want to keep your credit score high and with no harm of pointless credit checks. By the way hour later took the loan with another large bank at 2.9% within 20 minutes. SHAME ON YOU FRAUDSTERS Reviewed on: 18th September 2022

Great loan when needed

Applied for a loan for home renovations and was in my bank account within a few days. Great service from Tesco bank. Also made a lump sum payment and they immediately reduced the term. Would use them again for another loan in the future. Reviewed on: 11th August 2022

Rejected

Received a text asking me to call them, which took several attempts as kept getting cut off. When put on hold think they forgot about me and after waiting 10 mins ended the call and called back which meant I had to explain myself all over again - at the end of that conversation and despite having an Experien Credit Score of 620 (which apparently is Good) my application was rejected and the operator couldn't/wouldn't tell me why Reviewed on: 9th August 2022

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