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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

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

Good

Fast service good comunication very help personel staff Reviewed on: 11th March 2022

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