Tesco Bank Loans

Compare Tesco Bank loans with confidence with our handy guide.

Who Are Tesco Bank?

Tesco Bank is a subsidiary of Tesco, originally set up in 1997 as a joint venture with RBS, but in 2008 Tesco took back full ownership by buying out RBS. 

Now Tesco Bank offers customers a range of services including loans, credit cards, savings accounts, and insurance products. 

Tesco Bank offers competitive rates on their loan products making them well worth considering when you are comparing loans

Who Can Apply For A Tesco Bank Loan?

To apply for a loan with Tesco Bank, you will need to meet the following criteria; 

  • Aged between 18 and 74. 

  • Be in employment with no probationary period or be in receipt of regular income such as a pension

  • Have been a UK resident for at least 3 years

  • Have a UK personal current account 

How Much Can I Borrow?

With Tesco Bank you can take a loan out from £1,000 to £35,000 depending on your personal circumstances and credit rating. 

How Long Can I Take A Loan For?

Tesco Bank allows you to take out a loan with a term of 1 to 10 years depending on the loan value and purpose. 

How Can I Get A Loan From Tesco Bank?

You can apply directly online, but we would always recommend that you compare loans to see all the offers available to you. Plus, with Mo, you can make use of our free eligibility checker which lets you know how likely you are to be accepted without any impact on your credit rating. 

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What Can I Use A Tesco Bank Loan For?

Tesco Bank offers personal loans, so there is a wide range of potential uses, if you’re looking to book a holiday, buy a new car, organise a wedding or consolidate existing debts, it could be the right provider for you. 

There may be certain uses excluded in the loan agreement from Tesco Bank, so it is always worth checking this. 

Why Should I Borrow From Tesco Bank?

Tesco Bank is an established name in the lending industry and offer some compelling products, benefits of using Tesco Bank include; 

  • Competitive loan APRs

  • Instant online decisions

  • Borrow up to £35,000

  • Loan terms range from 1 to 7 years 

  • Eligible customers can apple to take a two-month payment break 

  • You can make unlimited overpayments with no extra charges

How Long Does It Take For A Tesco Bank Loan To Come Through?

When you apply for a Tesco Bank loan online you will generally get an instant decision of either accept, decline or they may need further information. 

If you are accepted you will be sent paperwork to sign and return and once done you will receive your funds within 48 hours. 

If they require more information they will be in touch to let you know what they need. 

If you are declined you can contact Tesco Bank directly to appeal the decision. 

Can I Pay Off My Loan Early? 

Tesco Bank will allow you to pay off your loan early, at any point in your loan term. However, you may need to pay an early settlement fee of up to 2 months' interest. 

They also allow you to make overpayments at any time with no additional fees. 

Can I Change My Mind?

Yes, you can, you have 14 days to change your mind and cancel the loan agreement starting from the date you sign the agreement. You will need to call or contact Tesco Bank in writing to do this. 


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