A simples guide

Tesco loans

Every little helps and with a Tesco bank loan, you could help yourself to some things that might make life a little easier. Perhaps a new car or some much needed home improvements or maybe you just need that extra little bit to straighten out your finances. Whatever you need it for, here are the facts on a Tesco loan.


What loans do Tesco offer?

You can stock up on more than milk and bread if you decide that a Tesco loan is the right one for you. They provide unsecured personal loans from £1,000 all the way up to £25,000 with repayment periods between one and ten years giving you flexibility to spread the cost.

An unsecured loan means that you won’t have to provide any assets as security so you don’t have to be a home owner – but you probably will need a decent credit history to get the best rates. Just because the loan is unsecured doesn’t mean you can run off into the sunset with a suitcase full of money – you’ll need to make sure you make your repayments on time and in full. If not, then you could be taken to court and you could end up with a County Court Judgement (CCJ) which will affect your credit report forevermore.  

piggy bank
credit card

What interest rates will I get on a Tesco loan?

That’ll depend of a number of factors. Firstly, are you a Tesco Clubcard subscriber? If you’re are, you could find you get preferential rates because you’re already a valued customer. If not, then the rates might still be very attractive but not quite so handsome.

The interest rate you’re charged will also depend on the amount of money you want to borrow. You might find that if you only want to borrow £2,999, borrowing just £1 more could give you a better rate of interest**.

Your credit history will also determine what interest rate you’ll be charged. If you’ve got an unblemished credit report, then you’re more likely to receive the lowest rates available. If you’re not sure whether you’d be considered a good bet to lend money to, you can always check your credit report for free. If you are uncertain it could be a good step to take, as any credit rejections will show up on your history.

There are three credit reference agencies that all credit checks go through – Experian, Equifax and Call Compass. Experian and Equifax offer free trial periods to check your report (just double check you’ve cancelled before the trial ends or you’ll be charged). You can check your credit score for free with Call Compass. Call Compass offer 15 days credit checking for free and then charge £14.95 per month. Experian and Equifax however offer 30 days free access then there is a charge to continue. 

Why should I choose a Tesco loan?

Tesco’s unsecured personal loans can give you a flexible and controlled option to raising some money. What you do with that boost, is up to you, but whilst you’re dreaming of that new car or how to decorate that new extension, here are the facts:

- Unsecured loans from £1,000 to £25,000**

- Repayment options between one and ten years

- Borrow only what you need to the last pound

- You don’t have to be a home owner

- Preferential rates for Clubcard customers

- Monthly repayments on a date you choose

- Fixed rate monthly payments so you always know where you stand

- Payment breaks of up to two months if you’re eligible

- Mobile banking app available so you’re always in control of your spending

- Next day courier service for documents means you can get your loan faster

- Instant decision if you apply online

So, there are the facts – but why not compare the market to see if there’s something else out there that might be a better fit – it all helps. So get comparing and see how much you could save!

** Data in this article was correct from sources as at April 2016.

Compare loans

Compare loans and start saving now

get a quote