How much do you want to borrow?
£7,500 £14,999Over how many months?
12 months 120 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
6.1%
£7,500 - £14,999
Minimum Term 1 year
Loans up to £14,999 - 10 years
Direct Debit
Fast Delivery - £50 for next day
Express Service - up to 5 working days
Non-express - up to 10 working days
No Fee
Up to 3 month payment break at the beginning of your loan
Transferred into your bank account
No
6th for APR of 423 loans in the UK (See Lender League Table By APR)
69th for Customer Satisfaction (See Customer Reviews)
Offering loans from £7,500 to £14,999 over 1-10 year period. The interest for Tesco is really competitive on their larger loans, however bear in mind they do not accept customers with any type of bad credit history.
Tesco offer two methods of applying for their loans, the most efficient way is using their online application service. However if you would rather talk to someone about it you can call their UK based call centres. Once you have applied and completed the online application form, they will give you an instant provisional decision. If you are provisionally accepted, they will further assess your application and post your loan agreement out. You may have to send extra documentation to back your application up such as bank statements or wage slips. Return the documents back to Tesco and it can take up to 3 working days to make a final decision on your loan. They will then send you a letter to confirm everything and the funds will be in your account in 3 working days.
Bear in mind Tesco do not accept any customers with Defaults or CCJs. There does seem to be an issue regarding customer service with documents and agreements seemingly going missing. Internal communication seems well-known to be poor, judging from customer reviews on the internet. However, the people that have received their loans have on the whole said they are very happy with the service. Make sure you make your repayments on time as the late payment charges are a bit more expensive than other lenders. Also, double-check the interest rate they may have written on the loan agreement - it may be different to what you were originally quoted.
|
Default Fees |
Default notice - £30.00 |
|
Early Settlement Fees |
Two month's additional interest |
|
Other Fees |
Courier fee to receive your documents quicker - £50.00 |
|
Late Payment Fees |
Payment received late - £30.00 |
Average Customer Review:
(12 customer reviews)
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Tesco loans - great service and price
Diane, Liverpool
3 months ago
Applied for a Tesco loan on the Saturday. Money in the bank and ready to spend on the Friday - just 6 days later. Great service! Just can't beat it :)
Lack of customer service - and then calls from other loan agents!!
Richard, Middlesbrough
7 months ago
My wife and I applied for a loan online with Tesco. We didn't get an instant decision (which made sense - we save her money each month, and applied in her name, putting 0 outgoings - a fair description we thought). So, after several days of waiting, and having put down a deposit on a car, we called them, to find out the 'underwriters' had not looked...
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a bit slow, but excellent rate compared to my Bank
Ra, London
3 months ago
Applied for the Tesco loan in Dec 2011. I agree the process took a bit of time, around 2 weeks. The good news is I got the APR rate of around 8.4 % when my own bank NATWEST whom I have been banking with for 7 years quoted 13.3 % based on my credit check. My credit history is extremely good, no defaults and 2 natwest credit cards of which outstanding was beow 300. I can bet that Tesco rates will match or better the rates given by your high street Bank. Jst be a bit patient and the reward is there. I calld up customer service after 2 weeks of applying for my loan to query the status of my loan and they said it will be transferred on that day. And money was in my account
Slooooooooow
Jim, Dawson
3 months ago
The slowest lender I have dealt with. Over a week to approve my loan in principle, a further week to review the documentation and yet another week for the money to be transferred. Not helped by a rather lethargic customer service team. Stick to cheap beer deals Tesco and save the banking for the banker!
8 days in total from application to money (with a couple of hiccups)
Michael cox, Southend-on-sea
4 months ago
Having been declined by my own bank (Barclays - 15+years!).. for "non-credit reasons", "something internal to Barclays" (which meant it didn't affect my credit file, thankfully) I applied to Tesco.
I started the application on Monday 3rd January 2012 (a bank holiday). I completed the application on Tuesday 4th Jan.
I was applying for 8900 over 4 years for a car. My experian score was 981 ("excellent"), I have no other loans and 1 barely used credit card.
I selected Royal mail for delivery, however you cannot go back and change this so at this point I rang tesco and my application then was 'completed' on the phone. (I coulnd't get it changed to courier as it'd already been printed). I was agreed in principle and documents were being sent out to me.
On Wednesday I noticed from my experian credit searches that Tesco had searched my file with the wrong date of birth (out by 1 day! Not sure if this was my error or theirs). I rang them and they agreed to courier another set of corrected documents next day.
Both sets of documents arrived on Thursday (the original royam mail ones and the couriered ones). I signed the courier ones.
On Friday afternoon I received a call that the new documents were also incorrect (I hadn't noticed this time!)
The third set of documents arrived on Saturday morning (now all correct).
I sent these back straight away special delivery ("guarantee delivery before 1pm on Monday").
The documents arrived with Tesco (which is in Glasgow btw) at 6:55am on Tuesday morning. (so much for the guarantee)
When I rang in the afternoon on Tuesday 10th she said I'd been approved and I've have the money via Fast Payments either later that day or tomorrow (Wednesday). I hadn't had to send any supporting documents.
Today, Wednesday 11th jan at approx 11am the funds appears in my online banking.
I got the advertised rate 6.4%.
The customer service were always very polite when I spoke to them and I feel that had the date of birth issue not happened I'd have probably had the money last friday.
I would recommend Tesco loans, especially after the lack of service I received from Barclays, but just ensure you leave yourself enough time (14 days is tesco official policy I was told).
Tesco Bank, PO Box 104010, George House (4th Floor), G1 2YG
0845 600 6016
Tesco Loans Debt Help
http://www.debt-line.org.uk/TescoPersonalFi...
