Tesco Bank opened in 1997, and in 2008 became entirely under the ownership of Tesco Plc. Tesco Banks offers a number of financial products, including loans, credit cards, mortgages, savings products, and current accounts.
Tesco Bank also offers car, home, pet, and travel insurance deals that are underwritten by a range of insurers.
What loans can I get from Tesco Bank?
Tesco bank provides a range of unsecured personal loans that you can use to fund a car purchase, home improvements, or even a holiday. You’ll be able to borrow from £1,000 to £35,000.
What interest rates do Tesco Bank loans come with?
Tesco Bank loans comes with a fixed interest rate. This means the interest rate you repay the loan at stays the same for the entire loan agreement, which can make budgeting easier as you’ll know how much you have to pay every month.
The interest rate is given as the APR (Annual Percentage Rate), however the advertised APR only has to be offered to 51% of applicants. You may still end up on a higher interest rate, depending on your own personal financial situation – the maximum APR Tesco Bank offers is 34.5%.
Representative example: If you borrow £5,000, you would make 36 monthly payments of £146.38. The total amount repayable is £5,269.68. Representative 3.5% APR, 3.45% (fixed) p.a..
How long do Tesco Bank loans last?
You’ll be able to take out a loan with term lengths ranging from one to 10 years, however it will depend on how much you’re taking out and what the loan is for. Higher loan terms may not be available with loans for certain purposes or amounts.
You’ll also be able to repay all or some of your loan early, though there may be an early settlement fee as a result – it’s best to check beforehand to make sure.
Tesco Bank also offers payment holidays, which means you’ll be able to take a break from repaying your loan for a short period – but there are certain conditions you must meet to qualify.
How to contact Tesco Bank
You’ll be able to contact Tesco Bank through the following:
Social media: You can ask a question through Tesco Bank’s Twitter and Facebook accounts
Phone (for customer services and to make an application): 0345 600 6016
Post: Tesco Bank Loan Operations, PO Box 27014, Broadway One, Glasgow, G2 9FE
Online: through their online banking app or website
How to apply for a Tesco Bank loan
You can apply for a Tesco Bank loan online, over the phone, or through a postal form. However before you apply you should make sure you have the following details:
- Your bank information, including your sort code and account number
- Information about your incomings and expenditures
- Your credit balances
- Your residential address details covering the previous three years
- Your current employer’s address
Do I qualify for a Tesco Bank loan?
Tesco Bank loans have the following eligibility criteria:
- You must be between 18 and 74 years old, and you must be under 75 at the end of your loan agreement. For loans to repay other debt you must be at least 22
- You should either be self-employed for over two years, employed and not on probation, or retired with a regular pension
- You should have lived in the UK for at least three years
- You should have a UK current account
Compare loans with MoneySuperMarket
You can find a better loan deal when you compare your options on MoneySuperMarket. Just give us a few details about your loan, including what it’s for and how much you need, and you’ll be able to see a list of quotes tailored for your needs.
You can compare deals by their APR, any fees or charges, and the likelihood of you being accepted if you apply. As soon as you’ve found the loan you want, simply click through to the provider’s website to finalise your application.