Tesco Loan

Compare Tesco loans

If you are currently in the market for a new personal loan, you might have been considering a Tesco loan. However before you decide you should try to shop around, you can use the below comparison tables to look at loans from various providers:

ProviderLoan AmountCredit HistoryAPRTerm 
£1,000 to £25,000Good Credit Only3.30%1 year to 5 yearsGet Quotes >
  • MARKET LEADING PERSONAL LOAN DEAL
  • Low Rates - Quote takes 3 minutes (Won't affect your credit score)
  • Money can be with you within 3 working days
  • No early repayment fees
  • Voted most trusted loan provider (Moneywise customer service awards 2010 - 2015)
  • Must be aged 18
  • UK Resident with a UK bank account

Representative Example: A loan of £10,000 over 5 years will cost you £180.80 per month at a representative 3.30% APR. The total cost after 5 years is £10,848.30, which includes £788.30 interest at 3.0% fixed and a £60 fee. The total amount of credit is £10,060. The rate and fee you are offered will depend on your individual circumstances.

£2,500 to £25,000Good Credit Only3.80%2 years to 5 yearsGet Quotes >
  • 10 minute online quote, instant decision
  • Money can be with you within 48 hours
  • No arrangement, over payment or early repayment fees
  • Must be aged 21 or over
  • UK Resident with a UK bank account

Representative Example: A loan of £7,500 over 5 years will cost you £137.22 per month at a representative 3.80% APR. The total cost after 5 years is £8,233.20, which includes £733.20 interest at 3.8% fixed. The rate and fee you are offered will depend on your individual circumstances.

£1,000 to £20,000All Credit Histories Considered17.2%1 to 5 YearsGet Quotes >
  • Rebuild Your Credit
  • Interest rates start from 9.3% APR
  • Instant Online Decision using 'soft' credit searches (Won't affect your credit score)
  • Funds as soon as same day
  • No arrangement fees or early repayment charges
  • Must be aged 18
  • Must be UK resident

Representative Example: If you borrow £5,000 over 60 months at a Representative rate of 17.2% APR (fixed) and an annual interest rate of 15.95% p.a (fixed), you would pay 60 monthly installments of £121.94. The total  amount payable will be £7,316.40.

£1,000 to £20,000All Credit Histories Considered35.9%1 to 2 YearsGet Quotes >
  • Interest Rates from 35.9% - 99.9%, depending on the information you provide in your application
  • Fixed monthly repayments
  • Instant Online Decision
  • Must be aged 18
  • Must be UK resident

Representative Example: The Representative APR is 99.9% (fixed) - Based on an assumed loan amount of £1,500 over 24 months at an interest rate of 71.3% p.a. (fixed) you would pay £118.88 a month and £2,853.12 in total.


 Tesco loan features

  • Borrow between £1,000 and £25,000
  • Repayment periods from 1 to 10 years, depending on the size of your loan
  • Fixed monthly payments on your chosen date
  • Eligible customers can apply for a 2 month payment holiday
  • Better rates in some cases for Tesco Clubcard holders

 

To be eligible for a Tesco loan you must:

  • Be aged between 18 and 74 years old
  • Be in employment with no probationary period, or have regular income e.g. pension
  • Have lived in the UK for at least 3 years
  • Have a UK personal current account

 

Tesco loan calculator

 

If you are interest in a Tesco loan and would like an indication of how much your repayments might be you could use the Tesco Bank loan calculator. However remember the APR you are given if you chose to apply is not necessarily the same as the one the calculator uses, yours may be affected when the lender takes your personal financial circumstances into account such as; your credit score, how much you earn and if you have any existing credit commitments. Your financial circumstances will also influence how much a lender is willing to loan you, just because the maximum that can be borrowed with this plan is £25,000 it does not guarantee that anyone can borrow that much.

 

Before you apply for a personal loan

 

There are many loans available on the market from a range of different lenders so it is wise to shop around before you apply for one to try and find a loan suitable to your specific needs.  You may want to think about what features are most important to you.

 

You may also wish to consider alternatives to borrowing, for instance if you already have the required funds in your savings it may be better to use these instead as the interest you earn on savings may be less than the interest you would be required to pay on a loan of the same size.

 

There are other types of lending such as authorised overdrafts you may want to consider.

 

Also consider that if you are thinking of taking out alone to consolidate debt remember that spreading your payments over a longer term means you may ultimately be paying more overall than with your existing arrangements, even if the interest rate on this new loan is less than the rates you have at the moment.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.