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How do M&S loans compare against the competition?
See today's rates from across the personal loan market.
The Tesco Bank Personal Loan (Non-Clubcard) charges 6.4% APR representative on loans between £7,500 and £25,000. Tesco offers the unsecured personal loan with repayment terms between 1 year and 10 years, and applicants can apply to borrow from £3,000 to £35,000.
The Tesco Bank Personal Loan (Clubcard) charges 6.0% APR representative on loans between £7,500 and £25,000. Tesco offers the unsecured personal loan with repayment terms between 1 year and 10 years, and applicants can apply to borrow from £3,000 to £35,000.
| Loan amounts | From £3,000 to £35,000 |
|---|---|
| Loan terms | From 1 year to 10 years |
| Age eligibility | 18 years and over |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £3,000 to £35,000 |
| Loan terms | 1 year to 10 years |
| Loan rate type | fixed |
| Fee | 0% |
| Same-day funding available | |
| Same-day funding note | Yes, for existing loan or credit card customers who have signed through digital signatures. |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct debit |
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £3,000 to £35,000 |
| Loan terms | 1 year to 10 years |
| Loan rate type | fixed |
| Fee | 0% |
| Same-day funding available | |
| Same-day funding note | Yes, for existing loan or credit card customers who have signed through digital signatures. |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct debit |
While Tesco rates are generally competitive, the representative APR may not be the rate you’ll receive: Tesco will offer you a rate based on an assessment of your personal financial circumstances.
All interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors including the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account both interest and any unavoidable charges you'll need to pay (for example an arrangement/product fee) over the duration of a loan. Because Tesco doesn't charge an arrangement fee, its APR comprises just the interest rate – and so they're one and the same.
However, the vast majority of lenders tailor rates (and therefore APRs) to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. The "representative APR" (as defined by the Financial Conduct Authority) is what Tesco gives to at least 51% of those who take out the loan. The other 49% could pay more. Tesco must calculate APR in the same way as other lenders, and must tell you your personal APR before you sign a loan agreement.
Tesco advertises a representative APR of 6.4% on loans between £7,500 and £25,000 on the Tesco Bank Personal Loan (Non-Clubcard) and 6.0% on loans between £7,500 and £25,000 on the Tesco Bank Personal Loan (Clubcard).
As one of the biggest supermarket chains in the world, Tesco also offers unsecured personal loans at some very competitive rates. If you’re a Tesco Clubcard member, you may be eligible for a further discounted rate.
Formerly a joint venture with RBS, Tesco Bank has been a highly competitive provider of fixed-rate loans since the 90s. You’ll usually get an instant decision when you apply online and if you need to, you can apply to take a short temporary break from repayments.
The Tesco Bank Personal Loan (Non-Clubcard) charges 6.4% APR representative on loans between £7,500 and £25,000. Tesco offers the unsecured personal loan with repayment terms between 1 year and 10 years, and applicants can apply to borrow from £3,000 to £35,000.
The Tesco Bank Personal Loan (Clubcard) charges 6.0% APR representative on loans between £7,500 and £25,000. Tesco offers the unsecured personal loan with repayment terms between 1 year and 10 years, and applicants can apply to borrow from £3,000 to £35,000.
No, Tesco Bank does not currently offer secured or homeowner loans, and instead only offers unsecured personal loans. This means that you won’t need to provide a property or asset as security against your loan, but may not benefit from the larger amounts and bad credit rates offered on secured loans.
No, you won’t earn any Clubcard points by taking out, or paying off, a Tesco personal loan. However, you can earn Tesco Clubcard points on a Tesco credit card, and your Tesco credit card will actually double as your Clubcard, so there’s no need to swipe both when you checkout.
No, Tesco Bank does not currently offer bad credit loans. If you have a poor credit rating, you’re unlikely to be approved for a Tesco personal loan. If you happen to be approved, you’ll probably be given a high-interest rate and unfavourable loan terms, and may not be able to borrow as much as you wanted. To learn how to improve your credit score, read our guide.
If you apply for a Tesco personal loan online, you’ll receive an instant decision on your loan application. If you sign your loan documents digitally, the money will then be transferred to your account in as little as 2 hours (depending on the outcome of your application).
If you need to sign your loan documents in person, they should be sent to you within five working days. Once you’ve signed and returned them, your loan funds will then be transferred.
You should only apply for a Tesco personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
If you have decided that a Tesco personal loan is right for you, make sure you have the following information handy for your application:
Then simply fill in the application form via their website. Remember that if you apply online you’ll receive a response much quicker.
97% of customers we surveyed in 2026 would recommend Tesco Bank to a friend.
It's highly rated for its competitive interest rates and straightforward application process. Customers appreciate the clear repayment schedules, the helpful option to pause payments for the first three months, and the ability to secure a better rate using a Clubcard.
The customer service team is viewed as supportive and efficient, with users generally experiencing a very smooth, fuss-free loan process.
AI-generated summary from the text of customer reviews on Finder.
For queries regarding personal loans, you can call Tesco on 0345 600 6016. Or alternatively, you can use the chat-box function found on the Tesco Bank website or in the app.
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