Our Tesco Bank loan calculator will help you work out how much you'll pay back on a Tesco Bank personal loan. Loan amounts between £3,000 and £35,000 starting from 6.1%.
Considering a Tesco loan? If you have good or excellent credit, you can enjoy fixed monthly repayments, same-day funding and competitive rates by giving your Clubcard number during application. However, whilst the option to defer payments and make fee-free overpayments is beneficial, borrowers should be cautious about the 2-month interest charge for early loan repayment.
Best for: Fast funding
Pros
Same-day funds
Competitive rates
Take a payment holiday
Cons
Doesn't offer bad credit loans
You need a Clubcard to get the best rates
Interest charge will be applied if you want to pay loan off early
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.1% p.a. (fixed). Representative APR 6.1% and total payable £10,941.12 in monthly repayments of £303.92.
Maximum loan
£25,000
Product fee
N/A
Early redemption fee
Yes
Tesco loan calculator
Table: sorted by representative APR, promoted deals first
How do Tesco loans compare against the competition?
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
Tesco loan rates at a glance
The Tesco Bank Personal Loan charges 6.5%APR representative on loans between £7,500 and £25,000. Tesco offers the loan with repayment terms between 1 and 10years, and applicants can apply to borrow from £3,000 to £35,000.
The Tesco Bank Clubcard Personal Loan charges 6.1%APR representative on loans between £7,500 and £25,000. Tesco offers the loan with repayment terms between 1 and 10years, and applicants can apply to borrow from £3,000 to £25,000.
What are Tesco loans?
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.
Our calculator lets you pick how much you want to borrow, over a timeframe that suits you, to estimate how much you would pay back each month and overall.
We base our calculations on Tesco Bank’s representative APR, but it’s important to note that Tesco only has to give 51% of customers the advertised representative APR. Other customers may be offered a higher rate – at the time of writing, Tesco Bank’s maximum APR is 34.5%. The rate you’re offered will depend on Tesco’s assesment of your individual circumstances and the loan amount and term you’ve applied for.
Our calculation also assumes that you don’t take a repayment break and you don’t repay early (both are facilities that Tesco Bank offers and both affect the overall cost of your loan).
Quick overview of Tesco Bank personal loans
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
Key features of a Tesco personal loan
Tesco’s personal loans are unsecured, meaning they’re based on creditworthiness, rather than by the use of property, vehicles and other assets as collateral.
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”.
What is APR?
The annual percentage rate (APR) is designed to provide an annual summary of the cost of a loan, taking into account both interest and any mandatory charges (for example an application fee, although these are thankfully now pretty rare in the world of unsecured personal loans).
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
However, almost all lenders tailor APRs to the applicant – in other words, if your credit record isn’t as strong as other applicants’ you may be offered a higher APR. The advertised representative APR is the APR that a lender realistically expects at least 51% of successful applicants to get. Lenders like Tesco, which battle it out with other banks to advertise the very lowest representative APRs are likely to have high credit score expectations when it comes to offering that advertised representative APR.
Does Tesco offer secured loans?
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.
Do you get Clubcard points for a Tesco loan?
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.
Can I get a Tesco loan with bad credit?
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.
How fast can I get a Tesco loan?
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.
Am I eligible for a Tesco personal loan?
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:
You must be aged between 18 and 74. You must be aged under 75 at the end of your loan term.
Be in full time employment with no probationary period, or have been self employed for over two years or have a regular income e.g. pension.
Have lived in the UK for at least three years.
Have a UK based bank or building society account that can pay direct debits.
You must not have a history of county court judgements or bankruptcy.
How do I apply?
If you have decided that a Tesco personal loan is right for you, make sure you have the following information handy for your application:
Your ID.
Your address details for the past three years.
Your current income and employment details (payslips and bank statements).
Then simply fill in the application form via their website. Remember that if you apply online you’ll receive a response much quicker.
Tesco Bank customer reviews
In our independent 2024 customer satisfaction survey, 86% of Tesco Bank’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s easy application process and competitive rates. Here’s what some of those Tesco Bank customers had to say:
“It was a hassle-free process. The interest is reasonable. Payment options were affordable.”
“It was easy to apply for, with no penalties for early repayment. The interest rate was also slightly lower than competitors.”
Customer support
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.
Frequently asked questions
If you apply online, you could get an immediate decision and, if eligible, can digitally sign your loan agreement with Tesco. Once completed, the money will be sent to your bank account within as little 2 hours or usually on the same day. Applications over the phone take longer, and a decision may take between 5-10 days.
Yes. If you repay part of your loan early, your monthly repayment amount will stay the same but you can potentially repay the loan more quickly. Bear in mind that if you request to pay off your loan early, you may still be charged interest beyond this point – you’ll be given a final settlement figure and a timeframe in which to pay this amount.
It’s important to check the early repayment terms before applying for any personal loan. If there’s a likelihood that you’ll be able to clear a loan early, then good early-repayment terms should be an important factor in deciding which lender to use.
Tesco only offer one loan per customer, so if you want to borrow more you can apply for additional borrowing once you have made a certain number of consecutive monthly payments on your existing loan. Your existing loan will close and a new loan will be provided which will pay off the existing balance and cover the additional amount you want to borrow. You may be charged additional interest to pay off your old loan. This is to cover the number of days from when you apply to receiving your new loan. This can be added to your new loan amount and you would pay interest on this, which may lead to additional costs for you.
Personal loans scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
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