Wyoming Finance

Mar 22 2018

Loans – Apply for a personal loan from Tesco Bank



From our current account that likes to thank you as you spend, to our travel money delivered wherever it’s most convenient for you, we aim to give you banking the way you want it.

Whether it’s to help manage your spending, spreading the costs of a one-off purchase, or the serious business of buying a house, we’ve got it covered.

Our range of savings accounts can give you competitive rates and easy access, while our ISAs offer tax free saving for you and your children.

Whether you’re protecting your car, your pets, your house, your loved ones, or just want to be safe on your travels, we have a comprehensive range of insurances with options that let you tailor your cover to your lifestyle.

Calculators and comparison tables, jargon busters and top tips – our selection of tools and helpful information can help you get to grips with our products.

If you’re already banking or have insurance with us and you’ve got a question, need some help, or want to know what’s available to you, you’ve come to the right place.

Personal loans with great rates

Already have a Tesco Bank loan?

If you’re thinking about borrowing more, we’re here to help

You’ve finally finished the home improvements and now your car needs to be repaired? If you already have a loan, you can apply to borrow more if:

  • You’re up to date with your loan payments
  • You have made at least eight consecutive monthly payments

Representative APR

  • For Clubcard customers 3.0% APR Representative
  • Great low rate for loans from £10,000 – £25,000 and for terms 7 years or less.
  • Loans are available to UK residents and over 18s only. Rates will vary depending on loan amount and individual circumstances. Subject to status.

Looking to buy a car?

Whether you’re in the market for a used car, or buying a new car from a dealership, a personal loan from Tesco Bank can help you manage costs. Dealership repayment plans may seem like a quick and easy way to get your new vehicle quicker, but by shopping around you could find that a loan costs you less in the long term.

Regardless of which option you choose, it’s important to factor in the other costs such as MOTs, fuel, upkeep and insurance. That’s why we’ve put together a guide about taking out a loan and a car ownership to help you decide what the best option is for you.

Don’t have a Clubcard?

Don’t worry we still offer competitive loan rates, take a look at our loan calculator to see what’s available for you. Interested in a Clubcard? You can apply online today.

How our loans work

About our loans

A loan gives you the money you need upfront and lets you spread the cost of paying it back. So whether it’s a special holiday, a car or a new kitchen, a personal loan can make it more affordable.

We offer unsecured personal loans

This means that if we decide to lend you money, it won’t be secured on your home, car or other assets. You can then spend this money on the things you need.

Available repayment periods

You can apply for a loan term from 12 to 120 months depending on the loan amount and purpose. Just remember that the maximum repayment period might be lower for certain loan purposes.

Borrow exactly what you need

We offer loans to cover costs big and small and you can be specific about the amount you need, down to the pound.

How interest is charged

The interest rate is fixed for the life of the loan. Interest is calculated on a daily basis.

The loans calculator will give you a representative example based on the loan amount and term you want. However, the interest rate we offer may be higher depending on your individual circumstances. The maximum APR we offer is 32.2%.

Try our loan calculator

Get your loan faster

How soon can I get my loan?

If you’ve been approved, you’ll receive some important documents within five days, which you’ll need to check, sign and return to us.

You can choose to use our next day delivery courier service to get your loan documents sooner (for details see below).

Once we’re happy with the information you’ve sent, we’ll fully approve your loan and pay the money into your bank account.

Next day courier service for documents

This service is currently unavailable.

Payment break

Take a payment break

Sometimes it can really take the pressure off if you don’t have to start repaying your loan straight away, especially if you’ve got extra expenses to cover.

So when you apply for a loan, you might be eligible to apply for a payment break before starting your monthly loan repayments.

  • This break is only available at the start of your loan.
  • If your application for this option is successful, then the first payment would be taken the third month after the issue of the loan.
  • Interest will be charged during the payment break and your overall loan period will be extended by two months, which means that you will pay an extra two months’ interest.
  • Your offer documentation will explain the terms of the payment break, so please read everything carefully.

Making repayments

Your payment is made by monthly direct debit from the account the loan is paid into. Your first payment will be made one month after issue of the loan on the date you have chosen in your application, unless you apply for an initial payment break (see under Payment break tab).

You’ll always know what you have to pay

All Tesco Bank loans are fixed rate. This means your monthly Direct Debit payments will be the same every month until your loan is paid off. Nice and simple.

What happens if a payment is late?

We’ll charge £12 each time a loan payment is late and £12 when a default notice is issued.

Can I pay my loan back early?

Yes. But you will be charged up to two months’ interest if you choose to settle your loan early.

How a personal loan can help

Loans make plans come to life

When you’ve got big plans, a personal loan can make them a reality sooner. Lots of people see a loan as a positive way of affording big purchases – home improvements, a new car or a special celebration such as a wedding. You’re in control because you choose how much you borrow and you know how much you have to pay back each month.

Be smarter with your debts

When you have a couple of credit cards that are reaching the end of their offer period, or if you have a few too many of them, you could consolidate your debt into a single loan.

Just be aware that by using a loan to consolidate your debts, it could take longer to pay back, and this might cost you more in the long run.

Contact us – We’re here to help

Need a few questions answered? Our UK-based teams are here to talk to you seven days a week. Lines are open Monday to Friday, 8am-8pm, and Saturday to Sunday, 9am to 5pm.

Call 0345 600 6016* to chat about our Loans.

*This number may be included as part of any inclusive call minutes provided by your phone operator. Call charges will vary and calls may be recorded.

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