Borrow more with your Tesco Bank Loan
If you have a loan with us already you could apply to increase your borrowing by topping up your existing loan, or opening a second one.
Clubcard Prices
Enter or provide your Clubcard number when you apply and if you're accepted you'll get a better rate.
A few things you need to know
- You can borrow from an additional £3,000, up to a total of £35,000, including your existing loan balance.You can borrow from an additional £3,000, up to a total of £35,000, including your existing loan balance.
- You’ll need to have made at least 8 monthly payments back-to-back on your existing loan. You can check this by using Online Banking or our Mobile App.You’ll need to have made at least 8 monthly payments back-to-back on your existing loan. You can check this by using Online Banking or our Mobile App.
- You can hold a maximum of two loans with us at one time - though if you already have two and wish to borrow more, you could apply to top-up your existing loan(s).You can hold a maximum of two loans with us at one time - though if you already have two and wish to borrow more, you could apply to top-up your existing loan(s).
- When you apply we'll do a new credit search to check if we can offer you more.When you apply we'll do a new credit search to check if we can offer you more.
- The interest rate we offer you may be higher than the rate of your existing loan and the advertised representative APR.The interest rate we offer you may be higher than the rate of your existing loan and the advertised representative APR.
You can apply to borrow more in one of two ways:
Top up your existing Tesco Bank Loan
- When you top up a loan, we don't actually add money to it. We set up a new loan for the remaining balance of your existing loan, plus the extra amount you want to borrow.
- Your new loan will replace your existing loan term, rate and monthly repayments. The total amount repayable may increase if your new loan is repaid over a longer term.
- An early settlement fee of 28 days’ interest will be added to your new loan balance.
- If you cancel your loan within the 14-day cooling-off period, you won’t be able to re-instate your old one and will be due to pay the full balance.
Take out a second Tesco Bank Loan
- If accepted, you'll have an additional loan account with us.
- Your new additional loan will have separate monthly payments, with a separate rate and term.
- Your existing loan will stay as it is, so the same rate, term and monthly payments.
- A second loan is only for single and not joint applicants, so if you have an existing Tesco Bank Loan, you can only apply for the second loan by yourself.
How our loans work
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.
Loans are available to UK residents aged 18 and over. Rates will vary depending on loan amount, term and individual circumstances. Subject to status. The maximum APR you could receive is 34.5% APR.
Tesco Bank Loans: PO Box 27014, Glasgow, G2 9FE.
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.
At the beginning of the loan we work out the interest you will pay over the whole length of your loan and add this to your loan amount. We calculate your interest charge by applying interest at a monthly rate based on the APR to the balance of your loan, as reduced by your monthly repayments. We add this to the loan amount and then divide this total by the number of monthly repayments.
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.
If you apply online, you’ll get an immediate decision and, if eligible, can digitally sign your loan agreement with us. We’ll then use Faster Payments to send the money directly to your bank account.
Once we're happy with the information you've sent, we'll fully approve your loan and pay the money into your bank account.
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.
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.
Credit checks during application
We'll carry out a credit reference search when you apply for a loan and a credit score will be calculated based on the information you enter and your credit reference information. This will help us make a decision on whether or not we're able to lend to you. We'll then let you know the decision and what the status of your application is.
Who provides these loans
Our loans are provided by Tesco Bank Loans: PO Box 27014, Glasgow, G2 9FE.
What do we mean by Annual Percentage Rate (APR) and annual rate of interest?
The APR is the total cost of borrowing, as a percentage of the amount you owe, over a year. The APR is calculated from the annual rate of interest plus any upfront fees. It gives you a way to compare the cost of different loan and credit offers.
The annual rate of interest is the amount of interest that will be charged on your loan, as a percentage of the amount you owe, over a year.
*This number may be included as part of any inclusive call minutes provided by your phone operator.