What happens when you apply for a Tesco Bank Loan?
Thinking about applying for a loan and wondering how long it will take? Here’s everything you need to know all in one place.
Published:9 Dec 2022
What to expect when you apply for a loan with Tesco Bank
With a personal loan, the first thing we do is carry out credit reference agency search based on the information you’ve shared with us. This helps us make our decision. We’ll then let you know if your loan has been:
- Approved: We’re happy to offer you a loanApproved: We’re happy to offer you a loan
- Approved in principle: We hope to offer you a loan but need more information from you Approved in principle: We hope to offer you a loan but need more information from you
- Referred: We need some more information from you before we can make a decision.Referred: We need some more information from you before we can make a decision.
- Declined: We can’t offer you a loan right nowDeclined: We can’t offer you a loan right now
If your application is declined, you might want to check your credit score. Find out more about how your score works and how to improve it in our guide to credit scores.
If you’re unsure about the outcome of your application, you could try our eligibility checker.
How long will it take to get my loan?
When you apply for a loan with us, we’ll aim to let you know the outcome immediately.
Once you know the decision, here’s how long your loan will take to process:
- If you’re approved: We’ll send you a credit agreement to check and sign digitally or by post. It shouldn’t take more than 5 days, either way. Once we’ve got your signed agreement, we’ll send the money directly to your bank account within 48 hours.If you’re approved: We’ll send you a credit agreement to check and sign digitally or by post. It shouldn’t take more than 5 days, either way. Once we’ve got your signed agreement, we’ll send the money directly to your bank account within 48 hours.
- If your application is referred: We’ll ask you to send us the extra information we need, and it may take between 5 to 10 days for us to check everything is ok. We’ll let you know our decision as soon as possible, and if you’re approved, we’ll send a credit agreement. If your application is referred: We’ll ask you to send us the extra information we need, and it may take between 5 to 10 days for us to check everything is ok. We’ll let you know our decision as soon as possible, and if you’re approved, we’ll send a credit agreement.
If you’ve shared your phone number with us, we’ll send you a text as soon as your money is in your account. We’ll send you a welcome letter with all the details too.
Can I change my mind about taking out a Tesco Bank Loan?
Yes, you can. Once you get your confirmation letter, you have 14 days to let us know you don’t want it anymore.
How to cancel a loan
To cancel your loan during the 14-day cooling off period, you can contact us.
To make sure you don’t pay any interest on your cancelled loan, you need to pay back the money either over the phone or by cheque.
You can do this at the same time as letting us know you changed your mind or separately, but you need to do it within 30 days to avoid any interest payments.
Want to know more? Have a read of our guide to 8 things you need to know before taking out a loan.
Important information
The content on this page aims to offer an informative introduction to the subject matter but does not constitute expert financial advice specific to your own situation. All facts and figures were correct at time of publication and were compiled using a range of sources.