Personal Loans

Couple at home on laptop

Whether it's time to sort out your finances, replace the family car or finally make a start on those home renovations, a personal loan could be the answer.

  • We have a range of different loan amounts and terms available - use our loan calculator to work out your repayments and what is best for you.
  • An instant loan decision when you apply online
  • Our lowest rate of 2.9%APR representative is available on loans from £7,500 - £25,000 over 1-3 years
  • Eligible customers can apply for a two month payment break Terms apply
  • Fixed monthly payments on your chosen date
  • Pay more whenever you want so you can pay off your loan quicker - early settlement charges apply Learn more

Representative APR

  • Representative2.9%APR
  • On loans from£7,500 - £25,000
  • For terms1-3 years


Already have a Tesco Bank Loan?

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

How a personal loan can help?

Inside car showing rear-view mirror

Buying a car

Whether you're looking to buy a used car or a new model from a dealership, a Tesco Bank loan can help you get moving

Woman using laptop


Depending on your circumstances, you might want to consider consolidating your debt to one monthly payment

Couple renovating their new home

Home improvements

Fund your next home improvement project with a Tesco Bank loan, and turn your house in to the home of your dreams

How our loans work

About our loans

Loans are available to UK residents and over 18s only. Rates will vary depending on loan amount and individual circumstances. Subject to status.

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 84 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.

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 25.5%.

Getting your loan

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 instant 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.

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.

Tesco Bank Benefits

  • Repay your loan over 1 to 7 years
  • Two-month payment break option for eligible customersTerms apply
  • Our mobile banking app lets you keep an eye on your loan balance

Sounds right for you?

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.

Important information

Tesco bank loans

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, 2 South Gyle Crescent, Edinburgh, EH12 9FQ.

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.