Joint Loans

If taking on a personal loan by yourself doesn’t feel right for you, then a joint loan with a trusted friend, close relative or your partner may be the solution. You could raise the funds you need for a holiday, a new car, or a home project, and then pay off the loan together.

How a joint loan could help

A joint loan could get you access to the money you need and lets you spread the cost between two people. You would then be able to pay it back over a comfortable period of time. If you have big plans for a home improvement project, a special holiday, or a new car, a joint loan may be an affordable option for you.

Joint loans are available to UK residents and over 18s only. Rates will vary depending on loan amount and the circumstances of individuals. Subject to status.

    Things to consider before taking out a joint loan

    Taking out a personal loan is an ongoing commitment so make sure you think about how the loan repayments will work with your future plans.

      Representative APR

      Representative 2.8% APR
      On loans from £7,500 - £25,000
      For terms 12 - 60 months

            Joint loan calculator

            Not sure whether you're ready to commit to a loan? With our joint loan calculator, you can find out what your repayments might look like each month, and how much interest you could end up paying.

            This calculator is designed to be illustrative only. If you apply for a loan we’ll need to assess your financial circumstances. This may change the interest rate and your monthly repayments. Our loans are available to UK residents aged 18 and over. Subject to status.

              Error: Please let us know what you’ll use this loan for

              What will you use this loan for?

              I have more than one reason for this loan

              We mean a loan for home improvements like replacing permanent fixtures and fittings such as your kitchen or bathroom, adding double glazing, adding a conservatory, adding an extension or making structural changes.

              If you are decorating or replacing carpets please choose something else

                We will only lend for debt refinancing or debt consolidation if you are 22 or older

                  Error: Sorry we only offer between £1,000 and £35,000

                  Error: Please make sure the total amount you'd like to borrow is between £1,000 and £35,000

                  How much do you want to borrow?

                  £
                  1000 35000
                  Remove

                  Error: Please let us know what you’ll use this loan for or remove this additional reason

                  What else will you use this loan for?

                  I have more than two reasons for this loan

                  We mean a loan for home improvements like replacing permanent fixtures and fittings such as your kitchen or bathroom, adding double glazing, adding a conservatory, adding an extension or making structural changes.

                  If you are decorating or replacing carpets please choose something else

                    We will only lend for debt refinancing or debt consolidation if you are 22 or older

                      Error: Please enter an amount or remove this reason

                      Error: Please make sure the total amount you'd like to borrow is between £1,000 and £35,000

                      How much more do you want to borrow?

                      £
                      0 35000
                      Remove

                      Error: Please let us know what you’ll use this loan for or remove this additional reason

                      What else will you use this loan for?

                      We mean a loan for home improvements like replacing permanent fixtures and fittings such as your kitchen or bathroom, adding double glazing, adding a conservatory, adding an extension or making structural changes.

                      If you are decorating or replacing carpets please choose something else

                        We will only lend for debt refinancing or debt consolidation if you are 22 or older

                          Error: Please enter an amount or remove this reason

                          Error: Please make sure the total amount you'd like to borrow is between £1,000 and £35,000

                          How much more do you want to borrow?

                          £
                          0 35000

                          Error: Sorry, we only offer loans between £1,000 and £35,000. Please update how much you'd like to borrow so the total is within these limits

                          Total amount you would like to borrow for this loan = £

                          Error: Sorry you can only borrow for a period of between 1 and 7 years

                          Error: The maximum length of a loan in these circumstances is 3 years

                          Error: The maximum length of a loan in these circumstances is 5 years

                          Error: The maximum length of a loan in these circumstances is 7 years

                          Over how long?

                          months (5 years)
                          12 120

                          Calculator Results

                          Total amount repayable
                          Monthly repayments
                          APR
                          Loan amount
                          Length of loan
                          Fixed annual rate of interest (nominal)
                          clubcard

                          Do you have a Tesco Clubcard? Enter your Tesco Clubcard number when you apply as it may positively impact your application

                            Representative example

                            Loan amount

                            £10,000

                              Monthly repayments

                              £178.64

                                Length of agreement

                                60 months

                                  Total amount repayable

                                  £10,718.40

                                    Representative

                                    2.8% APR

                                      Annual Rate of Interest (nominal)

                                      2.7647%

                                        The representative APR applies to loans of £7,500 to £25,000 over 12 to 60 months. Other terms and loan amounts are available at different rates.

                                        Already have a Tesco Bank Loan?

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

                                        Joint loans could help your plans come to life

                                        Planning for the future can sometimes be blocked by limited cash, but a Tesco Bank joint loan can make those plans a reality. Couples could use a joint loan to finally put in that dream kitchen, or pay for that destination wedding, and family members could go in together on a car. You’ll both be in charge of how much you borrow and can share the cost of paying it back.

                                        A debt shared could be a debt halved

                                        If you’ve both been relying on credit cards to get you through tighter times, you could look to consolidate your debt and split the bills between the two of you. Before you make a joint loan application, be aware that once you consolidate your debts, it might take you a bit longer pay back, and may cost a higher amount of interest over time.

                                        Remember, with joint loans both parties are liable for the loan, so think carefully about who you take out a joint loan with. If one person stops paying, the other is under contract to continue the payments. If the due loan payments are not made on time and in full, it will harm both your own and your loan partner’s credit score.

                                          Why choose Tesco bank for a joint loan

                                          We have a great low rate of 2.8% APR representative on loans from £7,500 to £25,000 for terms 12 - 60 months.

                                            When you apply for a joint loan from us:

                                            • If you’re eligible and apply online, you could get the loan paid into your account by the next day if approved, by digitally signing.
                                            • You can choose which day of the month you’ll make your fixed monthly payment. Before you apply for a loan think about how much you’ll borrow, how long you’ll need to repay the loan and what the interest could cost.

                                            How our joint 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.

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

                                            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.

                                                    The loans calculator will give you an example of what it might cost you based on the loan amount and term you want. However, the interest rate we offer may be higher depending on your individual circumstances. The minimum rate we offer is 2.8% APR and the maximum rate we offer is 27.5% APR.

                                                      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 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.

                                                        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.

                                                          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.

                                                                Important information

                                                                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, PO Box 27014, Glasgow, G2 9FE.

                                                                    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.