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
            women washing dishes and laughing

            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.

              man and woman with big smiles

              Already have a Tesco Bank Loan?

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

              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 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.

                          Representative example

                          Loan amount


                            Monthly repayments


                              Length of agreement

                              60 months

                                Total amount repayable



                                  2.8% APR

                                    Annual Rate of Interest (nominal)


                                      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.

                                      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.

                                                Find out how much a joint loan could cost

                                                We offer a range of loans from £1k to £35k over terms from 1 to 10 years (interest rates vary). Use our loan calculator to quickly work out how much a loan could cost and start your application.

                                                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.