If taking on a personal loan by yourself does not 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. Loans are available from £3,000 - £35,000 with loan terms from 1 to 10 years.
Available to UK residents aged 18 and over. Rates will vary depending on loan amount, term and individual circumstances. Subject to status.
If you’re eligible you could apply to delay your repayments by 2 months at the start of your loan.
This could help you pay off your loan faster and save money overall.
This could help you save money on interest - a charge of up to 2 months interest will be applied.
You could get the money in your account in as little as 2 hours. This will vary depending on the outcome of your application.
Your monthly payments will be for the same amount each month on a date that suits you.
Find out more about Tesco Bank personal loans by checking our FAQs below.
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.
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.
Anyone can apply for a loan as long as they’re a UK resident and aged 18 or over. When you apply, we’ll ask some questions about your circumstances to check that we can offer you a loan.
If you’d like to see how likely you are to be accepted before applying – and without impacting your credit score – use our loan calculator and hit ‘check my eligibility’.
Representative 6.6% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 6.4084% (nominal). This would give you a monthly repayment of £195.23 and a total amount repayable of £11,713.80.
This representative APR applies to loans of £7,500 - £25,000 over 1 to 5 years. We also offer loans between £3,000 - £35,000 and have terms available between 1 to 10 years.
The rate you’re offered may differ as that depends on the amount you apply for and our review of your circumstances. The maximum APR you could expect is 34.5% APR.
Yes, we do a credit check when you apply for a loan.
You can find out how likely you are to be accepted first without affecting your credit score by using our eligibility checker.
If you're approved and you're eligible to digitally sign, you’ll most likely get your loan within 24 hours, but please leave up to 48 hours before calling us.
If we need more information from you, it can take 5 to 10 days for us to make sure everything is okay before we approve your application and send you the funds.
You'll pay the same amount each month by Direct Debit on a date you choose.
Your first payment will be taken one month after you get your loan unless you've been accepted for a payment break in your application.
No, our loans are a fixed rate which means your monthly Direct Debit payments will be the same every month until your loan is paid off.
If you make overpayments towards your loan, then you can choose to reduce your monthly payments instead of reducing your term. This means there’s less interest to be charged, which means you could save money overall.
When you apply for a loan, you may be eligible for a 2 month payment break at the start of your loan. This means you won't start paying your loan back straight away.
Interest will be charged during the payment break and your overall loan period will be extended by 2 months, which means that you'll pay an extra 2 months' interest.
If you're struggling with your payments throughout your loan and feel you need a break, we can still help. Visit our financial difficulty page to find out more.
Yes there are 2 ways you can do this:
You can do this at any time during your loan without paying any fees. These overpayments will go towards reducing the length of your loan (unless you ask us to reduce your monthly payments instead). This means there's less interest to be charged, which means you could save money overall. There are various ways you can make these payments.
You can pay your loan off in full any time. You'll need to pay a charge of up to 2 months interest for doing this, but you could save money on interest overall. You can find out how much it would cost to settle your loan early and how much you could save, at any time by asking us for an early settlement figure.
Yes, you can apply to borrow more once you've made 8 consecutive monthly payments on your existing loan.
You can find out more about borrowing more on our existing customer page.
If you miss a loan payment, we'll automatically try to take the payment again within 10 to 14 days.
If you're struggling to make your monthly payment amount, please don't panic, we're not here to add to the stress, we're here to help. All you need to do is reach out to chat about your situation. Our page on financial difficulty tells you more about what we can do to help and how to get in touch.
If you don't get in touch and end up falling behind on your repayments, there could be charges for late or missed payments. So it's important that you reach out to us as soon as you can.
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.
Our loans are provided by Tesco Bank, PO Box 27014, Glasgow, G2 9FE.
Tesco Bank is a trading name of Barclays Bank UK PLC. For more information on what this means please go to tescobank.com/transfer-scheme.
Get detailed answers to your questions about our products and more in our Help and Support Centre or contact our friendly, UK-based customer service team.
You can make additional loan payments, settle your loan early or you may be able to apply to borrow more.
You can also log in to Online Banking to manage your account.
