Small loans

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’.

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 should get your loan within 24 hours. 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.

It's possible to get a small loan even if you have bad credit, although it may be more difficult. You can check your credit score before applying for a small loan to see if there is anything you can do to improve your rating. You can also use our simple and speedy eligibility checker to see how likely you are to be approved for a small loan with us. We'll carry out a ’soft check’ that won’t affect your credit rating but will let you know exactly how likely we are to give you a loan. Check your eligibility.

The biggest thing to think about when taking out any loan is whether you’ll be able to pay it back. A small loan may help you bridge any gaps in your budget. That said, with any loan you’ll be expected to pay interest on the money you borrow, so there is a cost to consider.

When you take out a loan, you’ll get a fixed interest rate for the amount of time it takes to pay it back. How much interest you’re charged will depend on things like the size of the loan and how long you expect to be paying it back for. Use our loan calculator to work out how much you could pay over the lifetime of your loan to see if it’s a smart choice for you.

When you're looking for a small amount of cash to make an important purchase or to consolidate existing debts, there are a few alternatives to think about. You might be able to arrange an overdraft for your bank account, which could have lower interest rates than a loan. Be sure to double check though, not all overdrafts are cheaper than loans.

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.