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Compare TESCO Loans

Tesco Loans

Compare Tesco loans

Tesco Bank is a retail bank which is a wholly owned subsidiary of Tesco plc. They offer unsecured personal loans for a range of purposes, including car finance, home improvement and debt consolidation.

Dependant on your exact borrowing needs and personal circumstances, it can sometimes make more sense to borrow in a different way. This might mean extending the overdraft on your current account, applying for a new credit card or considering a secured loan.

Before you make a decision, you should take the time to familiarise yourself with exactly how Tesco Bank’s personal unsecured loans work. This will allow you to make an informed choice and get the best possible value long-term.

Personal Loans

Tesco personal loans

If you are looking to borrow a relatively small amount over a fairly short period, a personal loan can be ideal. Applying for this kind of finance is usually quite fast and straightforward, making it a good way to quickly access extra money when you need it.

Advantages of Tesco personal loans

  • Borrow from £1,000 to £35,000
  • Repay over 1-10 years (depending on loan amount and purpose)
  • Make fixed monthly repayments
  • Easily check your loan balance with Tesco Bank’s mobile app
  • Settle your loan early at any point (subject to a settlement fee of up to 2 months’ interest)

Restrictions on Tesco personal loans

  • You must be 18 or over
  • You must be under the age of 75 by the time your loan ends
  • You must be at least 22 years old if the loan is for debt consolidation
  • You must be a UK resident
  • You must earn in excess of £10,000 per year
  • If could affect your credit rating and future borrowing if you fail to make payments on time
  • Repeatedly missing payments could result in your account being referred to a county court-appointed bailiff to recover the debt

Borrow more with a secured loan

If you need to borrow more than £25,000 a secured loan could offer the best way forward. Secured loans allow you to borrow more and/or for longer periods. The money you borrow is tied to the market value of a particular asset, most commonly your home. How much you can get will depend on how much your home is worth and what, if any, debt is already leveraged against it.

To find the best deals on secured loans from across the market, head over to our secured loan calculator.

Need to borrow more than £25k?

The more money you borrow, the more important it is to get the best possible deal. This can have a really significant impact on the final amount you end up repaying. However, with so many different lenders and types of loan to choose from, knowing with represents the best value for you can be quite the task.

If you are aiming to borrow more than £25,000 for home improvements, secured against a property, our specialist team of loan advisors can help. To find out more, simply call Fair Mortgages on 0117 313 7780 or use our contact form for a quick response.