Tesco Medium Loans

"a bit slow, but excellent rate compared to my Bank" Ra , London
Applied for the Tesco loan in Dec 2011. I agree the process took a bit of time, around 2 weeks. The good news is I got the APR rate of around 8.4 % when my own bank NATWEST whom I have been banking with for 7 years quoted 13.3 % based on my credit check. My credit history is extremely good, no defaults and 2 natwest credit cards of which outstanding was beow 300. I can bet that Tesco rates will match or better the rates given by your high street Bank. Jst be a bit patient and the reward is there. I calld up customer service after 2 weeks of applying for my loan to query the status of my loan and they said it will be transferred on that day. And money was in my account

"Slooooooooow" Jim , Dawson
The slowest lender I have dealt with. Over a week to approve my loan in principle, a further week to review the documentation and yet another week for the money to be transferred. Not helped by a rather lethargic customer service team. Stick to cheap beer deals Tesco and save the banking for the banker!

"Tesco loans - great service and price" diane , liverpool
Applied for a Tesco loan on the Saturday. Money in the bank and ready to spend on the Friday - just 6 days later. Great service! Just can't beat it :)

"8 days in total from application to money (with a couple of hiccups)" Michael Cox , Southend-on-Sea
Having been declined by my own bank (Barclays - 15+years!).. for "non-credit reasons", "something internal to Barclays" (which meant it didn't affect my credit file, thankfully) I applied to Tesco. I started the application on Monday 3rd January 2012 (a bank holiday). I completed the application on Tuesday 4th Jan. I was applying for 8900 over 4 years for a car. My experian score was 981 ("excellent"), I have no other loans and 1 barely used credit card. I selected Royal mail for delivery, however you cannot go back and change this so at this point I rang tesco and my application then was 'completed' on the phone. (I coulnd't get it changed to courier as it'd already been printed). I was agreed in principle and documents were being sent out to me. On Wednesday I noticed from my experian credit searches that Tesco had searched my file with the wrong date of birth (out by 1 day! Not sure if this was my error or theirs). I rang them and they agreed to courier another set of corrected documents next day. Both sets of documents arrived on Thursday (the original royam mail ones and the couriered ones). I signed the courier ones. On Friday afternoon I received a call that the new documents were also incorrect (I hadn't noticed this time!) The third set of documents arrived on Saturday morning (now all correct). I sent these back straight away special delivery ("guarantee delivery before 1pm on Monday"). The documents arrived with Tesco (which is in Glasgow btw) at 6:55am on Tuesday morning. (so much for the guarantee) When I rang in the afternoon on Tuesday 10th she said I'd been approved and I've have the money via Fast Payments either later that day or tomorrow (Wednesday). I hadn't had to send any supporting documents. Today, Wednesday 11th jan at approx 11am the funds appears in my online banking. I got the advertised rate 6.4%. The customer service were always very polite when I spoke to them and I feel that had the date of birth issue not happened I'd have probably had the money last friday. I would recommend Tesco loans, especially after the lack of service I received from Barclays, but just ensure you leave yourself enough time (14 days is tesco official policy I was told).

"Dont Waste Your Time" Dave , London
Paperwork took its time to come, finally 4 days later.. send paperwork back next day .. 1 week later no phone calls? chase them they want to confirm my wages.. tell them how much I earn (already told them in application) never been refused credit had pervious loan for my old car been working since i left school ( 8 years ago).. They refused my loan because of my wages? earn 19k a year wanted to borrow 10k for new car.. Now I cant apply for a new loan because they refused me credit.. This is coming from a strong tesco customer - I had tesco car insruance on my old car.. shopped in tesco had tesco c/c... thanks alot tesco

"First class service" Thomas Willia Brown , Haswell, Co Durham
Applied for a loan on the 3rd Nov 2011. I took the option of an additional £50 service for a courier to deliver the documents on the 5th Nov. The documents were returned to Tesco.The money was credited to my account the morning of the 9th. I can only praise all aspects of Tesco loans especially the Customer service team and I will certainly use them again.

"Lack of customer service - and then calls from other loan agents!!" Richard , Middlesbrough
My wife and I applied for a loan online with Tesco. We didn't get an instant decision (which made sense - we save her money each month, and applied in her name, putting 0 outgoings - a fair description we thought). So, after several days of waiting, and having put down a deposit on a car, we called them, to find out the 'underwriters' had not looked at it. Several more calls over several days and we got no more information. Finally we gave up and went to Sainsbury's, instant decision, documents couried out, signed and money in our account within 2 days. We called Tesco to inform them that we no longer needed their services. We then received a call the next day, confirming the loan, to which we were told they had no knowledge of our cancellation call. We received 4 unwanted calls (2 automated), and 2 texts last thursday from an 'ACF Car Finance' who said our details had been passed on for getting 'refused' credit by Tesco. The bottom line - Tesco are useless, and don't want your business. Then they sell on your details and get companies to call you, even when you tick all boxes to stop them. Very very poor Tesco. And that is from both of us, both existing credit card customers.

"slow!!!" nikki , cheshire
i was approved in principle in july i sent in my bank statments and wage slip these have been sent back to me, im still waiting for my loan to be paid out its with the under writer so i get told every time i ring them nearly six weeks its been what is the under writer doing?? It would of been faster getting a loan from my bank? i have good credit history no debts tesco have approved my loan but yet it takes them nearly 2 months to sort it out? its a good job i never needed the money now! i would never get a loan with tesco again!

"Shocking customer service" James
Be wary with Tesco loans! The customer service is non-existant. If you get into difficulty with payments (like I did in the recession) they are completely ruthless. I wrote to them 5 times and they never replied once. I would suggest to look somewhere else!

"Interest rate doubled!" Peter
To be fair, Tesco were very quick processing my application, however, the lure of a low interest rate actually turned out just to be a lure. I was offered the loan but at the ridiculous rate of 14.1%. I was shocked because I have a good credit history. I told them I wasn't interested but they persistently bothered me to accept the loan.

"Money in 5 working days" Joyce
I applied with Tesco on Sunday and received an offer in principle on Tuesday. All they requested from me was one months bank statements. I sent it back on the Thursday and received the money in my account on Tuesday. They did not even ask questions about why I use my overdraft at the end of the money. I experienced no issues at all.

"£8,000 loan" Shieyamilan , Greenford
I applied for an £8,000 loan Wednesday morning and I got a bit worried by the afternoon because I hadn't heard anything, so I called them. The lady was really pleasant and professional and she told me I had been approved in principle and I'd have the documents on Thursday. I filled them in and sent them back on the following Monday. The money was in my account Wednesday morning! Brilliant service.