Tesco Small Loans
Good:
The documents are sent out to you the same day that you get provisionally approved
Bad:
May prove difficult to pay the loan off early so make sure you want the money for the full term
Verdict:
Very good company to apply with if you have a perfect credit history but you would expect to get a better interest rate - get a quote with your primary bank before applying
Offering loans from £3,000 to £7,499 over 1-10 year period. The representative APR for Tesco is quite low when looking at their lower value loans, however bear in mind they do not accept customers with any type of bad credit history.
Tesco offer two methods of applying for their loans, the most efficient way is using their online application service. However if you would rather talk to someone about it you can call their UK based call centres. Once you have applied and completed the online application form, they will give you an instant provisional decision. If you are provisionally accepted, they will further assess your application and post your loan agreement out. You may have to send extra documentation to back your application up such as bank statements or wage slips. Return the documents back to Tesco and it can take up to 3 working days to make a final decision on your loan. They will then send you a letter to confirm everything and the funds will be in your account in 3 working days.
Bear in mind Tesco do not accept any customers with Defaults or CCJs. There does seem to be an issue regarding customer service with documents and agreements seemingly going missing. Internal communication seems well-known be poor, judging from customer reviews on the internet. However, the people that have received their loans have on the whole said they are very happy with the service. Make sure you make your repayments on time as the late payment charges are a bit more expensive than other lenders. Also, double check the interest rate they may have written on the loan agreement - it may be different to what you were originally quoted.
Loan Calculator (Representative 8.7%APR)
Loan Amount £
Loan Term months
Monthly Repayment
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I did all the application online and after a couple of phone calls with the customer services department, we had the money in our account in 9 days (inclusive of the weekend). Don't be put off to apply, our credit rating was good but got turned down by Abbey National before applying. Good rate, no complaints, happy customers.
I applied for £2,500 Friday lunchtime. I got a call within 3 hours saying I had (in principle) been approved and the documents would be sent out that day. I received them the next day, completed and sent back. The only extra document I had to provide was proof of address. 3 days later and the money is in my account – strongly recommend.
The loan was so easy very easy to arrange, so I assumed the whole process would be a smooth one. I wanted to pay the loan off in a lump sum so I sent a cheque. The cheque went missing and the customer service was appalling. Four months down the lie and 3 missing cheques later the problem is still not resolved.
12 weeks after applying for my Tesco Loan, I am still waiting for my documents to come back to me. I have phoned customer care numerous times – they finally informed me they will send my documents in the morning post. I have still not received my documents. I would not recommend Tesco to anyone.
I applied for an £4k loan and within 30 minutes I received a phone call saying my loan was approved in principle. The next DAY I received my documents (this was 3 days before Christmas Day!), signed and returned via recorded mail. Within 4 days after Christmas Day, everything was sorted. Couldn't believe it.
I read some reviews and wasn't too sure about applying but the rate was so good! I applied Thursday afternoon, they called me first thing Friday morning to say my loan was approved in principle. The paperwork arrived Monday and I returned it that day and the money was in my account Thursday morning! The whole thing took under a week. Would recommend without hesitation.
Loans up to £7,499 - 10 years
Non-express - up to 10 working days
- You must have been living in the UK for one year or longer and have a permanent address
- You must have a good credit history
- You need: bank details, details of your regular monthly income after tax, your credit and store card limits, current balances and time held, details of your other monthly outgoing expenses, 3 years address details and your current employers details
- You must have a bank/building society account with Direct Debit facilities
- You must be between the ages of 18 and 74
- You must be in full-time, part-time or self-employment earning over £10,000 per year
- Default notice - £30.00
- Payment received late - £30.00
- Courier fee to receive your documents quicker - £50.00
- Two month's additional interest
