A loan gives you the money you need upfront and lets you spread the cost of paying it back. So whether it's a special holiday, a car or a new kitchen, a personal loan can make it more affordable.
Loans are available to UK residents aged 18 and over. Rates will vary depending on loan amount, term and individual circ*mstances. Subject to status.
Tesco Bank Loans: PO Box 27014, Glasgow, G2 9FE.
We offer unsecured personal loans
This means that if we decide to lend you money, it won't be secured on your home, car or other assets. You can then spend this money on the things you need.
Available repayment periods
You can apply for a loan term from 12 to 120 months depending on the loan amount and purpose. Just remember that the maximum repayment period might be lower for certain loan purposes.
Borrow exactly what you need
We offer loans to cover costs big and small and you can be specific about the amount you need, down to the pound.
How interest is charged
The interest rate is fixed for the life of the loan.
At the beginning of the loan we work out the interest you will pay over the whole length of your loan and add this to your loan amount. We calculate your interest charge by applying interest at a monthly rate based on the APR to the balance of your loan, as reduced by your monthly repayments. We add this to the loan amount and then divide this total by the number of monthly repayments.
The loans calculator will give you an example of what it might cost you based on the loan amount and term you want. However, the interest rate we offer may be higher depending on your individual circ*mstances. The minimum rate that we offer is 6.1% APR and the maximum rate is 34.5% APR.
Representative example
|
| | Monthly repayments £216.05 | Length of agreement 36 months |
Total amount repayable £7,777.80 | | Fixed Annual Rate of Interest (nominal) 6.9728% |
How soon can I get my loan?
If you've been approved, you'll receive some important documents within five days, which you'll need to check, sign and return to us.
If you apply online, you’ll get an immediate decision and, if eligible, can digitally sign your loan agreement with us. We’ll then use Faster Payments to send the money directly to your bank account.
Once we're happy with the information you've sent, we'll fully approve your loan and pay the money into your bank account.
Take a payment break
Sometimes it can really take the pressure off if you don’t have to start repaying your loan straight away, especially if you’ve got extra expenses to cover.
So when you apply for a loan, you might be eligible to apply for a payment break before starting your monthly loan repayments.
- This break is only available at the start of your loan.
- If your application for this option is successful, then the first payment would be taken the third month after the issue of the loan.
- Interest will be charged during the payment break and your overall loan period will be extended by two months, which means that you will pay an extra two months' interest.
- Your offer documentation will explain the terms of the payment break, so please read everything carefully.
Your payment is made by monthly direct debit from the account the loan is paid into. Your first payment will be made one month after issue of the loan on the date you have chosen in your application.
You'll always know what you have to pay
All Tesco Bank loans are fixed rate. This means your monthly Direct Debit payments will be the same every month until your loan is paid off. Nice and simple.
What happens if a payment is late?
We'll charge £12 each time a loan payment is late and £12 when a default notice is issued.
Can I pay my loan back early?
Yes. But you will be charged up to two months' interest if you choose to settle your loan early.
Credit checks during application
We'll carry out a credit reference search when you apply for a loan and a credit score will be calculated based on the information you enter and your credit reference information. This will help us make a decision on whether or not we're able to lend to you. We'll then let you know the decision and what the status of your application is.
Who provides these loans?
Our loans are provided by Tesco Bank, PO Box 27014, Glasgow, G2 9FE.
What do we mean by Annual Percentage Rate (APR) and annual rate of interest?
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.
FAQs
Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.
Is it hard to get a 7k personal loan? ›
You will likely need a credit score of at least 640 for a $7,000 personal loan. Most lenders that offer personal loans of $7,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
How much would payments be on a $7000 personal loan? ›
The monthly payment on a $7,000 loan ranges from $96 to $703, depending on the APR and how long the loan lasts. For example, if you take out a $7,000 loan for one year with an APR of 36%, your monthly payment will be $703.
Can I take out a $7000 loan? ›
Several lenders offer $7,000 loans, but the right option for you depends on your financial situation. If you qualify, a personal loan can come with competitive interest rates and minimal or no fees. But finding the right fit depends on several factors, including your credit profile.
How much would a $8000 loan cost per month? ›
Example Monthly Payments on an $8,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $722 |
| 24 months | 15% | $388 |
| 36 months | 15% | $277 |
| 48 months | 15% | $223 |
3 more rowsAug 31, 2021
Easiest-to-get personal loans compared 2024
| Title | APR | Min. credit score |
|---|
| BadCreditLoans.com | 5.99% to 35.99% | Undisclosed |
| Upstart | 5.2% to 35.99% | 300 |
| Avant | 9.95% to 35.99% | 580 |
| LendingClub | 8.98% to 35.99% | 600 |
6 more rowsMay 7, 2024
The typical minimum credit score needed to qualify for a personal loan is from 560 to 660, according to lenders surveyed by NerdWallet, but credit score requirements for personal loans vary across lenders and some may require a higher score.
Is it easy to get approved for a Bank loan? ›
Getting a personal loan can be easy if you meet all the lender's requirements and are flexible with the interest rates you'll pay. With the range of uses for personal loans, it's no surprise that so many people choose this option.
What is a normal amount for a personal loan? ›
The exact range varies from lender to lender. For example, among the best personal loan lenders, there are lenders that offer loans from $1,000 to $50,000, $2,000 to $30,000, and $5,000 to $100,000. The average loan amount for new borrowers is $8,200, according to recent personal loan statistics.
How much do you pay back on a $7000 loan? ›
Representative example
| Loan amount £7,000 | Monthly repayments £216.05 | Length of agreement 36 months |
| Total amount repayable £7,777.80 | Representative 7.2% APR | Fixed Annual Rate of Interest (nominal) 6.9728% |
1 more rowIt will take 21 months to pay off $7,000 with payments of $400 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
How hard is it to get a $5,000 personal loan? ›
You will almost certainly have no problems qualifying for a $5,000 personal loan if you have a strong income and good credit. However, you may struggle to get approved if your income is inconsistent, you have a low credit score, or you have a considerable amount of debt already.
What credit score do you need for a 7k loan? ›
Yes, you can get a $7,000 loan with bad credit if you have enough income to afford the monthly payments, but the loan is likely to have a high interest rate. Several lenders offer $7,000 personal loans for people with credit scores under 640, and a few may not even require a credit check at all.
Which bank gives a loan easily? ›
HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours.
What is the minimum income for a personal loan? ›
While nearly all personal loans incorporate income as a component of the application process, lenders may vary in their minimum income requirements; one lender may require a minimum annual income of at least $25,000 while another may state a minimum annual income of $35,000.
How much can I borrow with a 580 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
How big of a loan can I get with a 600 credit score? ›
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
How big of a personal loan can I get with a 720 credit score? ›
Personal loan averages by credit score
| Credit score range | Average APR | Average loan amount |
|---|
| 720+ | 14.34% | $19,657.52 |
| 680-719 | 21.19% | $16,032.83 |
| 660-679 | 32.30% | $12,392.46 |
| 640-659 | 44.50% | $10,010.65 |
4 more rows$8,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
