Tesco Loans Review | www.tescobank.com

Tesco Loans

Last Update: July 1st, 2016

About…
Address: PO Box 27014, Broadway One, Glasgow, G2 9FE.
Branding: Tesco Bank Loans. AKA: Tesco Loans.
FCA Licence: 431827.
From: Tesco Plc.
Launched: 1997.
Memberships: Non.
Related: Tesco (Card).
Website: www.tescobank.com.

Product Details…
Bad Credit Tesco Loans Available?: No.
Manage: Tesco Bank login provided via www.tescobank.com.
Offers: Personal loans.
Opening Hours: Monday to Friday (8am/8pm), Saturday to Sunday (9am/5pm).
Sums: £1000 to £35,000 (new and returning).
Terms: 12 to 120 months.

The Pricing…
£92.48 /£1000 (12) £182.72 (24) (Clubcard).
£94.40 /£1000 (12) £186.56 (24) (new).
£182.24 /£10,000 (12) £352.40 (24) (Clubcard).
£187.52 /£10,000 (12) £362.72 (24) (new).

Notes: The interest rates in the examples are 18% and 3.4% with Clubcard or 18.4% and 3.5% without. If you are approved for a loan you must complete documents that are sent by mail. This process typically takes 5 days. There is however a courier service option that can get these documents to you on the next day. The fee if selected is £50 that is added to your first monthly repayment. If you don’t think you’ll qualify for these Tesco loans, then you may wish to check out their Foundation credit card (linked above).

Noteworthy…
– Amounts: £25,000 was available, but this has now jumped up to £35,000.
– Experience: This banking division was initially created as a 50/50 venture with RBS back in 1997. Earlier in that year Sainsbury’s had become the first supermarket to go down the financial route with BOS. The RBS stake was later purchased handing full control back here. The origins of this retailer dates to 1919.
– Extra Features: There is a 2 month payment break option for eligible customers. Their mobile banking app has also been developed well that allows you to track your balance on the move.
– Operations: Customer support is available 7 days a week. You can reach them across the span of 8 hours on Sundays.
– Ownership: As the UK’s biggest retailer they were in a better position than anyone to challenge the banking giants. They have very much met their targets in this regard and there has been no disruption since they split their ties with RBS. The group’s overall appeal and performance has took a bit of a beating in recent years though. There has been the horsemeat scandal, overstated profits (shares took a dive) and then there is the rise of the German discounters. As a result we have seen falling revenues. They are however still the dominant force in retailing and this isn’t likely to change anytime soon.
– Pricing: We are really looking for competitive rates below 15% and 4% for the 2 examples shown. They just sneak in on the higher amount at 3.4% and 3.5%. To get the cheaper deal you’ll need to pick up a Clubcard that is easy enough to get hold off.
– Profile: The world’s 3rd largest retailer by profits and the UK’s market leading supermarket chain with a share of 28%. They are active in around a dozen countries worldwide, but have enjoyed most of their success locally. This financial division has notched up close to 7.6 million customers that is some way ahead of Sainsbury’s at 1.7 million. Their unsecured loan is in greater demand than those available at the leading banks. This is impressive when you consider that their advertising efforts are directed at the supermarket pricing wars rather than financial.
– Stores: On a recent count they had 3370 stores across the UK that covers the Express, Extra, Metro, Superstores etc. Over 700 of the tally is the One Stop that is part of their group. It is their vast store network that has secured their dominance and through each they can target new leads for their banking products.
– Terms: The loan repayment span stretches up to 10 years that helps to break down the costs when you opt for their larger cash sums.

Updates…
– Amounts now increased to £35k.
– There has been many pricing updates over the years. Just to cover the most recent update, their past rates were 15% and 3.6% (with C) and 18.3% and 3.8% (without). We now see 18%, 3.4%, 18.4% and 3.5%. There is now more value when borrowing larger loan sums and less of a difference for those that use their loyalty card.

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