Tesco Bank’s small loan offers stand out thanks to their fixed competitive rates, flexible loan amounts, and extra discounts for Clubcard holders. With rates typically from 5.8% to 7.8% APR depending on your loan size and term, you can borrow the amount you need, from ETB equivalent of £3,000 up to £35,000. You have the flexibility to repay over one to ten years. Applications are simple and, upon approval, funds are often quickly available.

How to Apply: Step by Step

1. Check your eligibility using the online checker, which does not affect your credit score.
2. Choose your loan amount and repayment term according to your needs.
3. Enter your Clubcard number if you have one to unlock better rates.
4. Fill in the application form with required personal and financial details.
5. Review your offer and digitally sign the agreement if accepted.
6. Receive your funds, often the next day, directly to your account.

Main Advantages

One major benefit of Tesco Bank’s small loan is the low fixed APR, especially if you are a Clubcard holder. This can significantly reduce the total repayable amount.

Additionally, the application process is straightforward and fast, ideal for those who need urgent access to funds for repairs, consolidation, or a special purchase.

Drawbacks to Consider

Applicants with lower credit scores may not qualify for the best advertised rates, meaning rates can be higher for some.

Furthermore, there are limits: only certain loan purposes are eligible, and stricter rules apply for debt consolidation loans, especially for those under 22.

Our Verdict

Tesco Bank’s small loan offer is a robust option for UK residents seeking affordable fixed-rate loans with flexible repayment terms. If you’re a Clubcard member, the savings could be even greater. However, ensure you review the eligibility criteria and assess your ability to repay before proceeding.