Tesco Personal Loans Review

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2.2 stars
Average rating for this product is: 2.2 out of 5

From 0 ratings and 21 reviews

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jennyhough's Review of Tesco Personal Loans

17th May 2006

Overall Rating

0.5 stars
  • Value for money
    0 stars
  • Loan Rate
    5.9%
Good Points

Customer service


Bad Points

Slowest ever turnaround
Archaic communication (snail mail)
Over-sensitive lending policies


General Comments

I really do not recommend a Tesco (or Royal Bank of Scotland which is the affiliate lender) Loan. The low rate is a great attraction I know (that's why I applied), but the turnaround time is absolutely dire!! The whole process from beginning to end has been a nightmare through one thing and another.

I first applied for the loan over the internet on 24th April. It took 3 days until I received an agreement "in principle". I then signed all the necessary documents and returned them to Tesco, only for them to send another letter to me, which I received on 3rd May requesting a copy of a bank statement with my name and proof of address (which should have been requested in the first place surely). I then returned this to them immediately the following day. This was then refused, as the application was in the name "Jennifer" and the bank statement had the name "Jenny"!! I have NEVER in my 10 years of applying for credit had this problem with any other company. Surely when they check the credit reference agencies it shows accounts in both "Jennifer" and "Jenny"? I am "Jennifer" on the electoral roll, but "Jenny" at my bank. They have no problem with it, why should Tesco/RBS? So, the only solution they could offer was to send out MORE forms for me to sign in the name of "Jenny". Which I did and sent back immediately. This was on 10th May. I called on 15th May to check that they had received my documents, as I hadn't heard anything, and was informed that they were in the process of transferring the funds to my account. So, from beginning to end (which hasn't quite arrived yet as the funds are not showing my account), it has taken 4 WEEKS! I really don't think this is acceptable in this day and age, what with internet banking and the like.

All I want to do is buy my car! This has now forced me to pay another month of interest to the car finance company, as I didn't have the funds available to buy my car due to the lengthy delays. Not happy!

Egg all the way I say! I have had three loans with these guys over the last few years and they turn the whole thing round within about 3-5 days! Completely hassle-free.
Unfortunately, their rates are no longer competitive, but their service certainly is.

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NameCredit RatingAPRTypical APRMin Loan AmountMax Loan AmountHome Owner  
Alliance & LeicesterGood8.00%8.00%£7,500.00£14,950.00No
Sainsbury's LoansGood8.00%8.00%£7,500.00£15,000.00No
Nationwide LoansBad7.90%7.90%£7,500.00£14,999.00No