Tesco Personal Loans Review

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

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Guest's Review of Tesco Personal Loans

4th Aug 2009

Overall Rating

2 stars
  • Value for money
    2 stars
  • Speed of Application
    3 stars
  • Loan Rate
    8.00% to 11.3%!
  • Customer Service
    1 stars

I applied to Tesco for a unsecured Personal Loan of £15000 over 10 years and was told I couldn't take a debt consolidation loan over more than 7 years. Fair enough. So I asked for a quote over 7 years and as you would expect, the repayments were considerably higher. However, when I checked the rate, it had leapt from 8.00% to 11.3%!
When I told the customer assistant that I thought this was a big jump and was going to check with Sainsbury's as they were advertising a similar product, she went into a huge sulk. Perhaps if she had used a bit of Gaellic charm it might have made me reconsider but the impression she gave was that I was lucky to receive an offer at all!
Needless to say, I applied to Sainsbury's via internet. Two hours later, following a five minute phone call, the charming, yet professional, assistant agreed to lend me the money at 9.9%. The cheque arrived two days later. Job done. Sorry Tesco - you let me down on this occasion.

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