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Tesco Home Improvement Loan

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Representative APR 6.1%

Loan Amount £7,500 - £14,999

Repayment Method Direct Debit

Payout Method Transferred into your bank account

Speed Fast Delivery - £50 for next day

Express Service - up to 5 working days

Non-express - up to 10 working days

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Good Stuff

Very affordable loan with a really helpful customer service base

Bad Stuff

They may quote you one APR and when the loan agreement arrives it may say something else

Verdict

Loan for homeowners with a really good credit history - a lot of happy customers because they got their money at a low interest rate even though it took a bit longer than expected

Summary[edit]

Offering loans from £7,500 to £14,999 over 1-10 year period, Tesco have specifically aimed this loan at customers who are looking to improve their homes. The interest rate for Tesco is really competitive on their larger loans, however, bear in mind they do not accept customers with any type of bad credit history. The 2 month payment holiday Tesco offer at the start of the loan can be great for people who are looking to improve their property as it gives you a financial break whilst spending out on your improvements (interest still applies).

Tesco offer two methods of applying for their loans, the most efficient way is using their online application service. However if you would rather talk to someone about it you can call their UK based call centres. Once you have applied and completed the online application form, they will give you an instant provisional decision. If you are provisionally accepted, they will further assess your application and post your loan agreement out. You may have to send extra documentation to back your application up such as bank statements or wage slips. Return the documents back to Tesco and it can take up to 3 working days to make a final decision on your loan. They will then send you a letter to confirm everything and the funds will be in your account in 3 working days.

Bear in mind Tesco do not accept any customers with Defaults or CCJs. There does seem to be an issue regarding customer service with documents and agreements seemingly going missing. Internal communication seems well-known to be poor, judging from customer reviews on the internet. However, the people that have received their loans have on the whole said they are very happy with the service. Make sure you make your repayments on time as the late payment charges are a bit more expensive than other lenders. Also, double check the interest rate they may have written on the loan agreement - it may be different to what you were originally quoted.

[edit]Lending Criteria

Criteria:

  • Employment:
    Full Time Work, Part Time Work, Self Employed
  • Residential Status:
    Homeowner
  • Defaults:
    No, or not in the last 6 years
  • Time In UK:
    At Least 3 Years
  • CCJs:
    No, or not in the last 6 years
  • Loan Purpose:
    Home Improvements

 

Checklist:

  • You must be between the ages of 18 and 74
  • You must have a good credit history
  • You need: bank details, details of your regular monthly income after tax, your credit and store card limits, current balances and time held, details of your other monthly outgoing expenses, 3 years address details and your current employers details
  • You must have been living in the UK for one year or longer and have a permanent address
  • You must be a homeowner
  • You must have a bank/building society account with Direct Debit facilities
  • You must be in full-time, part-time or self-employment earning over £10,000 per year

[edit]Charges

Other FeesCourier fee to receive your documents quicker - £50.00

Late Payment FeesPayment received late - £30.00

Default FeesDefault notice - £12.00
Each time a loan payment is not made on time - £12

Early Settlement FeesTwo month's additional interest

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