Financial requirements become stressful especially when you need the money instantly.
It can be a medical emergency, buying a new bike, car, or home refurbishment, In such situations, loans are an effective way to help cover your monetary needs.
Tesco loan is one of the highest-scoring lenders you may consider while planning for a loan.
Its application process is very flexible. Tesco Bank has a more limited range of customer support if we compare it to some other lenders available in the UK.
Tesco Bank personal loans offer a longer period of repayment and you can delay your first loan repayment for two months. However, you must keep in mind that it will increase the overall cost of the loan.
So, if you already have applied for a Tesco loan and want to know how to check your Tesco loan application status online then you are on the right path.
Here, in this article, I am going to wrap together Tesco Bank Personal loan’s pros and cons, the application process, and the steps to check Tesco loan application status online.
Tesco Bank Personal Loan’s Pros and Cons
Tesco Bank personal loan
- Representative APR: 6.5%
- Available amounts: 1,000 to 35,000 Pounds
- Available Terms: 1 to 10 years
- joint loans: Yes
Eligibility Requirement
- You should be a citizen of the UK
- You should be 18 or more
Pros
- You can choose the date when your monthly payments are taken
- Joint loans are available
- You can receive an instant decision when applying online
- Tesco Clubcard holders can get preferential advantages
Cons
- There will be interest charges if you pay off the loan early
- There is a limited choice of customer support compared to other lenders
The Loan Application Process
The personal loans available from Tesco are unsecured, so you can take them out without having to put an asset as a security.
Here, you are not required to struggle to plan the asset that you own as security against taking out the loan.
Then, the amount that you have borrowed, with interest is then paid back in fixed monthly repayments. You have to pay back the loan over a specific period, known as the loan term.
Tesco Bank gets a high score for its loan application process, you can apply for a Tesco bank loan either online or over the phone.
If you apply online and get approval, then you will be sent a credit agreement through the post to sign and return. Also, you can sign a digital credit agreement.
Once, these procedures are over, you can expect the funds to get received into your account within 48 hours. If you have approved and signed digitally, it may take as little as only two hours to receive the funds.
If you have applied for the loan application over the phone or are asked by Tesco for further documents, they can send you a credit agreement through post.
In this agreement, Tesco will mention some other documents to provide. tesco may require five to ten days for it to work through and verify the documentation.
However, if your loan application gets approved, you can expect your amount within two days by faster payment.
Some Documents that you may require while applying for a Tesco bank personal loan. So before sitting down for a loan application, you can keep these details with you.
- Your Bank account
- Your employer’s address
- Your regular monthly income after tax
- The limits on any credit or scorecard that you already have
- Current balances of your credit or scorecard
- Your regular monthly expenses
- your address proof for the past three years
Steps To Check Tesco Loan Application Status Online
When you apply for a Tesco loan online, they will aim to let you know the outcome immediately. You can know the decision taken by the Tesco Bank.
Generally, they send the fund to your account within 2 hours of making the loan application. Sometimes, it may take longer.
However, You may either call or email the customer service department of Tesco Bank to track the status of your loan application.
You need to keep the reference number along with the registered mobile number of the loan application while calling customer service. You can track your Tesco loan application status from here.
Can I check my Tesco loan online?
Ans- Yes you can check your Tesco loan online via log in to your Online Banking or their Mobile App.
Closing Reminder
Keeping track of your Tesco loan application status online is a simple yet vital aspect of managing your finances effectively. By following these steps and understanding the various status updates, you’ll be well-informed throughout the application process. Remember, timely communication with Tesco’s support team ensures a smooth and transparent experience.
