What happens when you apply for a Tesco Bank Loan?

Thinking about applying for a loan and wondering how long it will take? Here’s everything you need to know all in one place.

Published: 9 Dec 2022

What to expect when you apply for a loan with Tesco Bank

With a personal loan, the first thing we do is carry out credit reference agency search based on the information you’ve shared with us. This helps us make our decision. We’ll then let you know if your loan has been:

• Approved: We’re happy to offer you a loan Approved : We’re happy to offer you a loan
• Approved in principle: We hope to offer you a loan but need more information from you Approved in principle: We hope to offer you a loan but need more information from you
• Referred: We need some more information from you before we can make a decision. Referred: We need some more information from you before we can make a decision.
• Declined: We can’t offer you a loan right now Declined: We can’t offer you a loan right now

If your application is declined, you might want to check your credit score. Find out more about how your score works and how to improve it in our guide to credit scores.

If you’re unsure about the outcome of your application, you could try our eligibility checker.

How long will it take to get my loan?

When you apply for a loan with us, we’ll aim to let you know the outcome immediately.

Once you know the decision, here’s how long your loan will take to process:

• If you’re approved: We’ll send you a credit agreement to check and sign digitally or by post. It shouldn’t take more than 5 days, either way. Once we’ve got your signed agreement, we’ll send the money directly to your bank account within 48 hours. If you’re approved: We’ll send you a credit agreement to check and sign digitally or by post. It shouldn’t take more than 5 days, either way. Once we’ve got your signed agreement, we’ll send the money directly to your bank account within 48 hours.
• If your application is referred: We’ll ask you to send us the extra information we need, and it may take between 5 to 10 days for us to check everything is ok. We’ll let you know our decision as soon as possible, and if you’re approved, we’ll send a credit agreement. If your application is referred: We’ll ask you to send us the extra information we need, and it may take between 5 to 10 days for us to check everything is ok. We’ll let you know our decision as soon as possible, and if you’re approved, we’ll send a credit agreement.

If you’ve shared your phone number with us, we’ll send you a text as soon as your money is in your account. We’ll send you a welcome letter with all the details too.