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What happens when I apply for a Tesco Bank loan?

When you apply for a loan, a credit reference search will be carried out and a credit score will be calculated based on the information you enter and your credit reference information. This will determine if we’re able to offer you a loan and you’ll receive one of the following decisions:

  • Approve – We’re happy to offer you a loan. If it's just you applying you may be offered the ability to sign your loan agreement digitally, we’ll then use Faster Payments to send the money directly to your bank account. Faster Payments can take up to 48 hours and the money can be withdrawn as soon as the funds reach your account.
  • Approve in principle – We may be able to offer you a loan, but need a bit more information from you before we can fully approve your loan.
  • Refer – In some circumstances we may need some more information from you before we’re able to make a decision. We'll contact you, if necessary.
  • Declined – We're unable to offer you a loan. If you've been declined as a result of a Credit Reference Agency search, we recommend you obtain a copy of your credit file and check the information on it before reapplying or applying for credit elsewhere.

If your application is approved or approved in principle:

  • You’ll receive some important documents within five days, which you’ll need to check, sign and return to us.
  • We may also request some additional documents to support your application, such as proof of your identity or address. You must send these with your signed loan documents.
  • Once we receive your signed loan documents, with any supporting documentation we requested, we'll make some final checks.
  • Once we're happy with the information you've sent, we'll fully approve your loan and pay the money into your bank account.

If you are referred, it may take between 5 – 10 days for us to check everything is ok. As we try to do this as quickly as possible, we do not send an acknowledgment email or letter, but will inform you as soon as a decision has been made. Once your returned agreement is processed, we use Faster Payments to send the money to your account.
Please note: your loan offer is valid for 30 days from the date you applied, so it's important you return your documents to us before your offer expires.

Hi I applied for a loan last week and I’m still waiting to receive any details about this. It advised me when I applied that it had been referred but I should hear something within a couple of days and I still haven’t heard anything as yet. Can you help?

Hi @Nath1312, I'm sorry to hear that you're still waiting to hear back about your application. If you call us on 0345 600 6016, available 8am - 10pm through the week and 9am - 5pm at the weekend, our Loans team will be able to help :-)


Hi my husband and I applied to increase our personal loan with Tesco yesterday on the phone. We were told that we were not able to be given a decision then and to wait 3 working days approximately to hear back as you need to make more checks??  My question is does this mean we will possibly be rejected now and how we will be contacted? What checks are they as all our details are already in file? Can anyone put my mind at rest please?

Hi @Sam74


Applying for a personal loan is the same as a new application, as we need to make a new assessment even though your personal details are on file.


We will send a letter in the post advising of the outcome once a decision has been made.


I hope this provides some clarity.




Hi thanks for your replay Jay ... wondered why no instant decision as usual as none of our details have changed. A little concerned that's all as last time I applied online the decision was given instantly. 

It is a different application though Sam and not all decisions are instant. A lack of an instant decision does not mean the application then becomes any more or any less likely of being accepted, I can assure you.






I sent back my documentation on Sunday. I am wondering when it is likely I will hear back about my loan application? 



Hi @Hayley128, I've replied to your other post :-)

How can i get an update about my loan application progress?
 I have sent all documents back and still can get any reply.
Please advise,
Thank you 

Hi @ocenaman, thanks for your post. I'm not able to confirm the decision via this channel. However, I can confirm the current status of your application and if you send a private message to @CET with your full name, DOB and postcode.


Alternatively you can always give us a call on 0345 600 6016 and lines are open Mon - Fri: 8am - 10pm and Sat - Sun: 9am - 5pm for an update.