Supermarket Loans

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3.3% APR Representative
Time to apply
OK 02m 50s
Application Time
OPTIOSCORE
Great
Representative Example: If you borrow £7500 over 12 months at a representative rate of 3.3% APR and an annual interest rate of 3.30% (fixed), you would pay 60 monthly instalments of £135.60. The total charge for credit will be £636 and the total amount payable will be £8,136.00
We don't have any reviews for Tesco Bank Loans.
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Average customer rating
0 out of 5
Key Facts
  • Loan amount: £1,000 - £35,000
  • Loan term: 12 - 120 months

Top choice for

  • Two month repayment break at the start of the loan
  • Instant decision when you apply online
  • Clubcard rate for Clubcard holders
  • Fixed monthly repayments make budgeting easy
  • Loan terms available up to 10 years

Watch out for

  • You must be aged between 18 and 74
  • You will need to be in employment or have a regular income
  • You must have lived in the UK for 3 years or more
  • You will need to have a UK personal current account

Fees & charges

  • Maximum APR 17.6%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £12
4.9% APR Representative
Time to apply
Slow 10m 00s
Application Time
OPTIOSCORE
Good
Representative Example: If you borrow £7,500 over 60 months at a Representative rate of 4.9% APR and an annual interest rate of 4.87% (fixed), you would pay 60 monthly instalments of £140.83. The total charge for credit will be £949.80 and the total amount payable will be £8,449.80.
We don't have any reviews for Co-Operative Bank Loans.
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Average customer rating
0 out of 5
Key Facts
  • Loan amount: £2,000 - £25,000
  • Loan term: 12 - 84 months

Top choice for

  • Easy to use and detailed website
  • Low interest rates
  • Fixed monthly payment to help with budgeting
  • Call centres open 24 hours a day, 7 days a week

Watch out for

  • You must be aged 18 or over
  • You must be a UK resident
  • A Co-operative Bank or Britannia account holder for at least a month
  • No CCJs
  • No more than three missed credit payments in six months

Fees & charges

  • Maximum APR 4.9%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0
2.9% APR Representative
Time to apply
OK 02m 00s
Application Time
OPTIOSCORE
Great
Representative Example: If you borrow £10,000 over 60 months at a Representative rate of 2.9% APR and an annual interest rate of 2.90% (fixed), you would pay 60 monthly instalments of £179.07. The total charge for credit will be £744.20 and the total amount payable will be £10,744.20.
We don't have any reviews for Sainsbury's Loans.
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Average customer rating
0 out of 5
Key Facts
  • Loan amount: £1,000 - £40,000
  • Loan term: 12 - 84 months

Top choice for

  • 2 month repayment holiday at the start of the loan available
  • Dealing with a household name
  • Better rates for Nectar card holders
  • Price promise on like for like-for-like loans

Watch out for

  • You must be aged between 18 and 80
  • You will need to be aged less than 83 when the loan is repaid
  • You must have a UK bank or building society account with Direct Debit facility
  • You must have a permanent UK address
  • You must have a household gross income of at least £7,500
  • No CCJs or bankruptcy

Fees & charges

  • Maximum APR 12.5%
  • Arrangement fee: £0
  • Early repayment fee: £5
  • Late payment penalties: £25
3% APR Representative
Time to apply
OK 04m 21s
Application Time
OPTIOSCORE
Great
Representative Example: If you borrow £10,000 over 48 months at a representative rate of 3.0% APR and an annual interest rate of 3.00% (fixed), you would pay 48 monthly instalments of £221.15. The total charge for credit will be £615.20 and the total amount payable will be £10,615.20.
We don't have any reviews for Marks & Spencer Loans.
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Average customer rating
0 out of 5
Key Facts
  • Loan amount: £1,000 - £25,000
  • Loan term: 12 - 84 months

Top choice for

  • One of the UK's most-loved brands
  • Able to defer repayments for three months
  • No credit footprint left by online quote
  • Fixed monthly repayments
  • Payment holidays available

Watch out for

  • You will need to be aged 18 or over
  • You must be a UK resident
  • You need to have an income of over £10,000 per year
  • You will need to have good credit history

Fees & charges

  • Maximum APR 18.5%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0

Almost all of the larger, well-known supermarkets now have banking licenses and offer unsecured loans to UK consumers. To be honest there isn’t a huge difference on paper between supermarket loans and bank loans.

Supermarket loans are unsecured loans, which like bank loans rely solely on your promise to pay back your loan rather than asking for any additional security such as a car or guarantor. Supermarkets will establish your trustworthiness to pay back the loan primarily based on your credit score and whether you're able to afford the repayments. They’ll only lend to customers who have a spotless credit history, so if you’ve got fair credit or bad credit then forget about getting a supermarket loan and check out our bad credit loan comparison table. 

What not to do

Firstly - DO NOT apply for a supermarket loan if you don’t meet all of their minimum acceptance criteria, as you will almost certainly be declined. Generally speaking, making multiple applications and consistently getting declined will harm your credit file, making it more and more difficult to get accepted for the best rates when applying in the future. If you know you have bad credit, then rather than applying for a supermarket loan, check out our comparison table for bad credit loans.

Pricing and things to watch out for

Supermarkets are lending at low rates, comparable to that offered by the banks. Supermarkets typically lend between £1000 and £25,000 over periods ranging from 1 - 7 years. It’s worth noting that longer repayment periods will only apply to the higher loan amounts. You may also be offered the opportunity of taking a payment holiday at the beginning of your loan for up to 3 months. This means that you don’t need to make any repayments for the first one, two or three months. This is a double edged sword and you need to be aware that during your payment holiday at any point whilst you have a balance outstanding you will accrue interest which you will have to repay at some stage. Look out for preferential rates for existing customers and those with loyalty cards (Tesco Clubcard & Nectar Card holders get involved!).

Be aware that due to the large range of loan amounts supermarkets offer, you will receive different rates for borrowing different amounts. You may therefore not always get the advertised rate that they choose to display. 

Acceptance criteria

Before you apply for a supermarket loan make sure you meet their minimum acceptance criteria. You’ll need to be over 18, have a spotless credit history, be in full-time employment, have lived in the UK for at least 3 years and have a UK bank account with direct debit facilities.

Final word

Much like bank loans, supermarket loans offer some of the most competitive rates available. If you have a perfect credit history and can afford the repayments then a supermarket loan is a suitable choice when looking for personal finance. However if your credit score isn’t great then applying for a supermarket loan will do more harm than good, instead check out our comparison table for bad credit loans.

You can personalise these results with our loan search.