Surah Al Baqarah Tafseer

ثُمَّ تَوَلَّيْتُم مِّن بَعْدِ ذَلِكَ فَلَوْلَا فَضْلُ اللَّهِ

Then after that you turned away. Had it not been for the grace of Allah,

means, "Yet, after the firm pledge that you gave, you still deviated and broke your pledge";

فَلَوْلَا فَضْلُ اللَّهِ عَلَيْكُمْ وَرَحْمَتُهُ

Had it not been for the grace and mercy of Allah upon you,

meaning, by forgiving you and by sending the Prophets and Messengers to you.

لَكُنتُم مِّنَ الْخَاسِرِينَ

Indeed you would have been among the losers.

meaning, in this life and the Hereafter due to their breach of the covenant