Tesco Bank amends loan rates - Loans - News - Moneyfacts


Tesco Bank amends loan rates

Tesco Bank amends loan rates

Category: Loans

Updated: 14/12/2012
First Published: 28/09/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Tesco Bank has overhauled its personal loan rates making it one of the best options across all borrowing tiers.

The changes are as follows:

For new customers: £7.5K to £14999 - 6.7% APR (-0.7%) and £15K to £25K - 8.3% APR (-0.2%). Example monthly repayments: £5K loan over 3 years - £157.53.

For existing customers: £7.5K to £14999 - 6.6% APR (-0.7%) and £15K to £25K - 8.3% APR (-0.2%). Example monthly repayments: £5K loan over 3 years - £157.53.

Rates are typical and dependent on credit rating and amount and term of loan.

The rates for loans between £7,500 and £25,000 equate to some of the cheapest in the market, but due to vigorous rate reductions by other institutions there are, by a small margin, more competitive rates available elsewhere.

Four out of five Moneyfacts stars have been awarded.

Find the best loan for you - compare loans

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Regulator to take closer look at high-cost credit

When used well, credit can be a viable way to help make ends meet and balance the books – but the problem comes when that credit is of the high-cost variety. The regulator has will be taking a closer look at the sector to see what else can be done.

The payday loan market is still broken

The payday loan market has been under fire a lot in recent years, and as a result, the financial regulator stepped in. But has it made a difference? Unfortunately, it looks as though there’s still a lot of work to be done.

Get a record low rate loan - if you qualify

Competition in the personal loans market is as hot as ever, so much so that one loan provider has slashed rates to the lowest on record – but only to those who fit the bill. The shopping bill, that is…