Tesco Bank launches market-leading loans - Loans - News - Moneyfacts


Tesco Bank launches market-leading loans

Tesco Bank launches market-leading loans

Category: Loans

Updated: 18/01/2013
First Published: 28/12/2012

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 It is now over 6 months old so the content may be out of date.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 slashed personal loan rates for customers borrowing between £7,500 and £15,000 and £15,001 and £25,000 by 0.5% and 0.2%, respectively.

The basics…

Customers borrowing between £7,500 and £15,000 are now offered a highly competitive rate of 5.2% APR, whilst those looking to borrow higher amounts between £15,001 and £25,000 can take advantage of an APR of 7.4%.

The finer details….

Both loans are available to new and existing customers aged between 18 and 74, earning over £10,000 a year.

Applicants must be employed full-time with no probationary period or have been self-employed for over two years or have a regular income e.g. pension.

Borrowers must be aware that both rates are representative and dependent on credit rating and the loan amount and term.

Why we like it….

Tesco Bank has asserted its position in the personal loans market with these two market-leading rates. Four out of five Moneyfacts stars have been awarded.

What Next?

Find out how much a Tesco Bank Loan could cost you each month with our handy loans calculator.

Compare the best personal loans

What you need to apply

  • Your
    bank or building society details
  • Details of your monthly income after tax
  • Details of any credit and store card limits, current balances and time held
  • Details of
    monthly expenses
  • Your
    address details for the past three years
  • Your current employer's address details (if applicable)

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 Any products featured may be withdrawn by their provider or changed at any time.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

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…

Competition returns to loans, but stalls in cards

Our recent figures reveal a mixed picture in terms of unsecured lending, as while competition appears to have returned to the loans market, it’s notably slowed in the credit card sector.

How to improve your credit score

Are you thinking about applying for credit? If so, you need to make sure your credit score is in order.