Tesco Bank has increased the cost of borrowing £20,000 to £25,000 by 0.3% APR; however, this has not reduced its competitiveness and it remains an 'outstanding' product as a result.
A Clubcard Cardholder Online Personal Loan of £20,000 to £25,000 over a term of one to seven years has a still-competitive APR of 3.7%, while over a longer term of eight to 10 years the same loan amount has a rate of 5.7% APR. All other loan tiers remain competitive, ensuring that this deal retains its place on the charts.
Example monthly repayments: £20,000 over five years = £365.07.
In order to be eligible for this loan, borrowers must be Clubcard cardholders and at least 18 years old with a minimum annual income of £10,000. Applications must be made online, although there is an alternative version of the loan that allows telephone application. Non-cardholder borrowers can also apply for a version of the loan that has slightly higher rates.
All borrowers should remember that rates are representative and dependent on their credit rating.
The rates may have increased on the £20,000 to £25,000 loan tier, but this has not faded any of the attraction of this deal. Eligible borrowers will still be able to secure a competitive rate, which means this deal fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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 Any products featured may be withdrawn by their provider or changed at any time.
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