Personal loan from Tesco Bank gets top rating | Product News - Moneyfacts

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Personal loan from Tesco Bank gets top rating

Personal loan from Tesco Bank gets top rating

Category: Loans
Date: 03/05/2016

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 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.

The basics…

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.

The finer details…

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.

Why we like it…

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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