Tesco Bank amends personal loan rates | Product News - Moneyfacts

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Tesco Bank amends personal loan rates

Tesco Bank amends personal loan rates

Category: Loans
Date: 06/08/2015

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 It is now over 6 months old so the content may be out of date.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 by up to 3.4% APR on selected loan amounts, but despite this, it still retains a competitive edge in the market.

The basics…

A Personal Loan of between £1,000 and £2,999 received the maximum increase of 3.4% APR, with typical customers being offered a rate of 18.3% APR.

However, it's at the mid-tier level where Tesco Bank retains its competitive edge, with loans of £5,000 to £7,499 charging 5% APR (up 0.1%) and £7,500 to £15,000 charging 3.8% APR over terms of one to seven years.

The finer details…

Example repayments: £5,000 over three years = £149.60.

Borrowers should remember that rates are representative and dependent on individual credit ratings.

Why we like it…

Tesco Bank may have increased its rates slightly, but it still offers borrowers a competitive deal and earns an excellent rating as a result.

Moneyfacts rating: Excellent

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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