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.
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.
Example repayments: £5,000 over three years = £149.60.
Borrowers should remember that rates are representative and dependent on individual credit ratings.
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
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