Tesco Bank cuts personal loan rates | Product News - Moneyfacts

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Tesco Bank cuts personal loan rates

Tesco Bank cuts personal loan rates

Category: Loans
Date: 25/01/2016

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 It is now over 6 months old so the content may be out of date.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 amended rates on several of its personal loan tiers for Clubcard customers, solidifying its place in the Moneyfacts charts and earning it an "excellent" rating in the process.

The basics…

A Clubcard Cardholder Personal Loan now charges a rate of just 3.4% APR for those who wish to borrow £7,500 to £15,000 over terms of one to seven years, and 5.4% over terms of eight to 10 years, with both receiving a reduction of 0.2%.

A few other tiers have received rate increases (loans of £1,000 to £2,999 received the largest rate increase of 3.0% to 18.0% APR), while the rest remain unchanged.

The finer details…

Example monthly repayments: £7,500 over five years = £135.92.

Borrowers will need to either be new or existing Clubcard holders to be eligible for the loan (although a non-Clubcard holder loan is also available which charges slightly higher rates) and must be at least 18 years-old with a minimum income of £10,000.

The loan can be applied for online or by phone. Rates are representative and dependent on individual credit ratings.

Why we like it…

Tesco Bank's latest rate cut has made its personal loan a leading contender for mid to higher-tier borrowing, and although some lower tiers saw a rate increase, the move has done little to dent its overall competitiveness.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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