Tesco Bank has cut the cost of borrowing £15,001 to £25,000 by 0.7% APR, earning its personal loan an 'excellent' rating as a result.
A (non-Clubcard) personal loan of £15,001 to £25,000 now has an APR of 5.9% for a term of one to seven years, and a rate of 7.9% APR for a term of eight to 10 years.
Example monthly repayments: £20,000 over five years = £384.30.
Borrowers must be 18 years or older and have a minimum annual income of £10,000 to apply. Applications can be made either by phone or online. Borrowers should remember that rates depend on the amount borrowed, the length of the term chosen and their credit history.
The reduction to personal loans of £15,001 to £25,000 has merited this loan an 'excellent' rating, and borrowers who are looking to consolidate their debts are likely to find this deal newly appealing as a result.
Moneyfacts rating: Excellent
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