Tesco Bank cuts the cost of its personal loan | Product News - Moneyfacts

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Tesco Bank cuts the cost of its personal loan

Tesco Bank cuts the cost of its personal loan

Category: Loans
Date: 10/09/2015

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 It is now over 6 months old so the content may be out of date.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 reduced the cost of personal loans of £7,500 to £15,000 for Clubcard holders by 0.1% APR, thereby consolidating its position in the Moneyfacts charts and earning the top accolade.

The basics…

A Clubcard Cardholder Personal Loan of £7,500 to £15,000 over a term of one to seven years now has a joint market-leading rate of 3.6% APR, while the same loan over a term of eight to 10 years has a new rate of 5.6% APR after the same 0.1% APR reduction.

The finer details…

Example monthly repayments: £7,500 over five years = £136.57.

Applicants must be Clubcard holders and at least 18 years old with a minimum annual income of £10,000. Applications can be made by phone or online. Borrowers should remember that rates are dependent on the size of the loan, the length of the chosen term and their credit rating.

Why we like it…

Tesco Bank has secured its personal loan's position on the charts thanks to this latest rate reduction. Clubcard holders looking for a highly competitive mid-tier loan are therefore likely to look upon this deal favourably. This is an outstanding product that 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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