Tesco Bank makes ‘outstanding’ cut to loan | Product News - Moneyfacts

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Tesco Bank makes ‘outstanding’ cut to loan

Tesco Bank makes ‘outstanding’ cut to loan

Category: Loans
Date: 05/10/2015

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 It is now over 6 months old so the content may be out of date.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 its £15,001 to £25,000 personal loan by cutting the rate by a significant 1.0% APR, sealing its position in the Moneyfacts charts and earning it an 'outstanding' rating in the process.

The basics…

A Clubcard Cardholder Personal Loan of £15,001 to £25,000 over a term of one to seven years now has a highly competitive rate of 4.8% APR, while the same loan amount over a longer term of eight to 10 years has a new rate of 6.8% APR.

The finer details…

Example monthly repayments: £20,000 over five years = £374.65.

Applicants must be Clubcard cardholders aged at least 18 years with an annual income of £10,000 to apply. Applications can be made by phone or online.

Borrowers should remember that all rates are representative and dependent on their credit history.

Why we like it…

This loan was already a Moneyfacts best buy, but this latest rate reduction on its £15,001 to £25,000 tier has heightened its competitiveness. Clubcard cardholders looking to consolidate their debts are likely to be very pleased by this latest update, which improves the cost-effectiveness of the loan. This is an outstanding product that full 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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