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 Any products featured may be withdrawn by their provider or changed at any time.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