Tesco Bank has reduced the cost of borrowing £15,001 to £25,000 by 1.4% APR and boosted its competitiveness as a result, earning it an 'outstanding' rating in the process.
A Clubcard Cardholder Telephone Loan of £15,001 to £25,000 over a term of one to seven years now has an attractive rate of 3.4% APR, while the same loan over a term of eight to 10 years has an equally competitive rate of 5.4% APR, allowing it to secure its position in the charts.
Example monthly repayments: £20,000 over five years = £362.47.
Borrowers must be Tesco Clubcard cardholders and at least 18 years old with a minimum annual income of £10,000. Applications must be made by phone, although an online version of the loan with the same rates is available for those who would like to apply via the internet.
Borrowers should remember that rates are representative and dependent on their credit rating.
Borrowers who are looking for a higher-tier loan are likely to welcome the news that this loan's rates have been reduced. The decrease has made it very competitive and it will appeal to those who are looking for a cost-effective deal. 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 Any products featured may be withdrawn by their provider or changed at any time.
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