Tesco Bank has reduced the rate of an unsecured personal loan of £7,500 to £15,000 by 0.3% APR. As a result, it has secured its position in the Moneyfacts charts and earned an 'excellent' review.
A personal loan of £7,500 to £15,000 now has a rate of 3.8% APR over a term of one to five years, securing it a top-10 place in the charts.
Example monthly repayments: £7,500 over five years = £137.23.
Applicants must be 18 years old or over and have an income of at least £10,000. Applications can be made online or by phone.
Borrowers should remember that all rates depend upon their credit rating, loan amount and the term chosen.
By reducing the cost of borrowing for its mid-tier personal loan, Tesco Bank has shored up its position in the Moneyfacts charts and boosted its appeal. Borrowers looking for a competitive deal to consolidate their debts are therefore likely to take note of this revised offer.
Moneyfacts rating: Excellent
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