Tesco Bank’s loan reinforces chart position | Product News - Moneyfacts

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Tesco Bank’s loan reinforces chart position

Tesco Bank’s loan reinforces chart position

Category: Loans
Date: 16/02/2015

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 It is now over 6 months old so the content may be out of date.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 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.

The basics…

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.

The finer details…

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.

Why we like it…

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

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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