Tesco Bank reduces personal loan rate | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.

ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 21/03/2019

Today there have been a number of notable changes to personal loan rates, with both reductions and increases seen across a number of brands. This includes Clydesdale and Yorkshire Banks, both of which increased rates but still remain highly competitive in the market, while Tesco Bank has reduced the rate in the £25,001 to £35,000 tier for one to five years, making borrowing at this level much more affordable.

First up, Clydesdale Bank increased the rate on its personal loan of £5,000 for a term of 36 months to 3.5% APR, which despite the increase still remains one of the most competitive short-term personal loans available and holds second place in our Best Buy personal loan chart for this tier. This same loan and rate is also available from Yorkshire Bank.

Another major change in the personal loans market today came from Tesco Bank, which reduced the rate on its £25,001 to £35,000 tier loan to 6.7% APR for a term of one to five years. This loan allows overpayments without incurring an early repayment charge, which may prove useful to borrowers who find they're able to pay more than they initially thought.

The personal loans market remains highly competitive all round at the moment, with the best deal available coming from M&S Bank offering a rate of 2.8% APR on a loan of £7,500 for 36 months. Meanwhile, Admiral is currently topping many of our personal loan Best Buy charts, including the £5,000 for three years chart with a rate of 3.4% APR, as well as our £7,500 for five years chart and £10,000 for five years charts with a rate of 2.9% APR on offer for both.

It's important to remember that rates will always depend on your
credit rating and personal circumstances, so make sure your credit score is up to scratch if you want to stand the best possible chance of securing the advertised rates.

What next?

Use our loan calculator to find the right deal for your needs.


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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

wooden loans blocks


Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy