Tesco Bank introduces market leading rate for personal loans

In a move that will see Tesco Bank offer customers the best rate in the market, the interest rate for personal loans from £15,001 to £25,000 will be cut from 7.2% to 6.9%APR representative.

From today, the new 6.9% rate will be the best available rate for both new and existing customers.

David McCreadie, Managing Director of Banking at Tesco Bank commented: "We regularly review our personal loans to ensure we offer customers great rates, with the good service, and the easy application process they expect from Tesco Bank.
 
"This type of loan is especially popular with customers looking to make home improvements or buy a new car, so with this new market leading rate, we can help our customers with their purchases."
 
Tesco Bank loans are convenient with a straightforward application process that gives the majority of customers an instant decision on their application*. The loans have fixed monthly payments, no set-up charges and customers can choose the repayment date as well as having the option to apply for a payment break at the start of the loan (subject to eligibility)**.

* Customers can apply online and by phone, 0845 600 6016, between 8am - 8pm Monday to Friday, Saturday and Sunday 9am - 5pm. Customers can save and return to online applications.
 
** Tesco Bank Loans are available to over 18s only, subject to status, UK residents only. The interest rate offered will depend on the amount the customer wants to borrow and their individual circumstances.