Tesco Bank cuts loan rate

Tesco Bank has cut its interest rate on loans between £7,500 to £14,999 for new customers from 7.4% APR to 6.7% APR representative.

Whether customers want to buy a car, pay for home improvements, or consolidate debts into one manageable monthly payment, it's possible to find a good deal with Tesco Bank.

Representative example:

Loan Amount £10,000
Monthly Payment £237.16
Term of loan 48 months
Total amount repayable £11,383.68

6.7% APR representative (this is also the borrowing rate). All rates are fixed.

For loans in excess of £15,000 the rate has dropped from 8.5% to 8.3% APR representative.

Existing loans customers who apply for further borrowing will also benefit from a special reduced rate of 6.6% APR representative as a thank you for being a loyal customer. This applies only to loans between the value of £7,500 and £14,999.

Tesco loans have fixed monthly payments and no set-up charges, the ability to choose the repayment date and the option to take a payment break at the start of the loan (subject to eligibility).

For more information and full terms and conditions, visit tescobank.com

Tesco Loans are available to over 18's, UK residents, subject to status. Rates depend on circumstances and loan amount. The new loan rate is available for new applicants from 27th September at 08:00.