Tesco Bank Loans
Tesco bank loans are available up to £25,000, whether you’re looking to carry out home improvements, buy a new car or pay for something else a personal loan from Tesco Bank might be right for you.
Tesco Bank personal loan key information:
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Borrow between £1,000 and £25,000
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Repayment periods from 1 to 10 years, depending on the size of your loan
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Fixed monthly payments on your chosen date
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Eligible customers can apply for a 2 month payment holiday
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Better rates in some cases for Tesco Clubcard holders
To be eligible for Tesco Bank personal loan you must:
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Be aged between 18 and 74
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Be in employment with no probationary period, or have regular income e.g. pension
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Have lived in the UK for at least 3 years
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Have a UK personal current account
Although Tesco Bank loans are available to a maximum of £25,000 they will not be able to offer this amount to everyone. The maximum they will be willing to loan someone is dependent on that person’s individual financial circumstances, when calculating how much they will be willing to loan someone, they will take into consideration factors such as; their credit score, how much they earn and if they already have any existing credit commitments. This criteria will also be used to calulate the Annual Percentage Rate offered.
Whatever type of loan you are looking for and for whatever reason it’s important to get the best deal you can. Loans vary greatly from lender to lender, the different interest rates and terms and conditions mean that the best loan for one person is not always the best plan for everyone else. Therefore you should shop around before you commit to one.
You can use the calculator on this website to compare over 200 different loans from over 20 different providers, to help you see what the different options for you are.
Before you take out a loan
You may wish to consider alternatives to taking out a loan before committing to a plan to see if there is a more suitable option for your specific needs, for example if you have any savings it might be beneficial to use these instead; as it may be that the interest you pay on a loan will be higher than any interest you earn from your savings.
Also if you are thinking of taking out a loan to consolidate debt understand that spreading your payments over a longer term could mean you ultimately pay more than you would with your existing arrangements, even if the interest rate on the new loan is less than the rates you have at the moment.