Tesco Loan Calculator
If you’re looking to borrow some money as a loan, you probably want to know what your repayments would be and how much exactly it would cost you over your whole repayment period. If you are considering taking out a personal loan from Tesco Bank you could use the Tesco loan calculator to get an estimate.
The Tesco loan calculator allows you to adjust how much you want to borrow and for how long to give you an idea of what it would ultimately cost you as well as how much your monthly repayments would be. However you need to remember you are not guaranteed the APR the calculator uses, the actual amount you are granted may deviate from this. This is because when calculating what your repayment rates would be most lenders will take into consideration your individual financial circumstances such as; your credit score, how much you earn and if you have any already existing credit commitments. This criteria will also affect just how much the lender will be willing to let you borrow.
Tesco personal loan features:
- Borrow between £1,000 and £25,000
- Repayment periods from 1 to 10 years, depending on the size of your loan
- Fixed monthly payments on your chosen date
- Eligible customers can apply for a 2 month payment holiday
- Better rates in some cases for Tesco Clubcard holders
When taking out a loan of any amount you want to make sure you get the best deal, Tesco Bank’s personal loans are just one option of many, shopping around could save you money. You can use the calculator on this website to compare over 200 different loans from over 20 different providers, to help you evaluate your options.
Before you take out a loan
Whatever the intention for your loan is before you commit to a plan you should consider if there are any alternatives that might suit you better. For example if you currently have any savings it may be better to use them rather than a loan, this is because the interest you needed to pay on a loan may be greater than any interest you are earn from your savings.
There are also other types of lending to personal and secured loans such as authorised overdrafts and credit cards.
if you are thinking of taking out alone to consolidate debt remember that spreading your payments over a longer term means you may ultimately be paying more overall than with your existing arrangements, even if the interest rate on this new loan is less than the rates you have at the moment.