Tesco Personal Loans
Whether you’re looking to raise some funds to carry out some home improvements or you want to consolidate debt. You may have been wondering if a Personal loan from Tesco Bank was right for you.
Tesco Personal loans features:
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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 loans 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
To find out roughly how much your monthly repayments would be and how much the loan would cost you in total you can use the Tesco Bank loan calculator. However remember the APR you are given if you chose to apply is not necessarily the same as the one the calculator uses, yours may be affected when the lender takes your personal financial circumstances into account such as; your credit score, how much you earn and if you have any existing credit commitments. Your financial circumstances will also influence how much a lender is willing to loan you, just because the maximum that can be borrowed with this plan is £25,000 it does not guarantee that anyone can borrow that much.
When taking out a loan of any amount you want to make sure you get the best deal, remember Tesco personal loans are just one option of many, shopping around before you commit to a plan 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.
Other options
As taking out a loan is an important decision you should think if you have any other options before taking one out. If you have any savings it might be beneficial to use these instead, it may be that the interest you pay on a loan will be higher than any interest you earn in your savings.
There are other types of borrowing than personal and home owner loans such as authorised overdrafts and credit cards you might wish to consider.