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Tesco Bank Cuts Rates on Personal Loans

Tesco Bank has reduced its interest rates on loans between £5,000 and £25,000, giving customers some of the best rates currently available in the market.

Interest rates for new customers, effective from 29 May 2012 are:

Loan value Rate Best Buy ranking*
£5,000 - £7,499 From 8.3% to 7.8% Gross/AER 3
£7,500 - £15,000 6.1% to 6.0% Gross/AER 1
£15,001 - £25,000 8.3% to 7.8% Gross/AER 2

                                                                         
Existing loans customers who apply for further borrowing can also enjoy an additional reduction** on loans from £7,500 - £15,000. All loans are available online or over the phone. Customers should visit www.tescobank.com for more information.

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).

David McCreadie, Managing Director, Banking at Tesco Bank said,

“Tesco Bank continues to offer good deals for customers, and today’s rate changes reinforce this. Our market leading rates and straightforward application process, which gives an instant decision, makes our loans a great choice for Tesco customers.”

--ENDS--

For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

Notes to Editors:

* based on Defaqto data, position correct at time of issue
**0.1% reduction for existing customers

About Us:

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ

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