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Tesco Bank offers the lowest personal loan rate from a UK bank in a decade

Tesco Bank has reduced its interest rate on personal loans between £7,500 and £15,000 to 5.2% APR representative, offering customers the lowest personal loan rate from a UK bank in a decade*.

Loan value Rate Best Buy ranking*
£7,500 - £15,000 5.2% APR representative (reduced from 5.7%APR representative) 1

 

The new interest rate is effective from Friday 28 December.  All Tesco Bank loans are available online or over the phone. Customers should visit www.tescobank.com for more information.

Tesco Bank loans are convenient with a straightforward application process that gives the majority of customers an instant decision on their application**. The loans have fixed monthly payments and no set-up charges, customers can choose the repayment date as well as having the option to apply for a payment break at the start of the loan (subject to eligibility)***.

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

“Tesco Bank is offering the lowest personal loan rate from a UK bank in a decade because we understand that our customers are finding it challenging at the moment and are looking for ways to manage their finances carefully. They are looking for great value without compromising on service and this is the kind of competitive rate they are asking for****.”

--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, information correct at 21st December 2012.

** Customers can apply online and by phone, 0845 600 6016, between 8am – 8pm. Customers can save and return to online applications.

***Tesco Bank Loans are available to over 18s only, subject to status, UK residents only. The interest rate offered will depend on the amount the customer wants to borrow and their individual circumstances.

****97% of our customers say they are ‘satisfied or very satisfied’ with the loan service they receive from us (sample size 300, new and existing customers), Tesco Shopper Thoughts panel.

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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