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Tesco Bank cuts rates on personal loans

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

Loan value Rate Best Buy ranking*
£5,000 - £7,499 7.0% APR representative (reduced from 7.8%) 2nd
£7,500 - £15,000 5.1% APR representative (reduced from 5.2%) =1st
£15,001 - £25,000 7.2% APR representative (reduced from 7.4%) 2nd


The new interest rates are effective from Thursday 11th April.  All loans are available online or over the phone. Customers should visit www.tescobank.com for more information.

Tesco Bank loans are convenient** and have a transparent and straightforward application process. The 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 of Banking at Tesco Bank, said,

“We regularly review our loan rates to offer our customers competitive deals, and today’s rate changes reinforce this. Whether customers want to buy a car, pay for home improvements, or consolidate debts into one manageable monthly payment, they will find a good deal with Tesco Bank.”

--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 time of issue.

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

***Loans, credit cards and mortgages 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.

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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