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Tesco Bank cuts personal loan rate to lowest ever

Tesco Bank has today announced it has reduced the interest rate on personal loans from £7,500 to £15,000, offering both new and existing customers the lowest loan rate currently available in the market, and the lowest rate ever offered by Tesco Bank.

The rate reduction will see customers offered a rate of 4.1%APR representative on borrowing between £7,500 and £15,000, a fall from the 4.5%APR representative previously available.

Tesco Bank loans are convenient* and have a transparent and straightforward application process. The loans have fixed monthly payments, so repayments will always be the same, no set-up charges, the ability to choose the repayment date and 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, commented,

“We constantly review our loan rates to ensure both new and existing customers are getting the best deal possible with Tesco Bank, and today’s introduction of one of the most competitive rates in the market on loans from £7,500 to £15,000 demonstrates our commitment to achieving this.”

The new interest rate is effective from Thursday 3rd July.  All loans are available online or over the phone. Customers should visit www.tescobank.com/loans  for more information.

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For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

Notes to Editors:

* Customers can apply online and by phone, 0845 600 6016, between 8am – 8pm Monday to Friday, 9am – 5pm, Saturday and Sunday.  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.

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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