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Tesco Bank cuts personal loan rate

Tesco Bank has today cut the interest rate for personal loans from £7,500 to £15,000 to 4.6% APR representative from 4.9%.

The new rate is one of the most competitive on the market, and will be available to both new and existing customers.

Loan Value Rate
£7,500 - £15,000 4.6% APR representative (reduced from 4.9%)


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

“We regularly review our rates to ensure we offer customers highly competitive products.

“This new rate of 4.6% will help customers cut the cost of borrowing, whether it’s for a new car, for example, or to organise their finances into one fixed monthly payment.”

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, no set-up charges and 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)**.

--ENDS--

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, Saturday and Sunday 9am – 5pm. 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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