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Tesco Bank cuts interest rate on loans between £1,000 and £2,999

Tesco Bank has reduced the interest rate on small loans between £1,000 and £2,999 to 14.9%APR representative (reduced from 18.4%), offering customers a market-leading rate for small loans.

The new interest rate is effective immediately. Tesco Bank loans have a straightforward application process*, fixed monthly payments and no set-up charges. Customers can choose the repayment date and have 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, 

"The introduction of a market-leading interest rate on small loans reinforces our commitment to providing customers with good value, simple and convenient products and services. This new rate gives customers the option to borrow small amounts for less."

Tesco Bank small loans are available over 1-3 years and online only. Customers should visit http://www.tescobank.com/loans for more information.

Notes to Editors: 

*Customers can apply for loans between £1,000 and £2,999 online at http://www.tescobank.com/loans. Loans over £3,000 are available online or over the phone by calling 0845 600 6016, Monday to Friday between 8am – 8pm, Saturday and Sunday between 9am – 5pm. Small loan customers can also call 0845 600 6016 if they have any queries.

**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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