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Tesco Bank cuts interest rate on loans between £5,000 and £7,499

Tesco Bank has reduced the interest rate on loans between £5,000 and £7,499 to 4.9%APR representative (reduced from 5.7%), offering one of the most competitive rates available.

The new interest rate is available immediately, and both new and existing customers can apply. 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, Banking at Tesco Bank, said, 

“We are committed to providing customers with products and services that are simple, good value and convenient, and we are pleased that this new rate offers one of the most competitive loan rates available.”

Tesco Bank loans between £5,000 and £7,499 are available over 1 to 10 years, depending on the purpose of the loan. Customers should visit http://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, including via their smartphone or tablet, or over the phone by calling 0845 600 6016, Monday – Friday between 8am – 8pm, Saturday and Sunday between 9am – 5pm. 

**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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