Customers to benefit from market-leading rate for large loans
21 January 2016
Tesco Bank is expanding its range of personal loans by now offering loans of more than £25,000 up to a limit of £35,000 at a market-leading rate of 6.9%APR representative1for Clubcard customers on terms of less than 8 years.
The Bank is launching these loans in response to demand from customers who are increasingly looking to borrow larger amounts particularly to carry out improvements or alterations to their home.
Tesco Loans have a straightforward application process2 and, helpfully, customers can have their loan funds transferred to their bank account within 24 hours of their application being accepted3. Customers can make fixed monthly payments and there are no set-up charges. Eligible customers also have the option to apply for a payment break at the start of the loan.
David McCreadie, Managing Director, Banking at Tesco Bank, said,
“With spending on home alterations and improvements increasing by over 35% in past few years4, we want to widen the options available to customers who are looking to update or improve their home. We are delighted to increase the borrowing options available to customers, and meet the growing demand for larger loan amounts.”
Tesco Loans are available between one and ten years, depending on the loan amount and purpose of the loan. Customers should visit http://www.tescobank.com/loans/ for more information.
For more information and media enquiries please contact:
Tesco Bank press office
+44 (0) 131 274 3630
Notes to Editors:
1 Loan rates for terms between 8-10 years and rates for non-Clubcard customer are available on the Tesco Bank website. Tesco Loans are available to over 18s only, subject to status, UK residents only. The interest rate offered will depend on the loan type, the repayment term, the amount the customer wishes to borrow and their individual circumstances.
2 Customers can apply online, including via their smartphone or tablet, or by calling 0345 600 6016, Monday – Friday between 8am – 8pm, Saturday and Sunday between 9am – 5pm.
3A loan amount received within 24 hours is based on an accepted online loan application from a single applicant.
4Research conducted by the Office for National Statistics (ONS), Family Spending 2015.
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