Tesco Bank cuts loan rates

16 February 2016

tesco Tesco Bank has cut the interest rates on their personal loans for those of you who are looking to borrow an amount between £15,001 and £25,000.

How much? Well, If you're a ClubCard holder, you can now get a rate of 3.4% (which is down from 4.8%) when borrowing over up to eight years. If you don't have a ClubCard, then the rate is 3.6% (down from 5.9%). That's decent.

If you're spreading the amount you're borrowing between 8 and 10 years, you can get the rate of 5.4% if you have a ClubCard (down from 6.8%), and for non-ClubCarders, you get the rate of 5.6% (down from 7.9%).

This follows something of a price war when it comes to medium-sized loans between £7,500 and £15,000, with market leading deals reaching as low as 3.3%. However, things are heating up when it comes to loans in excess of £15k.

Also offering rates of around 3.4% are Sainsbury’s Bank, Cahoot and First Direct, in the last couple of months. It looks like there's going to be even more of these deals in the near future, so you'll have to decide whether you want to stick or twist if you're weighing them up.

TOPICS:   Banking   Investments

1 comment

  • Albi
    Mad how a couple can get a loan of £25k each but you have to jump through a million hoops to get a mortgage the same size.

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