Tesco Bank has today reduced the interest rates on personal loans products for Clubcard customers. The reductions make Tesco Bank the lowest bank rate on the market for Clubcard customers looking to borrow between £25,001 and £35,000, who will now be offered a rate of 6.7%APR representative (reduced from 6.9%) on terms of less than 8 years.
For Clubcard customers looking to borrow between £7,500 and £15,000 the bank has also lowered rates to 3.3%APR representative for terms of less than 8 years. These exclusive rates for Clubcard holders are some of the leading rates available in the market on loans of this size.
Tesco Loans have a straightforward application process and 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 at Tesco Bank, said: “Customers take loans for a variety of reasons, and we want to be there for them at every stage. We work hard to offer competitive products and we are delighted to be offering Clubcard customers some of the most competitive loan rates in the market. This is just another little help from Tesco Bank.”
The new loan rates are available from 9am on 8th August 2016. Tesco Loans are available for 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.
Loan Rate Change Summary for Clubcard Customers (Loans <8 years)
|Loan Value||%APR representative previously||%APR representative on new product||%APR representative change||Position in Market|
|£1,000 – £2,999||18.0%||17.6%||0.4%||6‘th|
|£3000 – £4,999||12.3%||11.7%||0.6%||9‘th|
|£5,000 – £7,499||4.7%||4.3%||0.4%||4‘th|
|£7,500 – £9,999||3.4%||3.3%||0.1%||2‘nd|
|£10,000 – £15,000||3.4%||3.3%||0.1%||2‘nd|
|£15,000.01 – £19,999||3.4%||3.4%||n/a||2‘nd|
|£20,000 – £25,000||3.7%||3.4%||0.3%||2‘nd|
|£25,000.01 – £35,000||6.9%||6.7%||0.2%||1‘st|