Tesco reduce rates on personal loans

Tuesday, 29 May 2012 11:07

Tesco Bank has reduced the interest rates on personal loans between £5,000 and £25,000.

The rate for loans between £5,000 and £7,499 has been cut from 8.3 per cent to 7.8 per cent gross/AER taking it to third in the Defaqto best-buy rankings.

The rate for loans between £7,500 and £15,000 has been reduced from 6.1 per cent to six per cent taking it to the top of the best-buy table and the rate for loans between £15,001 and £25,000 is down to 7.8 per cent from 8.3 per cent.

The new interest rates apply from May 29th 2012 and customers can apply online or by phone.

Repayment is via a fixed monthly payment and the personal loans have no set up charges.

David McCreadie, Managing Director, Banking at Tesco Bank, said: "Tesco Bank continues to offer good deals for customers, and today's rate changes reinforce this. Our market leading rates and straightforward application process, which gives an instant decision, makes our loans a great choice for Tesco customers".

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