Opened in 1997, a UK based Tesco bank, offers a range of unsecured personal loan from £1,000 to £35,000 alongside other insurance and banking services. It is located in Gyle district to the west of Edinburgh.
When customers apply for loan, they can repay within a repayment period of between one and ten years, giving them enough time to spread the cost and clear debt. Applicants can use these loans for home improvements, holidays or vehicle purchases.
Tesco Bank Personal Loan Interest Rates
Unsecured loans do not require people to provide assets as their security. However, applicants must have a good credit score for favourable interest rates. Interest rates depend on various factors. Tesco Clubcard members, for instance, are entitled to preferable rates. Applicants who are not members may still be eligible to good rates, depending on the borrowed amount.
For example, if a customer chose to borrow a loan worth £5,999, an extra £1 could fetch a handsome rate. With the current Tesco Bank personal loan APRs, acquiring a loan of between £1,000 and £2,999 results in an interest rate of 17.6 percent. However, if the customer borrows £3,000 to £4,999, they may attract a rate of 11.7 percent.
It is worth noting that Tesco’s personal loan calculator will factor in the applicant’s credit history. If the credit history does not have blemishes, the customer will be awarded the lowest rate. Many people often want to know the amount of their repayment and the interest thereof. In that case, customers are encouraged to use the Tesco Bank personal loan calculator to adjust their borrowing amount.
The Loan Application Process
Customers can apply for Loan over the phone, online or through a postal form. Before applying, the applicant must have the following:
• Bank details, including account number and sort code
• Credit balances
• Employer’s address
• Income and expenditure details
• Residential address details that cover the last three years
To qualify, the applicant must be aged between 18-74 years and have lived in the UK for over three years. They must also be employed and not on probation or self-employed for not less than two years. A steady flow of income is mandatory.
A Tesco bank personal loan offers fixed interest rates for the duration of the repayment period. This ensures that they know the exact amount to budget for when you apply for loan.