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8 August, 2016

Tesco Bank cuts personal loan rates for Clubcard customers

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 years1.  

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 process2 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.

ENDS

 

For more information and media enquiries, please contact:

Laura Moore (Tesco Bank)

laura.moore@i.tescobank.com

T: +44 (0)131 479 1356

M: +44 (0)7525 582775

 

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. 

 

Loan Rate Change Summary for Clubcard Customers (Loans <8 years)

Loan Value %APR representative previously %APR representative on new product %APR representative change Postition in market
£1,000-£2,999 18.0% 17.6% 0.4% 6th
£3,000-£4,999 12.3% 11.7% 0.6% 9th
£5,000-£7,499 4.7% 4.3% 0.4% 4th=
£7,500-£9,999 3.4% 3.3% 0.1% 2nd=
£10,000-£15,000 3.4% 3.3% 0.1% 2nd=
£15,000.01-£19,999 3.4% 3.4% n/a 2nd=
£20,000-£25,000 3.7% 3.4% 0.3% 2nd=
£25,000.01-£35,000 6.9% 6.7% 0.2% 1st=

 

About us:

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 6 million customers every day with everything from insuring their pets, to buying their first home.  Our 4,000 colleagues serve our customers seven days a week from our four main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. 

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. 173199. Registered Address: Interpoint Building, 22 Haymarket Yards, Edinburgh, EH12 5BH. www.tescobank.com

 

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Media team

For journalist enquiries only, contact the Tesco Bank Press Office on:

+44 (0)131 274 3630
+44 (0)7595 441 036

 

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