Tesco Bank cuts loan rate to 6.7% APR
Tesco Bank has cut its interest rate on loans between £7,500 to £14,999 for new customers from 7.4% APR to 6.7% APR representative.
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Representative example:
- Loan Amount £10,000
- Monthly Payment £237.16
- Term of loan 48 months
- Total amount repayable £11,383.68
- 6.7% APR representative (this is also the borrowing rate). All rates are fixed.
For loans in excess of £15,000 the rate has dropped from 8.5% to 8.3% APR representative.
Existing loans customers who apply for further borrowing will also benefit from a special reduced rate of 6.6% APR representative as a thank you for being a loyal customer. This applies only to loans between the value of £7,500 and £14,999.
Tesco loans have fixed monthly payments and no set-up charges, the ability to choose the repayment date and the option to take a payment break at the start of the loan (subject to eligibility).
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